A Tribute to Chief Financial Officer Jimmy Patronis
A Tribute to Agriculture Commissioner Adam Putnam
Florida’s New $1 Trillion Economy Creates Opportunities
July 30, 2018
Opportunities That Can Also Overcome Challenges
I’ll never forget where I was on September 29, 2007.
It was a Saturday, and I was in the Atlanta airport, walking to my next connection to catch a flight to D.C. for a meeting with the U.S. Chamber of Commerce. As I was keeping pace with others focused on catching their next flight, I happened to look over and saw a Wall Street Journal newspaper box and was immediately frozen in time.
The front-page headline said, “Is Florida Over?” Well, as the CEO of the Florida Chamber of Commerce, you can probably imagine that it was not the type of headline you’d want to see in one of the nation’s most widely read newspapers.
A few years later, Florida made an incredible economic turnaround, and soon, even the WSJ would notice and write part two of that story – Has Florida found the secret to saving the economy?
Florida has come a long way in the last 10 years. In fact, in the past five years, Florida’s Gross Domestic Product (GDP) has grown by 27.2 percent, a rate that puts Florida’s GDP growth among the top five states in the country. And during the same time, Florida has produced more than 1 out of 11 jobs in the U.S.
As Will Weatherford, Managing Partner of Weatherford Capitol, former Speaker of the Florida House, and Florida Chamber Board member, recently wrote in Florida Politics:
“You would be hard pressed to find another economy with such robust growth. Florida has seen year-over-year GDP growth, jobs continue to be created and our unemployment rate continues to drop and has remained below the national average for the past several years.”
The good news is that Florida continues to break economic records. Earlier this month, Florida’s GDP topped $1 trillion. Florida Chamber Foundation Chief Economist Dr. Jerry Parrish, just this past January, predicted that Florida would reach this new milestone during 2018. And just as Dr. Parrish predicted, Florida officially hit the new $1 trillion GDP in the last few weeks. To put this into perspective, if Florida was an independent country, our $1 trillion economy now ranks us as the 17th largest economy in the world – ahead of Saudi Arabia, the Netherlands, Switzerland and Argentina. Now, as Dr. Parrish explains, Florida is adding $2.74 billion each day to the state’s GDP.
“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,” Dr. Parrish said recently.
Florida’s GDP Milestone Garnered the Attention of National and International Headlines
- Palm Beach PostU.S. News
- Orlando Sentinel
- Tampa Bay Times
- The Capitolist
- Atlanta Journal Constitution
- MyFox Memphis
- KISS 104.1
- Dayton Daily News
- WFTV9 ABC
- Sunshine State News.
Of course, achieving a $1 trillion GDP is due in large part to Governor Scott, the Florida Cabinet and Florida Legislature. Consider that, until just a few years ago, Florida punished manufacturing investments twice (once at the state level, once at the local level). At the urging of the Florida Chamber, the legislature and Governor Scott removed the Machinery & Equipment (M&E) sales tax. Understanding that manufacturing jobs have the highest value added, removing this tax is making great strides and helping Florida climb in GDP rankings.
“This is an 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,” said Governor Rick Scott.
“Getting Florida’s economy out of the ditch and back on track has long been one of our state’s top priorities, and today’s announcement that our economy surpassed $1 trillion is incredible news for all Floridians. This milestone is further evidence that the pro-business policies and priorities championed by Governor Scott, the Cabinet and the legislature are working. Florida’s economy is on a roll, but complacency is not a strategy and we must continue to do all that we can to make the Florida’s economy as strong and resilient as possible,” said Adam Putnam, Commissioner of Agriculture.
“Florida’s strong economy is a testament to the work done over the past seven years to create an environment that keeps taxes low, reduces our debt, and makes Florida an attractive place to live, work, and raise a family. When we remove unnecessary burdens and overregulation, businesses can grow and create new jobs, while attracting new talent and companies to our state. It’s important that we continue this growth trend, and the policies that have helped us achieve this feat, to ensure Florida remains a top global economy,” said Jimmy Patronis, Chief Financial Officer.
According to TheFloridaScorecard.org, Florida has created 170,500 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.
