GITNUX MARKETDATA REPORT 2024

Florida Economy Statistics: Market Report & Data

Highlights: The Most Important Florida Economy Statistics

  • In 2020, Florida's real Gross Domestic Product (GDP) amounted to 984.69 billion U.S. dollars.
  • Florida's GDP represented 5.1% of the total U.S. GDP in 2020.
  • Agriculture, forestry, fishing, and hunting contributed USD 7.7 billion to the GDP of Florida in 2020.
  • As of November 2021, the unemployment rate in Florida stood at 4.5%.
  • As of 2019, Florida ranks 4th in the U.S. for its economic environment.
  • The per capita personal income in Florida was $50,070 in 2020.
  • The total number of employer firms in Florida was 564,065 as of 2020.
  • Florida’s total value of exports was $56.6 billion in 2020.
  • In 2020, Florida's total debt amounted to just over $254 billion.
  • The percent of Florida’s population in poverty in 2020 was 11.7%.
  • The state government of Florida collected about $71.9 billion in general revenue in the fiscal year 2020.
  • In 2020, the value of Florida's construction sector amounted to 41.25 billion U.S. dollars.
  • Florida's average annual wage for all employees was $48,872 in 2020.
  • The largest industry in Florida is Health Care and Social Assistance, with 1.2 million employees in 2021.
  • Florida is the largest producer of citrus fruit in the U.S., contributing $814 million to the Florida economy in 2020.
  • In 2020, Florida attracted a record-high 131.4 million visitors and generated $96.5 billion in tourism spending.
  • According to December 2021 data, Florida has around 221,000 active businesses.
  • Florida has the 4th largest economy in the U.S. in terms of GDP.
  • The median household income in Florida in 2019 was $55,660.
  • 5.6% of civilian labor force employed in agriculture industry in Florida.

Table of Contents

The Florida economy presents a fascinating study, encompassing diverse sectors including tourism, agriculture, construction, and international trade. Our detailed analysis will delve into the depths of this thriving economic landscape, gauging its performance through key Florida economy statistics. The data will cover aspects such as employment rates, Gross Domestic Product (GDP), income growth, and various business indices. Gain an enriched perspective on trends and changes that indicate how the Sunshine State’s economy is progressing in today’s dynamic market conditions.

The Latest Florida Economy Statistics Unveiled

In 2020, Florida’s real Gross Domestic Product (GDP) amounted to 984.69 billion U.S. dollars.

The grandeur of Florida’s economy in 2020 is reflected by its astonishing real Gross Domestic Product (GDP) which soared to 984.69 billion U.S. dollars. Positioning this as a central figure within our discussion on Florida’s economical landscape provides a raw, unfiltered snapshot of the state’s economic robustness. Through this GDP figure, the scale of the state’s expansive business activities, production levels, and overall financial health during one of the most challenging years of the century surfaces. In essence, the magnitude of this value lays a robust foundation for understanding the pivotal role Florida’s economy plays nationally.

Florida’s GDP represented 5.1% of the total U.S. GDP in 2020.

The statistic that Florida’s GDP constituted 5.1% of the total U.S. GDP in 2020 underscores Florida’s substantial economic influence within the national framework. It implies that Florida, known for its vibrant tourism industry, agriculture, and more lately for its burgeoning tech scene, is a substantial contributor to America’s economic engine. As such, any changes in the state’s economy invariably impact the broader U.S. economic trends, highlighting the necessity of understanding Florida’s economic statistics in the broader discourse of the U.S. economic dynamics.

Agriculture, forestry, fishing, and hunting contributed USD 7.7 billion to the GDP of Florida in 2020.

The injection of USD 7.7 billion into Florida’s GDP from sectors like agriculture, forestry, fishing, and hunting in 2020 underscores the vital importance of these industries to the state’s economic vitality. This impressive contribution signifies not only investment and employment opportunities but also its role in shaping the socio-economic fabric of the Sunshine State. In exploring Florida’s economy statistics in this blog post, this figure is poignant in highlighting the sustained relevance of these sectors amid modern advancements, showcasing their role as economic pillars sustaining Florida’s growth story.

As of November 2021, the unemployment rate in Florida stood at 4.5%.

