Outmigration Hits Florida's "Field of Dreams"

According to Census reports, net outmigration from Florida amounted to 10,000 people in 2008. This was in marked contrast to an average net inmigration of about 200,000 people per year from 2001 to 2006. Furthermore, it was the first outmigration recorded since 1946.

The Census Bureau reports also reveal that Florida experienced a larger decline in income than any other state in 2008 when its income dropped 3.9%.

Florida's "Field of Dreams" residential building mentality of "build it, they will come" has been destroyed. A turnaround in real estate prices looks unlikely given the lack of available financing, declining incomes, and outmigration.