Florida’s Economy Hits New $1 Trillion GDP Milestone

By: Florida Chamber Foundation

Florida’s economy hit a new milestone today when the state’s Gross Domestic Product (GDP) topped $1 trillion, the Florida Chamber Foundation’s Chief Economist, Dr. Jerry Parrish, announced. Putting it into perspective, if Florida was an independent country, Florida’s $1 trillion economy now ranks us as the 17th largest economy in the world – ahead of Saudi Arabia, the Netherlands, Switzerland and Argentina.

Earlier this year, Dr. Parrish forecasted that Florida would reach the new $1 trillion economy in 2018. In fact, the milestone was achieved this week. Now, according to Dr. Parrish, Florida is adding $2.74 billion each day to the state’s GDP.

According to TheFloridaScorecard.org, Florida has created 180,200 jobs over the past year, and has steadily kept unemployment rates below the national average. At the same time, achievement gaps are closing in Florida’s Pre-K-12 system, Florida continues to break visitation records, and our state is continuing to diversify its economy.

While this growth is positive news, challenges and opportunities for Florida still remain. The Florida Chamber Foundation’s Florida 2030 research initiative (being released this year) shows the gaps Florida must close in order to continue to be globally competitive and grow smarter by 2030 and beyond.

 

What State Leaders Are Saying

Governor Rick Scott: “This is a historic moment for Florida reaching a record $1 trillion in GDP. By working every day to create private-sector jobs, we’ve been able to increase Florida’s GDP by more than $270 billion – 37 percent – since 2010. When I came into office I made it very clear that we would get our economy back on track. Within seven and a half years, private-sector businesses have created more than 1.5 million jobs and Florida’s unemployment is at a low 3.8 percent. Florida’s growing economy is producing real results for families across our state and we now have the 17th largest economy in the world.”

Dr. Jerry Parrish, Chief Economist – Florida Chamber Foundation: “Becoming a $1 trillion economy means Florida is continuing to grow and create jobs, keeping unemployment lower than the national average, and creating economic opportunity. Thanks to the focus of Florida’s business community and strong leadership from the Governor, Cabinet and legislature, Florida continues to move in the right direction.”

Tony Carvajal, Executive Vice President – Florida Chamber Foundation: “Florida 2030 allows communities to see how they are impacted by challenges and opportunities and create their own blueprints for how to move forward. This growth in our economy is good news and reminds us of the positive impact that business, community, philanthropic and elected leaders can have on Florida when we work together toward a common goal of securing Florida’s future.”

 

Is Florida Ready for 2030?

To prepare for Florida’s continued growth and ensure Florida remains successful, the Florida Chamber Foundation is leading the charge to write the blueprint for Florida’s future — Florida 2030. This two-year research program will stimulate strategic thinking about Florida’s future and engage business and community leaders all across Florida and identify key trends and the factors that can drive their regional economy.To learn more about Florida 2030, visit www.Florida2030.org and register for the 2018 Florida Chamber Foundation Future of Florida Forum where we’ll discuss growing Florida to its potential.