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Florida GDP Hits $1 Trillion Mark - The Coffey Group Fine Homes International

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Jul
24
Florida GDP Hits $1 Trillion Mark

Florida becomes more and more of an economic powerhouse every year, being one of the ripest and most in-demand markets in the country, so it comes as no surprise that Friday, July 13th, Florida’s gross domestic product finally reached the $1 trillion mark. According to the state chamber, if Florida were an independent country, that amount of economic output would make the Sunshine State the world’s 17th largest economy, growing larger than Saudi Arabia, Switzerland, and Argentina’s. Although the number is high, this was to be expected, University of Central Florida economic analyst Sean Snaith said the state has been strong in all areas of employment.

This is really being driven by fundamentals. This is not just a fluke of an overheated economy.

According to the economist who authored the study pointed to growth in manufacturing. "Those [jobs] are growing faster here than the U.S. the last few years, " said Jerry Parrish, Florida Chamber Foundation chief economist. But where do the numbers come from? The U.S. Bureau of Economic Analysis calculated the $1 trillion figure based on the most recent GDP number of $984 million for the fourth quarter of 2017, and a system that projects current statistics that have yet to be factored in by the bureau, including goods, job growth, services and more. Further factors ramping up the Panhandles prosperous incline can be seen in Metro Orlando’s flourishing economy: low unemployment, population growth, and tourism. The overall successes in those areas make the $1 trillion figure sustainable, Snaith said. "The near-term risk of recession is still fairly low," Snaith said. "… Momentum in the labor market, the tax cuts and jobs act, all that has been a force of adrenalin, if you will, for economic growth. Could we drop below that? It's possible, but that would be temporary. This is a mile marker on a longer-run trend as opposed to being fleeting or cyclical."

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Florida’s success seems to be steady and sustainable, with $2.7 billion being added to its GDP each day on average, the Chamber said in its release. Florida hasn’t always been performing at this level, however. At the beginning of 2008, the state's GDP stood at $757 billion adjusted for inflation, according to BEA, and dropped to $715 billion by the third quarter of 2009. Fortunately, it has risen steadily since then, with the $1 trillion projection representing a 39.86 percent increase. The Chamber cited unemployment lower than the national average, among other factors driving the growth. Overall, Florida’s economy and standard of living is flourishing as it continues to be one of the most popular tourist destinations in the U.S. "… Florida continues to break visitation records, and our state is continuing to diversify its economy," its release said. The future of the Sunshine State looks bright.


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