And while this growth is good news for Florida, challenges and opportunities 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. Consider that while achievement gaps are closing, 43 percent of 3rd graders aren’t reading at or above grade level. And while 1 in 11 jobs in the nation in the last five years were created in Florida, our state’s 14.8 percent poverty rate includes 21.3 percent of children under age 18. While Florida is better suited than most states in these areas, the Florida Chamber will continue to lead reforms that create economic opportunity.
As former Speaker Weatherford has said, “A $1 trillion economy is proof that when we stay focused on Florida’s long-term future and remain stalwart in our commitment to quality education, free enterprise and an unmatched quality of life, it suggests that we can continue to be one of the most exciting economic stories in the world.”
While we can certainly pay tribute to Florida’s new $1 trillion GDP success, we must also stay focused. The challenges that remain should be viewed as opportunities to further secure Florida’s future. Your dedication toward the common goal of making Florida more competitive, will help ensure that future Wall Street Journal headlines focus on economic prosperity for all.
Register today for Florida’s premier forum focused on growing Florida to its full potential – the 2018 Florida Chamber Foundation Future of Florida Forum.
Florida Chamber of Commerce Endorses Adam Putnam for Florida’s Next Governor
“Adam Putnam knows Florida best, and I know without a doubt he believes in free enterprise and economic opportunity for every single Floridian.”
– Mark Wilson, Florida Chamber of Commerce
ORLANDO, Fla. (May 3, 2018)— The Florida Chamber of Commerce today endorsed Adam Putnam for Governor. The announcement was made during a press conference in Orlando joined by business leaders from across Florida, including Will Weatherford, Weatherford Capital; Tracy Duda Chapman of A. Duda & Sons Inc.; and Florida Chamber President and CEO Mark Wilson.
The past eight years have been among the most prosperous in Florida’s history. With more than 1.5 million jobs created since 2010, an expected $1 trillion economy by the end of 2018, and an education system that is continuously improving, Florida voters continue to tell us that Florida is moving in the right direction.
Looking at the next eight years, Florida needs a leader who knows Florida and can keep Florida’s momentum going. Adam Putnam is that leader.
“I am proud to have the support of the Florida Chamber of Commerce. The Florida Chamber has a long and proven history of supporting businesses across the state, and I look forward to working alongside the Florida Chamber to ensure Florida continues to build on its legacy as the most business-friendly state in the nation,” said PUTNAM. “As Governor, I will restore vocational, career and technical education in middle schools and high schools so that every Floridian has the skills they need to pursue good paying careers and find their piece of the American Dream right here in Florida. Together, we will continue to strengthen our workforce and provide opportunities for our young people to ensure Florida remains as the best place to do businesses.”
As we focus on securing Florida’s future, local businesses need to create 1.7 million new jobs in the next 12 years. Adam Putnam has a plan to grow jobs, increase infrastructure initiatives and keep taxes low for Florida’s current and future residents.
TRACY DUDA CHAPMAN, Past Chair of the Florida Chamber of Commerce, and Senior Vice President of A. Duda & Sons, Inc., said: “As a fifth generation Floridian who grew up on his family’s cattle ranch and citrus groves, I know firsthand that there is no one as committed to putting Florida first than Adam Putnam.”
During his time in public service, Adam Putnam has prioritized fostering the growth and diversification of Florida. He has expanded access to Florida’s abundance of fresh produce, seafood and other products; secured a stable, reliable and diverse supply of energy; protected the quantity and quality of the Florida’s water supply, and safeguarded consumers from deceptive business practices.
“Adam Putnam is a leader who believes and creates opportunities for all Floridian’s,” said WILL WEATHERFORD, Florida Chamber of Commerce Political Chair and Managing Partner of Weatherford Capital. “Today we stand united with Adam Putnam and pledge our support of Florida’s next Governor.”
“Adam Putnam is the leader Florida needs to keep Florida’s momentum going. Adam Putnam knows Florida best, and I know without a doubt he believes in free enterprise and economic opportunity for every single Floridian,” said MARK WILSON, President and CEO, Florida Chamber of Commerce. “Adam Putnam believes in Florida and the Florida Chamber believes in Adam Putnam.”
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Established in 1916 as Florida’s first statewide business advocacy organization, the Florida Chamber of Commerce is the voice of business and the state’s largest federation of employers, chambers of commerce and associations aggressively representing small and large businesses from every industry and every region. The Florida Chamber works within all branches of government to affect those changes set forth in the annual Florida Business Agenda, and which are seen as critical to secure Florida’s future. The Florida Chamber works closely with its Florida Political Operations and the Florida Chamber Foundation. Visit www.FloridaChamber.com for more information.
