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Florida’s GDP Growth Rate Outpacing the Nation

New economic information from the state Chief Financial Officer (CFO) Jimmy Patronis shows Florida’s economy (GDP) growth rate is stronger than the nation and states like California and New York.

The latest Florida data reveals the state remains one of the world’s strongest economies, with an annual GDP of nearly $1.3 trillion.

Florida’s 2024-25 state budget of $116.5 billion reflects a reduction in overall state spending from the previous fiscal year.

Florida has held a perfect Triple-A Bond Rating for five consecutive years and holds $17 billion in budgetary reserves.

Since 2019, the State of Florida has paid down over 36% of its overall outstanding tax-supported state debt.

Florida leads the nation in new business formations, with over 3 million formed since 2019 and over 266,000 formed in 2024.

Florida’s job market remains robust, with a seasonally adjusted unemployment rate of 3.3 percent in May 2024, significantly below the national unemployment rate of 4 percent.

Florida’s private sector job growth rate continues to surpass the national rate, with a 2.2 percent increase (+192,000) compared to the national private sector job growth rate of 1.6 percent.

In May 2024, the construction sector gained the most jobs among all major industries, adding 5,500 jobs (+0.8 percent), followed by the education and health services sector, adding 2,700 jobs (+0.2 percent).

Patronis also said Florida has strong reserves and millions of dollars in state debt reduction.


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