Florida’s economy hit a new milestone when the state’s Gross Domestic Product (GDP) topped $1 trillion, the Florida Chamber Foundation’s chief economist just announced.
Florida Trend says Floridians should look at the news in perspective: If Florida were a nation, it would be the 17th largest economy in the world and would be larger than nations such as Saudi Arabia, the Netherlands, Switzerland, and Argentina.
Earlier this year, Jerry Parrish, Ph.D. Florida Chamber Foundation chief economist, forecast that Florida would reach the new $1 trillion economy in 2018. He was right.
“Now, Florida is adding $2.74 billion each day to the state’s GDP,” says Parrish. “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.”
Gov. Rick Scott admitted he was proud of the accomplishment.
“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 …”
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. According to a Florida Chamber of Commerce press release issued Monday, 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 14 jobs in the nation are created in Florida, our state’s 14.8 percent poverty rate includes 21.3 percent of children under age 18. While Florida is better than most states in these areas, the Florida Chamber will continue to lead reforms that create economic opportunity,” the press release states.
“Florida 2030 allows communities to see how they are impacted by challenges and opportunities and create their own blueprints for how to move forward,” said Tony Carvajal, executive vice president of the Florida Chamber Foundation. “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.”
Last month Moody’s Investors Service upgraded Florida’s General Obligation (GO) bond rating to Aaa. That’s the leading international credit rating agency telling Florida it earned the highest rating possible — for the first time in the state’s history. It is a clear indicator of the strength of Florida’s economy and will save taxpayers money in future state interest payments.
“I am so proud of Florida’s amazing turnaround story over the past seven years,” Scott said after the Moody’s announcement.
Source: Sunshine State News
9 thoughts on “Florida Hits $1 Trillion GDP, Makes Our State the World’s 17th Largest Economy”
Hi there to every body, it’s my first visit of this weblog; this webpage consists of awesome and in fact good stuff for readers.
I’d like to find out more? I’d like to find out more details.
Simply wish to say your article is as surprising. The clearness in your post is simply cool and i can assume you are an expert on this subject. Well with your permission allow me to grab your RSS feed to keep up to date with forthcoming post. Thanks a million and please continue the rewarding work.
I don’t even understand how I ended up here, however I thought this post was good. I don’t understand who you are however definitely you are going to a famous blogger should you are not already. Cheers!
I like the valuable information you supply on your articles. I will bookmark your weblog and test again here frequently. I am quite certain I will be informed lots of new stuff right here! Good luck for the following!
Hi, i feel that i saw you visited my web site so i got here to go back the choose?.I am trying to in finding things to improve my site!I guess its good enough to use some of your ideas!!
Hi, Neat post. There is a problem with your site in internet explorer, could check this? IE still is the marketplace leader and a big component to other people will miss your fantastic writing due to this problem.
Excellent post. I was checking continuously this blog and I am impressed! Very useful information particularly the last part 🙂 I care for such info a lot. I was seeking this particular info for a long time. Thank you and good luck.
I know this website gives quality based articles and other stuff, is there any other site which provides such information in quality?