CNBC, in its latest 'Top States for Business' ranking, declared Florida's economy as the strongest in the nation for the second year in a row.
Since 2019, Florida's economy has experienced remarkable growth, nearly doubling the national rate, alongside leading the country in both net in-migration and new business formations. This achievement was bolstered by strategic actions in 2024, including reduced spending, tax cuts, increased teacher pay, record debt reduction, and the generation of a significant budget surplus. The state also secured a top ranking in education, dedicated unprecedented funding to Everglades restoration, and expedited road and highway projects.
Florida's economic prowess extends to its real estate sector, defying national trends with an increase in home prices and a decrease in 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. This resilience, according to CNBC, is attributed to factors like 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. It also leads the nation in the number of small businesses engaged in exporting, making up 94.6 percent of its exporters. In support of these businesses, Florida received $488.4 million from the U.S. Treasury's State Small Business Credit Initiative (SSBCI) in the past year.
Looking towards the future, the Florida Chamber of Commerce has an ambitious plan – the Florida 2030 Blueprint – aiming 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 significant 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.
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