Florida’s GDP growth rate doubles national average over five years
TALLAHASSEE, Fla.—Governor Ron DeSantis announced today that Florida’s real Gross Domestic Product (GDP) grew by 21.9 percent from the first quarter of 2019 to the first quarter of 2024, nearly double the national growth rate of 11.1 percent during the same period. Florida maintains an annual GDP of nearly $1.3 trillion and leads in new business formations, with more than 3 million formed since 2019 and over 266,000 already in 2024.
“With yet another major economic milestone like this, Florida demonstrates to the nation that leadership matters,” said Governor DeSantis. “Our responsible governance and fiscal constraint mean our state economy has significantly outperformed the national economy, with nearly double the GDP growth rate.”
“Under Governor DeSantis’ strategic investments in workforce education, infrastructure, and financial readiness, Florida continues to outperform the nation across all metrics, including real GDP and private sector job growth,” said Florida Secretary of Commerce J. Alex Kelly. “With the nation’s number one economy, Florida is the most business-friendly state and the best place for families and communities to live, work, and thrive.”
Florida’s private sector job growth rate surpasses the national rate with a 2.2 percent increase (+192,000) compared to a national private sector job growth rate of 1.6 percent. In May 2024, the construction sector gained the most jobs among all major industries, adding 5,500 jobs (+0.8 percent) from the previous month. This was followed by the education and health services sector which added 2,700 jobs (+0.2 percent).
Job creators continue to demonstrate confidence in Florida’s economic ecosystem through their investments in high-skill, high-wage jobs that enhance competitiveness for residents. The state offers numerous workforce education and development opportunities for job seekers to gain necessary skills for a competitive job market.
Florida’s statewide unemployment rate was at 3.3 percent in May 2024—unchanged from April—and remained below the national rate of 4 percent for the 43rd consecutive month.
Data indicates ample job opportunities are available for Floridians seeking employment with more than 397,000 jobs posted online in May alone. Job seekers can utilize resources provided by CareerSource Florida network for assistance such as registering with Employ Florida or accessing local job listings.
To view regional May 2024 jobs reports or employment data visit: Fort Lauderdale Jacksonville Miami Orlando Pensacola Southwest Florida Tampa West Palm Beach
For further labor market and economic data information visit Florida Insight or access additional resources provided by FloridaCommerce.
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