Newly released data on TheFloridaScorecard.org for 2023 shows that if Florida were an independent country, it would be ranked as the 16th largest economy in the world by gross domestic product (GDP). This marks a change from Florida’s previous GDP ranking as the 15th largest economy globally. Despite this shift, Florida's latest annual GDP stands at $1.58 trillion, reflecting an increase of over $140.4 billion.
Florida slipped one place in GDP ranking due to slight growth in Spain’s economy, which previously held the 16th position and outpaced Florida by approximately $22.5 billion. However, Florida's economy remains nearly equal to Spain's, being just 0.1 percent smaller.
Further evidence of Florida’s economic vitality is seen in the steady stream of income migrating into the state from other U.S. states. Specifically, Florida recorded the highest annual net income migration, gaining $4.12 million per hour—3.5 times that of Texas, which had the second-highest rate of income migration. Analysis indicates that individuals moving to Florida brought an average return of $155,600 compared to an average return of $96,000 for those leaving.
With 23 million residents and over 10 million people employed alongside approximately 140 million annual visitors, projections suggest that Florida will add 2.8 million more residents and create almost 1.4 million new jobs by 2030—factors expected to fuel continued GDP growth.
Looking ahead, Florida may be on track to surpass Australia and South Korea in GDP rankings within a few years; these countries are currently ranked 13th and 14th respectively. Over the past year, Florida’s annual GDP growth was more than three times that of South Korea and over four times that of Australia.
The competition between Florida and Spain will continue as their economies are nearly identical in size; however, while Florida's economy has consistently grown annually, Spain's economy has experienced fluctuations.
For context when discussing with community members or management teams: "Florida’s GDP is larger than Indonesia's, the Netherlands', and Turkey's."
For questions about this analysis or involvement with the Florida Chamber Foundation’s efforts to elevate Florida into a top-10 global economy by 2030, contact krichard@flchamber.com.
Registration is open for the 2024 Future of Florida Forum (F3) & Florida Chamber Annual Meeting on October 21-22 in Orlando where leaders will discuss matters impacting Florida’s growth trajectory through 2030 and beyond.