Florida is Now the 14th Largest Global Economy, and Housing Starts and Sales Are Up Year Over Year

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The November 2023 edition of Florida By The Numbers is now available. Florida Chamber Foundation Senior Research Economist Sheridan Meek takes us on an exclusive journey through the Florida 2030 Blueprint’s Six Pillars Framework, specifically highlighting some of the latest metrics that matter to securing Florida’s future as a top 10 global economy by 2030.

Some of the metrics covered in this update include:

  • From the Innovation & Economic Development Pillar –
    • According to the latest GDP figures, Florida has moved up two spots over the year from the 16th to the 14th largest economy in the world, currently at $1.44 trillion in GDP. This is an increase of 55% since 2018, when the Florida 2030 Blueprint was released.
    • In the past five years, Florida has moved up from the 17th largest economy (in 2018), surpassing Mexico, Spain, and Indonesiaultimately seeking to surpass Italy, the current 10th largest economy.
    • Florida is on track to have another record year for visitation, up 724,000 visitors from this time last year.
  • From the Talent Supply & Education Pillar –
    • Employment rose above 9.8 million in October, an increase of almost 30,000 jobs over the monthand nearly 280,000 over the year. 
    • The Education and Health Services industries have seen the top annual growth in the past few months, the trend continuing with an annual growth rate of 6.4% this month.
    • With the number of unemployed Floridians increasing by only 9,000 from September to October, Florida’s unemployment rate of 2.8% remained the same. Coupled with a slight decline in open jobs, Florida’s gap between available workers and open jobs narrowed to 78:100.
    • Florida continues to reign as the top state for higher education, including leading the country in college affordability. In-state tuition at Florida’s 4-year institutions is 44% lower than the national average.
  • From the Infrastructure & Growth Leadership Pillar – For the first time in recent months, both single-family housing starts and sales are up year over year. Starts are up 27.6% and sales are up 6.1% from September 2022.
  • From the Business Climate & Competitiveness Pillar – Florida’s consumer sentiment saw a small, unexpected drop in October to 66.2. However, Florida’s outlook on the economy rose above the national outlook for the first time in months.

These metrics and more are found on TheFloridaScorecard.org.

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