Florida's $1.8 Trillion Economy Climbs to No. 14 Globally, Surpassing Australia and Mexico
Updated
Updated · Fox Business · Jul 22
Florida's $1.8 Trillion Economy Climbs to No. 14 Globally, Surpassing Australia and Mexico
3 articles · Updated · Fox Business · Jul 22
Summary
Florida reached $1.8 trillion in GDP after 6.3% annual growth, lifting the state to the world’s 14th-largest economy, according to Florida Chamber data.
The Chamber tied that rise to lower taxes, lighter regulation and a 20-year growth strategy aimed at pulling in capital, companies and workers.
500 to 600 people a day are still moving to Florida, while wealth migration remains above $4 million an hour; the state also ranks No. 1 nationally in new business startups and manufacturing job growth.
Less than $1,000 in state debt per resident is another selling point cited by business leaders, though Florida faces pressure over housing affordability and a Bloomberg analysis showing the Miami region’s cost of living about 5% above New York metro levels.
No. 13 South Korea is within roughly 2% growth, and the Chamber says Florida is targeting a top-10 global ranking by the end of the decade through sectors including life sciences, defense, space, logistics and cybersecurity.