Florida – Florida’s economy is making remarkable strides under the leadership of Governor Ron DeSantis, showcasing substantial growth in its Gross Domestic Product (GDP) and consistently outperforming national economic indicators. With a growth rate nearly double that of the national average, Florida continues to assert its position as a powerhouse in the U.S. economy.
Impressive GDP Growth
From the first quarter of 2019 to the first quarter of 2024, Florida’s real GDP surged by 21.9 percent, a stark contrast to the national growth rate of 11.1 percent during the same period. This impressive growth has contributed to Florida’s annual GDP, which is nearing $1.3 trillion. The state not only shines in terms of GDP but also leads in new business formations, with over 3 million businesses established since 2019, and more than 266,000 already formed in 2024 alone.
“With yet another major economic milestone like this, Florida demonstrates to the nation that leadership matters,” Governor DeSantis remarked. He credited this success to “responsible governance and fiscal constraint,” which he believes have enabled the state economy to significantly outperform the broader national economy.
A Leading Economy
Florida Secretary of Commerce J. Alex Kelly echoed the Governor’s sentiments, noting that Florida’s strategic investments in workforce education, infrastructure, and financial readiness have propelled the state to outperform national metrics consistently. “With the nation’s number one economy, Florida is the most business-friendly state and the best place for families and communities to live, work, and thrive,” Kelly stated.
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Robust Job Growth and Low Unemployment
The state’s private sector job growth rate continues to surpass the national rate, with a 2.2 percent increase, translating to 192,000 new jobs, compared to the national rate of 1.6 percent. Notably, the construction sector added the most jobs, with a 0.8 percent increase, followed by the education and health services sector with a 0.2 percent rise in job creation.
Florida’s unemployment rate in May 2024 stood at 3.3 percent, remaining stable from April and still 0.7 percentage points below the national rate, which had increased to 4 percent. This marks the 43rd consecutive month that Florida’s unemployment rate has been lower than the national average.
Support for Job Seekers
Florida not only boasts significant job creation but also offers extensive support for job seekers. The state provides numerous workforce education and development opportunities to help individuals acquire necessary skills for a competitive job market. This initiative ensures economic resilience and ongoing success for future generations.
Moreover, the CareerSource Florida network is a pivotal resource for Floridians in search of employment. It offers guidance on registering with Employ Florida and accessing a comprehensive list of job openings. Additional support, such as resume writing and interview preparation, is available at no cost, helping career seekers achieve their professional goals.
Florida’s robust economic growth, coupled with its proactive support for workforce development, positions the state as an ideal environment for business and employment. The continued focus on enhancing economic conditions promises a prosperous future for all residents of the Sunshine State.
