Florida’s Gross Domestic Product Growth Rate DOUBLES the National Rate Over the Last Five Years
Florida also continues to outperform the nation in private sector job growth; beats national unemployment figures for 43rd month in a row
TALLAHASSEE, Fla.—Today, Governor DeSantis announced 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 remains one of the world’s strongest economies, with an annual GDP of nearly $1.3 trillion. And Florida continues to lead the nation in new business formations, with more than 3 million formed since 2019 and over 266,000 formed already in 2024.
“With yet another major economic milestone like this, Florida demonstrates to the nation that leadership matters,” said Governor Ron 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 continues to surpass the national rate, with a 2.2 percent increase (+192,000) compared to the 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, adding 2,700 jobs (+0.2 percent).
Job creators continue to demonstrate great confidence in Florida’s economic ecosystem through their investments, creating high-skill, high-wage jobs that make Florida a more competitive state to live and work in. Florida offers hundreds of workforce education and workforce development opportunities for job seekers to gain the skills they need to compete in such an elevated and more competitive job market, ensuring economic resiliency and success for generations of Floridians to come.
Florida’s statewide unemployment rate was 3.3 percent in May 2024—unchanged from April 2024—and 0.7 percentage points below the national rate, which increased to 4 percent. Florida’s statewide unemployment rate has remained lower than the national rate for 43 consecutive months.
Data in the month of May continues to indicate there are ample job opportunities available for every Floridian in search of work, with more than 397,000 jobs posted online. Floridians in search of work and new job opportunities can utilize the CareerSource Florida network for help. Floridians can find guidance on how to register with Employ Florida and search listings of available local job openings. Career seekers also can improve their employability by perfecting resume writing and interviewing skills, establishing career goals, and pursuing customized career training. These services are provided at no cost to job seekers.
To view the May 2024 jobs reports by region, please see below:
To view May 2024 employment data, click here.
Visit Florida Insight for more information on labor market and economic data. Additionally, FloridaCommerce has provided a video to assist users in explaining the data provided through Florida Insight.
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