The economy of Florida is diverse and strong, and it is a major contributor to the overall economy of the United States. Some key points about the economy of Florida include:
- Florida is the third-largest state in the United States by population, and its economy is the fourth-largest in the United States.
- The gross state product (GSP) of Florida was estimated to be around $1.0 trillion in 2021, which accounts for about 5% of the total GSP of the United States.
- The state’s economy is diverse, with major industries including tourism, healthcare, finance, and trade.
- Florida is home to many major cities, including Miami, Tampa, and Orlando, which are centers of business and commerce and home to a range of industries.
- The state is known for its favorable business climate, with low taxes, minimal regulation, and a pro-business environment that has attracted many companies to locate or expand in Florida.
The GDP of Florida is driven by a range of industries, and the percentage of the state’s GDP contributed by each industry can vary from year to year.
Florida Market contributors
According to data from the United States Bureau of Economic Analysis, the industries that contributed the most to the GDP of Florida in 2020 were:
- Professional, scientific, and technical services: 13.3%
- Healthcare and social assistance: 11.4%
- Retail trade: 10.8%
- Finance and insurance: 9.6%
- Government: 8.3%
Other major industries in Florida include construction, manufacturing, and education and health services.
Employment generators – By industry
According to data from the Bureau of Labor Statistics → (BLS), the industries with the largest employment in Florida as of May 2021 were:
- Trade, transportation, and utilities: 2,741,400
- Education and health services: 2,386,800
- Professional and business services: 1,813,200
- Leisure and hospitality: 1,798,600
- Government: 1,747,600
Other major industries in Florida include manufacturing, financial activities, and construction. The BLS data also shows that the sectors with the fastest employment growth in Florida from May 2020 to May 2021 were leisure and hospitality, professional and business services, and education and health services.
Florida Market - IT Industry
The IT industry in Florida is a significant contributor to the state’s economy, with many major companies and startups operating in the sector. Some key points about the IT industry in Florida include:
- Florida is home to a number of major tech hubs, including Miami, Tampa, and Orlando. These cities are home to a range of IT companies, as well as a large number of skilled professionals in the field.
- The IT industry in Florida is diverse, with companies operating in a range of areas such as software development, data analytics, cybersecurity, and cloud computing.
- Some major IT companies with a significant presence in Florida include Hewlett Packard Enterprise, Citrix Systems, and Verizon.
- Florida also has a strong startup ecosystem, with many small companies in the IT sector receiving funding and support from investors and accelerators.
- The IT industry in Florida is expected to continue growing in the coming years, as the state’s strong economy and diverse talent pool attract more companies and entrepreneurs to the sector.
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