Florida: A Cloudy Forecast for the Sunshine State

21 March 2024


Florida is the third most populous state in the U.S. and among the fastest growing since the onset of COVID. An influx of migration—both personal and corporate—has translated into increased economic activity and soaring home prices. An influx of lending often follows such an increase, and Florida has been no exception.

Since the second quarter of 2023, however, clouds have gathered over sunny credit trends in Florida. Performance has deteriorated substantially over the past several quarters, and at a much faster pace than the rest of the nation. Moreover, what started as underperformance in Consumer Unsecured has now spread to both Bank cards and Auto markets.

This report analyzes this underperformance across asset classes in detail.


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