Florida’s Economy Reigns Supreme in CNBC’s ‘Top States for Business’ Ranking

For the second consecutive year, CNBC has recognized Florida’s economy as the strongest in the nation in its ‘Top States for Business’ ranking. Since 2019, Florida’s economy has seen remarkable growth, nearly doubling the national rate, while leading the country in net in-migration and new business formations. Strategic actions in 2024 played a crucial role in this achievement, including reduced spending, tax cuts, increased teacher pay, record debt reduction, and a significant budget surplus. Additionally, Florida secured a top ranking in education, dedicated unprecedented funding to Everglades restoration, and expedited road and highway projects.

Florida’s economic strength is particularly evident in its real estate sector, which has defied national trends with increased home prices and decreased days on the market. From January to June, the median listed days dropped from 69 to 56, marking the most substantial decline since the post-pandemic recovery period in early 2022. According to CNBC, this resilience is attributed to rapid price appreciation, robust construction activity, minimal foreclosures, and a surge in all-cash offers from international investors, predominantly from Latin America, Asia, and Europe.

In the broader economic landscape, Florida boasts a low unemployment rate of 2.6 percent (as of April) and a thriving environment for startups, owing to its favorable 5.5 percent corporate tax rate and abundant job creation through new ventures. The state also leads the nation in the number of small businesses engaged in exporting, making up 94.6 percent of its exporters. In the past year, Florida received $488.4 million from the U.S. Treasury’s State Small Business Credit Initiative (SSBCI) in support of these businesses.

Looking towards the future, the Florida Chamber of Commerce has an ambitious plan – the Florida 2030 Blueprint – to propel the state’s economy to the world’s top 10 by the end of the decade, a significant leap from its current 16th position. Despite the identified challenges, the CNBC report underscores Florida’s economic momentum, with substantial contributions from its real estate sector, a favorable business environment, and robust support for small businesses, all contributing to its status as the top economy in the nation.