Florida’s economy has passed $1 trillion, meaning that if the Sunshine State were a stand-alone state, it would have the 17th largest economy in the world.
A press release from the Florida Chamber Foundation (Florida Chamber Foundation) reports that the state’s gross domestic product (GDP) is growing at about $2.74 billion per day and outpacing the GDP of countries such as Switzerland, Saudi Arabia, Argentina and the Netherlands.
“Becoming a $1 trillion economy means Florida continues to grow and create jobs, keeping unemployment below the national average and creating economic opportunity,” said Jerry Parrish, chief economist for the Florida Chamber of Commerce Foundation.
Florida’s economic reports over the past year have been positive. The state’s unemployment rate remained at 3.9 percent and fell to 3.8 percent in May. According to the Florida Department of Economic Opportunity, the state added 180,200 jobs during the year.
Even though the state’s economy has surpassed $1 trillion, there is still plenty of room for growth. Wage levels have long been noted by economists as one area of Florida’s economy – and the national economy – that needs attention to continue economic development.
