Florida economists have projected the state will see a revenue boom of $2.77 billion across the next two fiscal years, according to a report from the General Revenue Estimating Conference.

Despite economic hurdles that include increased use in credit and ongoing spending patterns, as well as inflationary concerns, actual revenue collections outpaced expectations compared to the previous conference.

The projection also simmered some concerns of a mild recession in the first and second quarters of 2023, contradicting a previous report from February. Part of the recession’s failure to transpire was due to surpassed revenue collections since February’s conference.

In all, revenue collections produced a 2.3% increase, or around $1.083 billion, across all sources.