Presenting a snapshot of Florida’s economic health, the November 2021 statistic tracks an important economic indicator: the unemployment rate. With this number standing at 4.5%, it provides insight into the state’s labor availability, job market competition, and overall economic vitality. In a blog post scrutinizing Florida’s economy, this figure serves as a critical pillar, offering readers a perspective on the state’s economic performance, policy effectiveness, and potentially indicative trends towards economic growth or decline. As such, the 4.5% unemployment rate is a vital barometer of Florida’s economic climate and expands the understanding of the state’s business landscape and labor dynamics.

As of 2019, Florida ranks 4th in the U.S. for its economic environment.

Peering through the economic lens, the 2019 ranking of Florida holds valuable light on its robust economic environment. Falling fourth across the entire U.S territories, it unfurls an undeniable testament to Florida’s vibrant business culture, healthy job market, and progressive economic policies. For anyone ventures through this blog post about Florida Economy Statistics, this ranking is not just another number, but an assurance of an economic environment that beckons with increasing opportunities and a possible lure for businesses, entrepreneurs, and investors alike.

The per capita personal income in Florida was $50,070 in 2020.

The captivating lens into Florida’s economy is crystallized by the revelation of the $50,070 per capita personal income in 2020. As a vehicle to fathom the economic health of the Sunshine State, this figure illuminates the purchasing power of each Florida resident. Additionally, it grants insights into the standard of living, hinting about residents’ ability to afford amenities, save, invest, or pay off debts. Undoubtedly, this nugget of knowledge shapes a more profound understanding of the economic landscape, fueling discussions around economic wellbeing, wealth distribution, and development issues in Florida.

The total number of employer firms in Florida was 564,065 as of 2020.

Drenched in the brilliant Florida sunshine, a riveting expanse of 564,065 employer firms gracefully punctuates the state’s economic landscape as of 2020, serving as powerful testimony to Florida’s flourishing business environment. This awe-inspiring figure, which embodies the entrepreneurial spirit and innovation pulsating throughout the state, is a weighty contributor to job creation, financial stability, and the state’s gross domestic product. Hence, painting this numerical masterpiece is integral to any discourse about Florida’s economy, adding depth and detail undeniable in their influence and impact.

Florida’s total value of exports was $56.6 billion in 2020.

Thrusting the spotlight upon the compelling economic momentum of Florida, the figure of $56.6 billion sharply echoes the robust dynamics of the state’s export sector in 2020. The sheer magnitude of this number accentuates the critical role that international trade plays in fueling Florida’s economic engine, contributing massively to the gross state product, creating numerous jobs, and solidifying relationships with foreign nations. Therefore, in our exploration of Florida Economy Statistics within this blog post, such an impressive figure offers a bold testimony to the state’s thriving markets and bridges us to how interconnected the state and its financial fortunes rely on global economic linkages.

In 2020, Florida’s total debt amounted to just over $254 billion.

Peering into the 2020 snapshot of Florida’s financial status, the impressive figure of $254 billion as total debt emerges as a key economic indicator. This monetary marker doesn’t simply exist in isolation, it connects significantly to numerous aspects of the Sunshine State’s economic health and developmental potential. It underscores the scale of public expenditure, reflects on the state’s fiscal management capabilities, and influences investment decisions. In the grand narrative of Florida’s economy, this number forms an intricate piece, shaping ongoing discussions around its credit rating, taxation policies, future borrowing strategy, and even the living standards of its residents.

The percent of Florida’s population in poverty in 2020 was 11.7%.

The figure that 11.7% of Florida’s population lived in poverty in 2020 provides critical illumination into the comprehensive complexity of the state’s economic picture. It’s an indispensable yardstick indicating the economic disparities within the affluent panorama of Florida, revealing the percentage of the population that has not benefitted equally from the state’s wealth. This data point unveils the flip side of economic sheen, acting as a lens through which one can view the number of individuals grappling with financial hardships amidst the economic growth and stability. In a nutshell, to holistically understand Florida’s economy, one cannot disregard the silent narrative of poverty ingrained in this 11.7% statistic.

The state government of Florida collected about $71.9 billion in general revenue in the fiscal year 2020.

