Economy of Florida
The economy of the state of Florida is the fourth-largest in the United States, with a $1.726trillion gross state product as of 2024. If Florida were a sovereign nation, it would rank as the world's 15th-largest economy by nominal GDP according to the International Monetary Fund, ahead of Spain and behind South Korea. Agriculture, tourism, industry, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel contribute to the state's economy.
Overview
Florida's economy ranks among the largest in the country. As of 2024, the gross state product is about $1.647trillion, the fourth largest economy in the United States.According to a June 3, 2025 forecast by Florida TaxWatch, Florida’s economy reached nearly US$1.5 trillion in gross state product and is projected to continue growing through 2030, although at a gradually slower rate. is responsible for 5.82% of the United States' approximately $28trillion gross domestic product., Florida's nominal GDP is larger than all but 15 countries; if it were a sovereign nation, it would be ranked ahead of Spain and behind South Korea. In terms of Purchasing Power Parity, it is larger than all but 22 countries. Agriculture, tourism, industry, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel contribute to the state's economy.The top five industries in Florida for employment are: trade, transportation, and utilities; government; professional and business services; education and health services; and leisure and hospitality. Forecasts indicate that Florida will continue experiencing rapid population growth over the next several years, which is expected to drive long-term employment expansion in multiple industries. Data shows that job gains are likely to be strongest in healthcare, education, construction, and service-based fields. In output, the five largest sectors are: finance, insurance, real estate, rental, and leasing, followed by professional and business services; government and government enterprises; educational services, health care, and social assistance; and retail trade.
In 2017, Florida became the United States' eighth largest exporter of trade goods. Florida's top countries for export are Brazil, Canada, Mexico, Germany, and Colombia. In 2017, Florida became the United States' tenth largest importer of trade goods. Florida imported US$75.4billion worth of goods globally in 2017. The value of Florida's imports equals 3.2% of United States' overall imported products for 2017. Florida's top countries for imports are China, Mexico, Canada, Germany, and France.
The Miami Metropolitan Area has the highest GDP of all the metro areas in Florida with $344.9billion in 2017. This is more than twice the number of the next metro area, the Tampa Bay Area, which has a GDP of $145.3billion. The economy of Florida is driven almost entirely by its nineteen metropolitan areas. In 2004, they had a combined total of 95.7% of the state's domestic product.
Per capita GDP in 2017 was $39,842, ranking 40th in the nation. Per capita income varies widely by geographic region and profession. North Florida and the rural counties of the Florida Panhandle are the most impoverished in the state. Florida has a poverty rate of 14.0%, the seventeenth lowest of any state in the country. Many coastal cities include some of the wealthiest per-capita areas in the United States.
In 2018, there were more than 427,824millionaires in the state, the fourth-highest number in the nation.
For 2018–19, the approved state budget is $88.7billion, a 4.4% increase over the previous 2017–18 budget of $84.9billion. Chief Executive Magazine named Florida the third "Best State for Business" in 2011.
In 2022, as job numbers continue to surge, Florida's unemployment rate dipped to 2.7 percent in July which hit historic low.
Personal income
In 2024, Florida's per capita personal income was $70,390, ranking 20th in the nation. The state's unemployment rate in April 2025 was 3.7% and ranked as the 20th lowest in the United States. Florida is one of eight states that does not impose a personal income tax.In 2024, Florida had a personal income of $1,645,165,700,000. This personal income ranked 4th in the United States.
Florida's constitution establishes a state minimum wage, which is adjusted annually for inflation., Florida's minimum wage was $6.98 for tipped positions, and $10.00 for non-tipped positions, which was higher than the federal rate of $7.25. The wage will increase by $1 per hour yearly, until 2026 when the minimum wage for non-tipped positions will reach $15 per hour.
Florida has two cities in the top 25 cities in the U.S. with the highest average credit card debt, Miami and Tampa.
The poverty rate in Florida in 2023 was 12.3%, down from a peak of 17.1% in 2012. Statewide economic analysis shows that Florida’s labor force, housing market, and business formation rates remain strong, reflecting continued stability in the state’s economy. Reports highlight rising job creation, steady wage growth, and increased business activity across major metropolitan areas.
