15 Things To Know about Florida’s Economy

Florida isn’t just for retirees and vacationers.

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Updated July 11, 2024
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Ah, Florida, the Sunshine State. It’s home to Disney World, the world’s largest retirement community, and puddle gators.

Florida also has one of the largest economies in America, according to the U.S. Bureau of Economic Analysis. And per the state’s Chamber of Commerce, its economy makes it one of the biggest in the entire world, not just in the U.S.

If you're looking for a place where you can boost your bank account, you should consider the economic opportunities presented in Florida. These 15 details of Florida’s economy might surprise you.

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Florida’s unemployment rate is lower than most of America’s

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If you’re looking for a job, Florida might be the place to go.

As of January, it has an unemployment rate of just 3.1%, according to the Bureau of Labor Statistics. That ranks it 16th in the country, behind Virginia, South Carolina, Massachusetts, and Iowa — all of which were tied at 3%.

Florida’s economy accounts for 5.7% of the U.S. economy

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Florida is a big state — a chunky 65,758 square miles — with a big economy.

As of 2023, it accounts for a whopping 5.7% of the entire American gross domestic product (GDP).

Florida ranks 4th in economy size among states and Washington, D.C.

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Florida proudly holds the distinguished title of being the fourth-largest economy among all states and Washington, D.C.

With a diverse array of industries driving its economic engine, including tourism, real estate, and information technology, Florida's thriving economy makes it a pivotal player on the national stage.

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Florida’s economy makes it the 14th largest in the world

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Florida’s economy is so massive that it’s not just one of the biggest in the U.S.; it actually beats out entire countries.

The Sunshine State’s GDP is bigger than Indonesia, Mexico, and Spain.

Real estate is Florida’s biggest industry

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Everyone needs a place to live. In Florida, that search accounts for roughly $300 billion of the GDP.

It wildly outpaces pretty much everything.

Florida's population is about 22,777,268

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Florida's population stands at approximately 22,777,268, reflecting a robust growth rate of 1.4% from 2018 to 2023.

This influx of residents underscores the state's appeal as a desirable destination for individuals and families seeking vibrant communities and ample opportunities.

Miami-Dade County accounts for a large percentage of Florida’s population growth

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Miami-Dade County stands out as a significant contributor to Florida's population surge in 2023, accounting for 11.5% of the state's overall population growth.

With a population of approximately 2.6 million residents, Miami-Dade County serves as a vibrant hub of cultural diversity, economic activity, and urban development within the Sunshine State. The county's appeal continues to attract newcomers seeking opportunities, contributing to its substantial demographic expansion.

There are about 2,704,039 businesses in Florida

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With a staggering 2,704,039 businesses operating within its borders, Florida's business landscape is thriving.

The state has experienced a notable growth rate of 2.7% in the number of businesses from 2018 to 2023, highlighting its draw for entrepreneurship and investment.

The real GDP growth for Florida is up

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Florida's real GDP has witnessed a significant uptick, particularly in the third quarter of 2023. The remarkable growth rate of 6.1% per year during this period outpaced the previous quarter, which was just 2.3%.

The state's GDP expansion outpaced the national average, signaling robust economic momentum.

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The real GDP of Florida is in the trillions

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In the third quarter of 2023, Florida's real GDP surged to an impressive $1.6 trillion in goods and services annually, highlighting the state's economic vitality and substantial contribution to the nation's overall GDP.

Florida's information technology industry is growing

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Florida's information technology sector is experiencing rapid growth, with a remarkable real GDP growth rate of 25.5% per year in the third quarter of 2023. This surge defines the state's emergence as a burgeoning tech hub, fostering innovation and driving economic advancement.

Walmart and the Walt Disney Company are the two largest private employers in Florida

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Walmart and the Walt Disney Company reign as Florida's largest private employers. Walmart has about 115,866 employees, which makes up 1.0% of the state’s workforce. Meanwhile, the Walt Disney Company has about 77,000 employees, which makes up 0.6% of the state’s workforce.

These industry giants play a pivotal role in driving job creation and economic prosperity across the state.

11.9 million people are employed in Florida

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With 11.9 million individuals gainfully employed, Florida boasts a vibrant labor market that continues to expand, with a commendable growth rate of 2.8% from 2018 to 2023.

This upward trajectory underscores the state's resilience and capacity for sustaining long-term economic growth.

Non-residential construction accounted for $26.3 billion in 2023

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Florida's construction industry remains a vital driver of economic activity. Non-residential construction accounted for a whopping $26.3 billion in 2023, with a growth rate of 5.9% from 2018-2023.

This massive construction growth may contribute to the real estate industry growth as well.

Residential construction accounted for $1 billion in 2023

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While non-residential construction contributed $26.3 billion, residential construction saw a growth rate of 10.4% from 2018-2023, accounting for $1 billion.

The surge in residential construction indicated Florida's appeal as a desirable destination for homebuyers and developers alike, fueling economic prosperity and infrastructure expansion across the state.

Bottom line

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As Florida's economy continues to thrive and evolve, it offers a compelling landscape of opportunities for both residents and businesses. From its burgeoning population to its flourishing industries, the Sunshine State stands as a beacon of economic vitality and innovation.

As you consider the prospect of living or investing in Florida, consider your chances of getting ahead financially. These insights provide a glimpse into the state's economic vibrancy and potential for growth. How might Florida's economic landscape shape your future endeavors?

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Author Details

Adam Palasciano

Adam Palasciano is a personal finance-obsessed and money-savvy individual who loves to hash out content on all things saving money. He specializes in writing millennial-friendly personal finance content, covering topics ranging from trending financial news, debt, credit cards, cryptocurrency, and more.