Florida’s economy hits $1 trillion mark; it’d rank 17th in the world

July 21, 2018

Florida’s economy hit the sum of $1 trillion, meaning that if Florida were an independent country, it would be the 17th largest economy in the world, according to the Florida Chamber Foundation.

The state’s Gross Domestic Product (GDP) is higher than that of countries like Switzerland, Saudi Arabia, Argentina and the Netherlands.

“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,” said Jerry Parrish, Ph.D. Florida Chamber Foundation chief economist.

Every day about $ 2.74 billion is added to the state’s GDP, says the economist.

“This is a 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,” said Governor Rick Scott.

“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,” he completed.

For financial consultant Claudia Vidal, this result strengthens the maxim that Florida remains one of the most attractive states for investors around the world. “Being a $ 1 trillion economy guarantees us a journey of active growth, giving people the ability to keep their jobs, which causes unemployment rates to drop substantially and in the end, this creates a land of consistent opportunity with the premise that Florida is a state envied by the rest of the nation. The difference is that now, it is not only the beautiful beaches and warm weather but a heated, pioneering and healthy economy, ” she emphasizes.


Florida raises the minimum wage to $ 8.25/h, but still one of the smallest in the country

Although it reaches the mark of $1 trillion, there is still room to grow. The increase in the minimum wage has long been pointed out by economists as an area that the Florida economy – and the national economy – must face to keep on growing. Frequently, with low unemployment, wages rise to attract talent, but the paycheck in Florida has not yet taken a competitive leap in recent years.

The chamber also launched the “Florida 2030” initiative to address problematic areas of the economy, such as the performance gap in schools and the poverty rate. Florida Chamber of Commerce press release stated:

“Consider that while achievement gaps are closing, 43 percent of 3rd graders aren’t reading at or above grade level. Also, while 1 in 14 jobs in the nation is 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.”

“Florida 2030 allows communities to see how challenges and opportunities impact them and create their 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.”


Minimum Wage Florida

The state’s minimum wage increased 15 cents and went from $ 8.10 to $ 8.25 an hour on the first day of the year. The increase is the highest since 2012 when salary increased by 36 cents per hour and comes from a constitutional amendment approved by voters in 2004 requires that the Florida Department of Economic Opportunities annually assess the rate based on changes in the federal price index consumer.

While 18 states have raised their wages on their own, the federal minimum wage remains unchanged at $ 7.25 an hour since 2009, according to a National Employment Law Project report.


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