"Florida remains a national leader in population growth,” Chris Owen, Florida research manager at CushWake, tells GlobeSt.com. “Florida remains a national leader in population growth,” Chris Owen, Florida research manager at CushWake, tells GlobeSt.com.

ORLANDO—Florida’s population will reach 20.7 million by the end of the year. That’s according to Cushman & Wakefield’s first-ever Florida Population Report, which examines population trends and its economic impact throughout the state of Florida.

Specifically, the report analyzes analyzes population growth, employment levels, home values and retail sales activity in Florida’s eight major markets: Fort Lauderdale, Fort Myers, Jacksonville, Lakeland (Polk County), Miami-Dade County, Orlando, Tampa—Saint Petersburg and West Palm Beach. In addition to the statewide report, individual reports target each of the eight markets.

“Florida remains a national leader in population growth,” Chris Owen, Florida research manager at CushWake, tells GlobeSt.com. “This is driven by excellent employment numbers, lagging home prices and favorable consumer sentiment.”

In 1910, the state had a population of one million people. By 1980 it had grown to 10 million. Since then, the population has doubled.

Florida’s population grew 1.84% in the past year, trailing only North Dakota, Colorado and Nevada as the fastest-growing states. Florida trailed only California (39.14 million) and Texas (27.5 million) in overall population.

Florida’s population grew by more than 1,000 people per day, a pace that has accelerated over the past year. Jobs are the number one reason people are attracted to the state. Economic challenges in Puerto Rico, in part, drive this trend. Puerto Rico’s population has declined by 1.7% over the past year, with most exiting residents settling initially in Florida.

For the past 38 months, Florida’s job-growth percentage has exceeded the national average. In the past 12 months, 244,500 new jobs were added, a 3% growth rate. Most new jobs supported the expanding healthcare, logistics and home construction markets. Retail and hospitality also contributed to the state’s stellar employment performance.

Current home prices in Florida were down $42,000 compared to fourth quarter 2006 values. Prices have rebounded since bottoming out in 2011, however, rising by $83,000 in the span of five years. Tight supply and pent up demand are driving price increases and pace of sales as new residents snap up homes in fast-growing metros.

Retail sales continued to highlight consumer optimism and a favorable local economic climate. Florida’s economy enjoyed elevated consumer confidence despite uncertainty at the national level caused by the upcoming presidential campaign.

“We foresee this optimism prevailing in the short term,” says Owen. “All of the relevant indicators suggest Florida will remain one of the nation’s premier live-work-play destinations.”

Florida also ranks high in another area. Get all the details in my recent report.