Florida's economy continues to demonstrate remarkable resilience and growth, significantly outperforming the national average in 2024. Recent data reveals several key indicators that highlight the state's economic strength.
The state's Gross Domestic Product (GDP) grew by an impressive 21.9 percent from the first quarter of 2019 to the first quarter of 2024, nearly double the national growth rate of 11.1 percent during the same period. This sustained growth solidifies Florida as one of the world's strongest economies, boasting an annual GDP of nearly $1.3 trillion.
Governor Ron DeSantis attributed Florida's success to its business-friendly environment and commitment to fostering economic opportunities. "Florida is the most business-friendly state and the best place for families and communities to live, work, and thrive," he stated.
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In addition to GDP growth, Florida's private sector job growth rate has consistently surpassed the national rate. This upward trend continued in May 2024, with a 2.2 percent increase (+192,000 jobs) compared to the national private sector job growth rate of 1.6 percent. The construction and education/health services sectors led the way in job creation, adding 5,500 and 2,700 jobs respectively.
The state's positive economic outlook is further bolstered by a surge in new business formations. Florida leads the nation with over 3 million new businesses formed since 2019, with more than 266,000 already established in 2024.
While economists are divided on the possibility of a national recession in 2024, the Florida Chamber Foundation does not anticipate a recession for the state. Florida's GDP is projected to grow by 7 percent, exceeding the national average.
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Florida's economic achievements are a testament to its pro-growth policies, diverse industries, and attractive quality of life. As the state continues to attract businesses and talent, its economic momentum is expected to persist, contributing to a prosperous future for its residents and communities.
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