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Economy of Florida
The economy of the state of Florida is the fourth-largest in the United States, with a $1.726 trillion gross state product (GSP) as of 2024. If Florida were a sovereign nation (2024), it would rank as the world's 15th-largest economy by nominal GDP according to the International Monetary Fund, ahead of Spain and behind South Korea. Agriculture, tourism, industry, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel contribute to the state's economy.
Florida's economy ranks among the largest in the country. As of 2024, the gross state product (GSP) is about $1.647 trillion, the fourth largest economy in the United States. According to a June 3, 2025 forecast by Florida TaxWatch, Florida's economy reached nearly US$1.5 trillion in gross state product and is projected to continue growing through 2030, although at a gradually slower rate. Florida is responsible for 5.82% of the United States' approximately $28 trillion gross domestic product (GDP). As of 2024[update], Florida's nominal GDP is larger than all but 15 countries; if it were a sovereign nation, it would be ranked ahead of Spain and behind South Korea. In terms of Purchasing Power Parity, it is larger than all but 22 countries. Agriculture, tourism, industry, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel contribute to the state's economy.
The top five industries in Florida for employment are: trade, transportation, and utilities; government; professional and business services; education and health services; and leisure and hospitality. Forecasts indicate that Florida will continue experiencing rapid population growth over the next several years, which is expected to drive long-term employment expansion in multiple industries. Data shows that job gains are likely to be strongest in healthcare, education, construction, and service-based fields (University of Florida Bureau of Economic and Business Research, 2023). In output, the five largest sectors are: finance, insurance, real estate, rental, and leasing, followed by professional and business services; government and government enterprises; educational services, health care, and social assistance; and retail trade.
In 2017, Florida became the United States' eighth largest exporter of trade goods. Florida's top countries for export are Brazil, Canada, Mexico, Germany, and Colombia. In 2017, Florida became the United States' tenth largest importer of trade goods. Florida imported US$75.4 billion worth of goods globally in 2017. The value of Florida's imports equals 3.2% of United States' overall imported products for 2017. Florida's top countries for imports are China, Mexico, Canada, Germany, and France.
The Miami Metropolitan Area has the highest GDP of all the metro areas in Florida with $344.9 billion in 2017. This is more than twice the number of the next metro area, the Tampa Bay Area, which has a GDP of $145.3 billion. The economy of Florida is driven almost entirely by its nineteen metropolitan areas. In 2004, they had a combined total of 95.7% of the state's domestic product.
Per capita GDP in 2017 was $39,842, ranking 40th in the nation. Per capita income varies widely by geographic region and profession. North Florida and the rural counties of the Florida Panhandle are the most impoverished in the state. Florida has a poverty rate of 14.0%, the seventeenth lowest of any state in the country. Many coastal cities include some of the wealthiest per-capita areas in the United States.
In 2018, there were more than 427,824 millionaires in the state, the fourth-highest number in the nation.
For 2018–19, the approved state budget is $88.7 billion, a 4.4% increase over the previous 2017–18 budget of $84.9 billion. Chief Executive Magazine named Florida the third "Best State for Business" in 2011.
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Economy of Florida
The economy of the state of Florida is the fourth-largest in the United States, with a $1.726 trillion gross state product (GSP) as of 2024. If Florida were a sovereign nation (2024), it would rank as the world's 15th-largest economy by nominal GDP according to the International Monetary Fund, ahead of Spain and behind South Korea. Agriculture, tourism, industry, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel contribute to the state's economy.
Florida's economy ranks among the largest in the country. As of 2024, the gross state product (GSP) is about $1.647 trillion, the fourth largest economy in the United States. According to a June 3, 2025 forecast by Florida TaxWatch, Florida's economy reached nearly US$1.5 trillion in gross state product and is projected to continue growing through 2030, although at a gradually slower rate. Florida is responsible for 5.82% of the United States' approximately $28 trillion gross domestic product (GDP). As of 2024[update], Florida's nominal GDP is larger than all but 15 countries; if it were a sovereign nation, it would be ranked ahead of Spain and behind South Korea. In terms of Purchasing Power Parity, it is larger than all but 22 countries. Agriculture, tourism, industry, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel contribute to the state's economy.
The top five industries in Florida for employment are: trade, transportation, and utilities; government; professional and business services; education and health services; and leisure and hospitality. Forecasts indicate that Florida will continue experiencing rapid population growth over the next several years, which is expected to drive long-term employment expansion in multiple industries. Data shows that job gains are likely to be strongest in healthcare, education, construction, and service-based fields (University of Florida Bureau of Economic and Business Research, 2023). In output, the five largest sectors are: finance, insurance, real estate, rental, and leasing, followed by professional and business services; government and government enterprises; educational services, health care, and social assistance; and retail trade.
In 2017, Florida became the United States' eighth largest exporter of trade goods. Florida's top countries for export are Brazil, Canada, Mexico, Germany, and Colombia. In 2017, Florida became the United States' tenth largest importer of trade goods. Florida imported US$75.4 billion worth of goods globally in 2017. The value of Florida's imports equals 3.2% of United States' overall imported products for 2017. Florida's top countries for imports are China, Mexico, Canada, Germany, and France.
The Miami Metropolitan Area has the highest GDP of all the metro areas in Florida with $344.9 billion in 2017. This is more than twice the number of the next metro area, the Tampa Bay Area, which has a GDP of $145.3 billion. The economy of Florida is driven almost entirely by its nineteen metropolitan areas. In 2004, they had a combined total of 95.7% of the state's domestic product.
Per capita GDP in 2017 was $39,842, ranking 40th in the nation. Per capita income varies widely by geographic region and profession. North Florida and the rural counties of the Florida Panhandle are the most impoverished in the state. Florida has a poverty rate of 14.0%, the seventeenth lowest of any state in the country. Many coastal cities include some of the wealthiest per-capita areas in the United States.
In 2018, there were more than 427,824 millionaires in the state, the fourth-highest number in the nation.
For 2018–19, the approved state budget is $88.7 billion, a 4.4% increase over the previous 2017–18 budget of $84.9 billion. Chief Executive Magazine named Florida the third "Best State for Business" in 2011.