Staff Report / NPlocal.org

Florida's consumer spending has seen significant growth, increasing by 8.1 percent in 2023, the highest rate in the United States, as reported by the U.S. Bureau of Economic Analysis (BEA). This increase is attributed to higher expenditures on health care, housing, utilities, and food services, indicating a strong economy in the state.

In North Port, the local economy is also benefiting from this trend. The city's population is growing, and the average median income is $78,500. As consumer demand rises, local businesses are presented with opportunities to expand and better serve the community.

The nationwide percent change in consumer spending stands at 6.4 percent, with Florida leading other states in growth.

For more information, the full report can be accessed on the BEA website.

Source: North Port Economic Development | North Port FL

Source Type: Business

Source Location:

North Port, FL

4970 City Hall Blvd, North Port, FL

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