Florida Economy Leading the Nation — Pensacola a Bright Spot, Outside Analyst Says

Pensacola, FL (NewsRadio 92.3) -- A senior market intelligence analyst who spent this week presenting to Pensacola commercial clients says Florida's economy is as strong as any in the country right now — and says Pensacola specifically is performing well across virtually every measure.

Cal Evans — Senior Director of Market Intelligence at Pinnacle Financial Partners, formerly known as Synovus — was in Pensacola conducting an economic forum for the bank's commercial clients. He came away impressed.

Florida's Big Picture

Evans says Florida stands out nationally as an economic growth engine. The state ranks number two in projected population growth from 2026 to 2031 and number two in net in-migration — the number of people moving in versus moving out. Florida's net adjusted gross income — essentially the pool of available retail and investment spending in the state — has grown by $57 billion over the most recent two years of available data.

Perhaps most striking is Florida's record on new business creation. Evans says Florida has ranked number one in the country in that category not just recently but continuously since COVID — and notes those figures come directly from IRS data making them among the most reliable economic indicators available.

Pensacola Specifically

Evans says Pensacola caught his attention for several reasons. The downtown scene is vibrant — new restaurants, upper-end multifamily development near the baseball stadium, and an office market that is holding up well at a time when most office markets across the Southeast are struggling. He called that combination fairly rare.

Occupancy rates are strong and rent growth is solid across all commercial real estate categories — retail, office, multifamily, and hotel. Evans says labor growth has kept pace with new multifamily supply coming onto the market. He says he will be reporting back to his home office that Pensacola is a stable secondary market with fuel for future growth and that it is an attractive destination for outside investment.