Florida’s GDP Growth Ranked Third in Nation

07/08/2016

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Florida’s gross domestic product, or overall economic output, grew 3.1 percent in 2015, beating the national growth rate of 2.4 percent — the third-fastest rate among all large states.

In a news release Thursday, Gov. Rick Scott‘s office pointed out that Florida’s growth outpaced the growth rates of California and Texas.

Not surprisingly, real estate rents and leasing made up the biggest part of Florida’s contribution to GDP growth in the Southeast, according to data from the U.S. Bureau of Economic Analysis.

Florida’s 2015 real GDP was $789.8 billion, the fourth-largest in the nation.

In the last quarter of 2015, Florida’s GDP growth was ranked fifth in the nation, beating California at seventh and Texas at 29th. In the fourth quarter, Florida’s GDP grew 2.7 percent.

The forecast for Florida’s economy is for more growth. In June, UCF economist Sean Snaith reported that Florida’s economy is expected to grow at a faster pace than the nation’s, over the next four years. Much of that optimism is based on job growth expectations and the housing market. Snaith sees continued population growth for the state, which is good for housing. But much of that growth will come from retiring Baby Boomers moving to the state.

Florida’s gross domestic product is the measure of the market value of all final goods and services produced within the state in a given time period. Real GDP removes the influence of changing price or inflation.

Credit: Orlando Sentinal