Florida’s Gross Domestic Product Growth Rate DOUBLES the National Rate Over the Last Five Years
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TALLAHASSEE, Fla. ~ Florida's economy continues to thrive, outperforming the nation in both GDP growth and job creation. Governor Ron DeSantis announced today that Florida's real Gross Domestic Product (GDP) grew by 21.9 percent from the first quarter of 2019 to the first quarter of 2024, nearly double the national growth rate of 11.1 percent during the same period.

This impressive growth solidifies Florida as one of the world's strongest economies, with an annual GDP of nearly $1.3 trillion. The state also leads the nation in new business formations, with over 3 million formed since 2019 and an additional 266,000 formed in 2024.

Governor DeSantis praised Florida's leadership and responsible governance for contributing to this economic success. "With yet another major economic milestone like this, Florida demonstrates to the nation that leadership matters," he stated. "Our responsible governance and fiscal constraint mean our state economy has significantly outperformed the national economy, with nearly double the GDP growth rate."

J. Alex Kelly, Florida's Secretary of Commerce, also credited Governor DeSantis' strategic investments in workforce education, infrastructure, and financial readiness for contributing to Florida's economic success. "Under Governor DeSantis' leadership, Florida continues to outperform the nation across all metrics," said Kelly. "With the nation's number one economy, Florida is not only the most business-friendly state but also the best place for families and communities to live, work, and thrive."

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One key area where Florida continues to surpass national figures is private sector job growth. In May 2024, Florida saw a 2.2 percent increase (+192,000) in private sector jobs compared to the national rate of 1.6 percent. The construction sector saw the most significant increase in jobs among all major industries with a gain of 5,500 jobs (+0.8 percent) from the previous month. The education and health services sector also saw growth, adding 2,700 jobs (+0.2 percent).

This job growth is a testament to the confidence job creators have in Florida's economic ecosystem. These high-skill, high-wage jobs make Florida a more competitive state to live and work in. To ensure economic resiliency and success for generations to come, Florida offers hundreds of workforce education and development opportunities for job seekers to gain the skills they need to compete in this elevated job market.

Florida's statewide unemployment rate remains low at 3.3 percent in May 2024, unchanged from April 2024. This is also 0.7 percentage points below the national rate, which increased to 4 percent. Florida has now maintained a lower unemployment rate than the nation for 43 consecutive months.

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The data from May also shows that there are ample job opportunities available for Floridians in search of work, with over 397,000 jobs posted online. Those seeking employment can utilize the CareerSource Florida network for assistance with registering on Employ Florida and searching for local job openings. Career seekers can also receive help with resume writing, interviewing skills, career goals, and customized career training at no cost.

For more information on labor market and economic data in Florida, visit Florida Insight or watch a video provided by FloridaCommerce explaining the data further.

To view the May 2024 jobs reports by region, please see below:

- Fort Lauderdale

- Jacksonville

- Miami

- Orlando

- Pensacola

- Southwest Florida

- Tampa

- West Palm Beach

To view May 2024 employment data, click here.

Filed Under: Government, State

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