Florida municipalities and counties have demonstrated stable credit quality in recent years that we expect will continue, and which is underpinned by economic growth, strong budgetary performance, and very strong financial flexibility. According to the latest information from the Federal Housing Finance Agency's Housing Price Index, values across the state rose 18.9% year over year as of the second quarter of 2021; however, the median home price in Florida remains below the national average. In addition, population growth and the unemployment rate are trending favorably when compared with the U.S., although recovery in the leisure and hospitality sector is still lagging. S&P Global Ratings maintains ratings on 75 local governments in Florida--19 counties and 57 municipalities. Overall, there were limited
