Governor Scott announced today that Florida’s Gross Domestic Product (GDP) grew 3.0 percent in 2016, faster than the national rate of 1.5 percent and outpacing all other large states, including Texas and California. Governor Scott also announced today that Florida added jobs at a faster rate than the 10 largest states in the nation in the last year. Florida had the third-fastest annual private-sector job growth rate out of all the states in the nation, behind Nevada and Utah. For 61 consecutive months, Florida’s private-sector job growth rate of 2.9 percent has outpaced the nation’s.
Governor Scott said, “I am proud to announce that Florida is out performing all other large states in both private sector job growth rate and GDP growth. This great news is further proof that our economy is booming and we must stay focused on continuing this growth so Florida can out compete other locations for jobs wins. While it is disappointing that the Legislature did not fully fund Florida’s economic development programs, we will keep fighting to make sure Florida businesses keep growing.”
Since December 2010, Florida businesses have created 1,355,700 private-sector jobs. In the last year, Florida added 36,600 new jobs in the trade, transportation, and utilities industry, the most of any state. The state had the second-highest over-the-year job gains among all states in the construction, manufacturing, financial activities and professional and business services industries. Florida’s 2016 real GDP was $815.1 billion, the fourth-largest in the nation. In the fourth quarter of 2016, Florida’s GDP grew 0.8 percent (3.1 percent annualized).
Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “Florida’s focus on business-friendly policies has allowed the state to soar past our competitor states’ job growth rates. Our state’s increase in GDP is another positive indicator of the success we are seeing all across Florida. Businesses are growing, jobs are being created, and this would not have happened without the Scott Administration’s focus on our economy.”
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. A final product is one that is produced and sold for consumption or investment. GDP excludes intermediate goods, which are goods that are used to produce other goods. GDP is presented in both nominal and real dollars. Real GDP removes the influence of changing price or inflation. GDP is important because it is the most closely watched measure of output. It is a measure of overall economic activity.