Overall Voters Feeling Good About Florida’s Direction, But Undecided In 2018 Governor’s Race
TALLAHASSEE, FL (January 11, 2018) – A majority of Florida voters believe Florida is headed in the right direction, according to the latest statewide political poll released by the Florida Chamber Political Institute (FCPI).
In its first statewide poll of the New Year, 56 percent of likely voters believe Florida is headed in the right direction. Although the majority of voters approve of Florida’s direction, the views differ based on party. Republicans are especially optimistic at 76 percent, more than half of NPA’s (56 percent) believe Florida is moving in the right direction, while less than half of Democrats (34 percent) believe Florida is headed in the right direction.
More than half (57 percent) of all registered voters approve of Governor Rick Scott’s job performance. Among parties, Republicans overwhelmingly approve of his performance by 82 percent, while 30 percent of Democrats and 56 percent of NPA’s approve.
Ten months before electing a new Governor, voters from both parties are beginning to consider which candidates they will support, although there are more undecided than decided candidates.
Among candidates on the Democrat ticket, Gwen Graham leads with 14 percent, however 64 percent of voters remain undecided. Philip Levine garners 7 percent, Andrew Gillum garners 6 percent and Chris King garners 1 percent.
On the Republican ticket for candidates, 23 percent support Adam Putnam and 18 percent support Ron DeSantis, while 50 percent are undecided.
“Voters will elect a new Governor, all new members of the Florida Cabinet and 140 members to the Florida House and Senate. It’s still very early in what will be a busy 2018 election cycle. In the coming months, voters will begin to take a much closer look at the candidates for office,” said Marian Johnson, Senior Vice President, Political Operations for the Florida Chamber of Commerce.
On the issues that matter to voters, education tops the list at 17 percent, followed by jobs and the economy at 13 percent and healthcare at 12 percent. Immigration and global warming remain a concern – garnering 5 percentage points each. While issues like guns, terrorism and marijuana barely register among voters.
When considering constitutional amendments that will appear on the ballot, Amendment 1 would pass if voted on today, while Amendment 2 is inching closer to the 60 percent threshold for passage.
Amendment 1 calls for increasing the homestead exemption:
- 61 percent of voters support increasing the homestead exemption for homeowners.
- 69 percent of Republicans, 60 percent of NPA’s and 52 percent of Democrats support increasing the homestead exemption for homeowners.
Amendment 2 would make a 10 percent cap on annual non-homestead property tax increases permanent:
- 54 percent of likely voters support making the 10 percent cap on annual non-homesteaded property tax permanent.
- 58 percent of Republicans, 51 percent of NPA’s and 50 percent of Democrats support making the 10 percent cap on annual non-homesteaded property tax permanent.
Beyond the Florid Chamber’s political polling, voter registration indicates interesting trends:
- 42 percent of all new voters registered since January 1, 2018 are registering as NPA’s
- 27 percent are registering as Democrats
- 27 percent are registering as Republicans
- 54 percent of new Hispanic voters are registering as NPA’s
- 32 percent are registering as Democrats
- 14 percent are registering as Republicans
ABOUT THIS POLL: The Florida Chamber of Commerce political poll was conducted on January 2-5, 2018 by Voter Opinions during live telephone interviews of likely voters, and has a margin of error of +/-4 percent. The sample size included 235 Democrats, 259 Republicans and 106 Others for a total of 600 respondents statewide. The samples for the polls conducted by the Florida Chamber are consistently drawn from likely voters and newly registered voters, meaning those voters who have the propensity and past performance of voting in elections, rather than simply including registered voters. Voters are again screened for likelihood of voting.
The Florida Chamber of Commerce is the voice of business and the state’s largest federation of employers, chambers of commerce and associations aggressively representing small and large businesses from every industry and every region. The Florida Chamber works within all branches of government to affect those changes set forth in the annual Florida Business Agenda, and which are seen as critical to secure Florida’s future. The Florida Chamber works closely with its Florida Political Operations and the Florida Chamber Foundation. Visit www.FloridaChamber.com for more information.