Sectors
Agriculture
Florida was ranked in 2019, "first in the value of production for fresh market bell peppers and tomatoes, as well as grapefruit, oranges, sugarcane, and watermelons" in the United States according to Florida Agriculture by the Numbers. In 2002 peppers and tomatoes were #1 and #2 in dollar value for the state and citrus fruit, especially oranges, were also a major part of the economy. By 2019 tomatoes were #1, oranges #2, and peppers were #3. Of exports, meat is Florida's biggest earner. Florida produces the majority of citrus fruit grown in the United States.Strawberry
is another major crop in Florida. Florida is second only to California for strawberry production by volume and by dollars per year and the Plant City area grows of America's winter strawberries. The represents growers here. Strawberry gray mold is economically important. This is the Botrytis Fruit Rot of strawberries caused by Botrytis cinerea. Growers here ship strawberries December to April. The state's Strawberry Festival is held in March every year in Plant City.The varieties , , and 'Florida Beauty' are among the most commonly grown here. 'FR' is higher yielding in real producer conditions in the state than 'SF'.
Peach
es have probably been grown in Florida since the 1500s, brought by the Spanish. By the late 1700s an export trade had developed with the mid-Atlantic states, with Baltimore the first hub to distribute Florida peaches into the surrounding region. Similar to the strawberry tool above, a cut-down SNP array for genomic selection has been adapted by University of Florida for peach.Peach is a growing crop due to citrus greening. Florida produces far less than the leading state, California, but has the advantage of an earlier season than any other in the country. The harvest season runs from late March to late May or early June depending on the year's weather. Due to increasing pest and disease pressure with increasing rainfall here, yield declines rapidly in the summer and profitable harvest ends for the year. This combined with competitor states coming into season means that late-bearing cultivars are commercially inviable here.
Citrus
Although citrus cultivation also began in Florida in the 1500s, commercial scale production was only attempted in the 1920s. At first this went badly due to severe pest and disease epidemics, which were themselves due to poor understanding of the local climate and terrain. oranges make up 93% of Florida's citrus production, followed by 6% for grapefruit, and 1% for tangerines and tangelos. For 2018, 10.9% of all cash receipts were citruses. In 2006, 67% of all citrus, 74% of oranges, 58% of tangerines, and 54% of grapefruit were grown in Florida. About 95% of commercial orange production in the state is destined for processing. The top 5 citrus-producing counties, according to data in 2019, was "DeSoto, Polk, Highlands, Hendry and Hardee ", according to Florida Agriculture by the Numbers. Together they contribute 71% of Florida's total citrus production. The Central produced the most citrus, followed by the Western area and the Southern areas. International citrus fresh fruit exports totaled to "2.05 million 4/5 bushel cartons", and Japan received the majority of the grapefruit exports. Canada received most of Florida's orange and tangerine exports. Florida Agriculture by the Numbers reports "4.70 million gallons of Frozen Concentrated Orange Juice, and 0.38 million gallons of Frozen Concentrated Grapefruit Juice was exported in the 2018–2019 season".Other crops
The largest farm category by sales in Florida is the $2.3billion ornamental industry, which includes nursery, greenhouse, flowers, and sod products.Other products include sugarcane, tomatoes and celery. The state is the largest producer of sweet corn and green beans for the U.S.
The Everglades Agricultural Area is a major center for agriculture. The environmental impact of agriculture, especially water pollution, is a major issue in Florida today.
The state has a near monopoly on saw palmetto berries, an alternative medicine used to treat prostate and urinary disorders.
The state is #1 in. Harvest is almost year-round, from October to June. The highest temperatures of the summer from July to September end profitable yield and even the heat of June and October limit productivity, such that April to May and November to January are the largest harvests of the year. Federal Crop Insurance for fresh tomatoes specifically excludes insects and diseases. See also,, and.
Much of the in the country is grown here, especially around Dade. Okra is grown throughout the state to some degree however and so okra is available ten months of the year here. Yields range from less than to over. Wholesale prices can go as high as $18/bushel which is. The Regional IPM Centers provide integrated pest management plans specifically for the southern part of the state.
California and Florida account for most commercial Persimmon production in the United States. The first commercial orchards in Florida were planted in the 1870s and production peaked in the 1990s before declining. Most persimmon orchards in the US are small scale.