In a large skillet over medium heat, melt the butter. Add the shallot and cook until softened, about 1 minute.
Add the corn, cream cheese, garlic, paprika, salt, and pepper and cook, stirring, until the cream cheese is melted and combined, about 5 minutes.
Sprinkle the flour over the corn mixture in the skillet and cook, stirring, for 1 minute, until pasty.
While stirring, slowly pour in the milk a few splashes at at time, breaking up any clumps of flour. Continue stirring until all the milk is incorporated, then bring to a simmer. Stir in the honey. Season to taste with additional salt, pepper, and/or honey.
Simmer, stirring, until the sauce is thickened, 3 to 4 minutes. Turn off the heat and let cool for a few minutes, Garnish with thyme and serve.
Notes
TO STORE: Refrigerate creamed corn in an airtight storage container for up to 3 days.
TO REHEAT: Reheat gently on the stovetop over medium-low heat, stirring occasionally. While the microwave works in a pinch, creamed corn tastes best when reheated on the stove.
TO FREEZE: Freeze creamed corn in an airtight container or freezer bag for up to 3 months. Thaw in the refrigerator before reheating.