Diving into the heart of Florida’s economic engine, the noteworthy figure of $71.9 billion in general revenue collected by the state government in fiscal year 2020 deserves a closer glance. This figure demonstrates the magnitude of Florida’s economic activity, showing the state’s ability to generate substantial revenue. It offers a benchmark for gauging economic progress, fiscal health, and the potential for future state investments. Moreover, it can provide key insights into how the state’s economy is faring, specifically regarding the financial resources available for public services and infrastructure, which in turn paints a comprehensive picture of Florida’s overall economic landscape.

In 2020, the value of Florida’s construction sector amounted to 41.25 billion U.S. dollars.

In the radiant tapestry of Florida’s economy, the strong stitch of the construction sector cannot be overlooked, funneling an immense value of $41.25 billion U.S. dollars in 2020 alone. Such a figure not only underscores the sector’s potent influence on the state’s economic performance but also illuminates its strategic importance to Florida’s overall wealth creation. From the standpoint of employment, real estate development, and infrastructure growth, these figures also paint a vivid picture, serving as a testament to an economically vibrant and industrially resilient Florida. Therefore, this magnitude of economic contribution signifies the vitality of the construction industry, stressing its integral role in Florida’s robust economic machinery.

Florida’s average annual wage for all employees was $48,872 in 2020.

Serving as a critical financial barometer, the statistic indicating that Florida’s average annual wage for all employees stood at $48,872 in 2020 provides a concrete numeric understanding of the state’s economic vitality. This figure offers tangible insight into the purchasing power of Florida’s residents, influencing consumer spending, overall economic growth, and tax revenues for the state. In a broader sense, it paints a picture of job quality and underscores financial disparities within different sectors and demographics, key elements crucial for policy development and economic planning.

The largest industry in Florida is Health Care and Social Assistance, with 1.2 million employees in 2021.

Highlighting that Health Care and Social Assistance is Florida’s largest industry, employing 1.2 million individuals in 2021, offers an insightful perspective into the economic landscape of the state. It showcases the critical role this sector plays in supporting employment levels and opens up discussions on labor market trends and job growth within Florida. With this knowledge, policymakers, investors, and job seekers can make informed decisions. This piece of data enforces the importance of health-orientated industries within the Floridian economy, indicating potential opportunities for business development, investment, and workforce growth in the future.

Florida is the largest producer of citrus fruit in the U.S., contributing $814 million to the Florida economy in 2020.

Highlighting Florida’s supremacy in citrus production within the U.S. and its substantial financial contribution of $814 million to the state’s economy in 2020 creates a juicy narrative for the blog post on Florida’s Economy Statistics. It adds a refreshing and tangy flavor to the economic mix, demonstrating the role of agriculture in driving the state’s financial health. This sunny stat illuminates Florida’s capability to harness its natural resources for economic benefit, thus providing a zestful insight into the flourishing agricultural sector’s impact on the overall prosperity of the state.

In 2020, Florida attracted a record-high 131.4 million visitors and generated $96.5 billion in tourism spending.

Unveiling the impressive numerical tapestry of Florida’s economy, the 2020 revelation stands as a testament to the exceptional dynamism and resilience of the Sunshine State. The figures – a record 131.4 million visitors contributing to an eye-popping $96.5 billion tourism spending – underscore the magnitude of Florida’s tourism sector as a key driver of its economic machine. This vivid proof of tourism’s heart-pounding pulse within the state’s economic body asserts the sector’s central role in job creation, business growth and tax revenue generation, offering an in-depth perspective on the state’s financial health and future prospects for those avidly following Florida Economy Statistics.

According to December 2021 data, Florida has around 221,000 active businesses.

Reflecting over the recorded data from December 2021, an impressive figure surfaces showcasing Florida as an entrepreneurial hotspot with approximately 221,000 active businesses. This measure offers a compelling peek into Florida’s dynamic economic structure by elucidating the vibrant business atmosphere underscoring its robust market stability. It effectively helps us gauge employment opportunities, economic vitality, and the overall financial health of the state. In a snapshot, it paints a promising picture of the entrepreneurial spirit thriving in Florida, making it an attractive destination for potential investors and new ventures. Thus, in a blog post discussing Florida’s economic statistics, such a statistic serves as a crucial indicator of the state’s hearty business climate and potential for future economic growth.

Florida has the 4th largest economy in the U.S. in terms of GDP.

Peeling back the layers of Florida’s dynamic economic matrix, the statistic of it possessing the 4th largest economy in the U.S. in terms of Gross Domestic Product (GDP) illuminates the vitality of this Sunbelt state. Positioned as a significant economic powerhouse, Florida, with its sprawling industries from tourism to agriculture, evinces its financial strength and resilience. The forth position in the U.S. GDP ranking underscores the state’s influence on the national economic performance, where it diligently contributes to America’s overall economic health. Thus, in the discourse of Florida’s economy, this concrete figure breeds a grander understanding of its financial vivacity and relevance within the larger American economic fabric.

The median household income in Florida in 2019 was $55,660.

Examining the median household income in Florida, observed to be $55,660 in 2019, cracks open an insightful view into the state’s financial anatomy. It serves as a crucial cogwheel in understanding the economic wellbeing of Florida’s denizens, enabling a glimpse into their purchasing power, standard of living and overall socioeconomic status. Comparisons with previous years or with other states can further infuse depth, painting a broader picture of economic growth, financial challenges, and income inequality. It’s the touchstone, acting as a critical reference to foster discussions about the impact of fiscal policies and market influences on household income – a central theme in any discourse delving into Florida’s economic statistics.

5.6% of civilian labor force employed in agriculture industry in Florida.

Highlighting that 5.6% of Florida’s civilian labor force is employed in the agriculture industry offers important insight into the economic landscape of Florida. This figure signifies the role of agriculture within the state’s economic machinery, underscoring both its direct contribution through employment and its indirect impact through ancillary sectors such as agro-based manufacturing, transport, and retail. The figure also benchmarks the state’s food security status and the rural-urban employment distribution. Hence, this statistic serves as a critical barometer on Florida’s economic health and diversity, as well as the potential opportunities and vulnerabilities within its labor market.

Conclusion

The Florida economy is a powerhouse within the United States, exhibiting diverse strengths across multiple industries, including tourism, agriculture, and aerospace. Its robust population growth and appealing tax structure attract numerous businesses, contributing to lower unemployment rates relative to national averages. However, the state’s over-reliance on tourism presents challenges, particularly during global downturns or pandemics, which can disproportionately impact the economy. Hence, diversification and innovation remain crucial for long-term economic resilience in Florida.

References

0. – https://www.www.nass.usda.gov

1. – https://www.worldpopulationreview.com

2. – https://www.stats.bls.gov

3. – https://www.www.statista.com

4. – https://www.www.usgovernmentdebt.us

5. – https://www.www.southflorida.edu

6. – https://www.www.usgovernmentrevenue.com

7. – https://www.floridatrend500.com

8. – https://www.data.bls.gov

9. – https://www.www.dnb.com

10. – https://www.www.usnews.com

11. – https://www.www.bls.gov

12. – https://www.www.census.gov

13. – https://www.fred.stlouisfed.org

FAQs

What is the largest industry in Florida's economy?

The largest industry in Florida is tourism. The warm climate and hundreds of miles of beaches attract about 80 million visitors to the state each year.

How much does Florida's economy rely on agriculture?

Agriculture plays a significant role in Florida's economy. The state is a leader in the production of citrus fruits, particularly oranges. Agriculture contributes about $104 billion to the state's economy each year.

How does the aerospace and aviation industry contribute to Florida's economy?

Florida is home to the Kennedy Space Center and a number of private aerospace companies. The aerospace and aviation industry contributes over $175 billion to Florida's economy each year and supports more than half a million jobs.

What is the role of the real estate industry in Florida's economy?

Real estate is a significant driver for Florida's economy. With a thriving tourism industry and a population of retirees relocating to Florida, the real estate industry thrives, contributing significantly to the GDP.

How does the financial services sector impact Florida's economy?

The financial services sector is a major part of Florida's economy, offering a wide range of services including banking, asset management, and insurance. This sector alone contributes billions to the state's economy and employs a significant number of residents.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

Table of Contents