In its latest 'Top States for Business' ranking, CNBC has declared Florida's economy as the strongest in the nation for the second year in a row.
Since 2019, Florida's economy has shown remarkable growth, nearly doubling the national rate. The state leads the country in net in-migration and new business formations. Strategic actions in 2024, including reduced spending, tax cuts, increased teacher pay, record debt reduction, and the generation of a significant budget surplus, have bolstered this achievement. Florida also secured a top ranking in education, dedicated unprecedented funding to Everglades restoration, and expedited road and highway projects.
Florida's economic prowess extends to its real estate sector, defying national trends with rising home prices and faster sales. From January to June, the median days on the market dropped from 69 to 56, marking the most substantial decline since the post-pandemic recovery in early 2022. According to CNBC, this resilience is due to factors like rapid price appreciation, robust construction activity, minimal foreclosures, and a surge in all-cash offers from international investors, predominantly from Latin America, Asia, and Europe.
In the broader economic landscape, Florida boasts a low unemployment rate of 2.6 percent (as of April) and a thriving environment for startups, bolstered by a favorable 5.5 percent corporate tax rate and abundant job creation through new ventures. The state leads the nation in the number of small businesses engaged in exporting, making up 94.6 percent of its exporters. To support these businesses, Florida received $488.4 million from the U.S. Treasury's State Small Business Credit Initiative (SSBCI) in the past year.
Looking ahead, the Florida Chamber of Commerce has an ambitious plan—the Florida 2030 Blueprint—aiming to propel the state's economy into the world's top 10 by the end of the decade, a significant leap from its current 16th position. Despite identified challenges, the CNBC report underscores Florida's economic momentum, with significant contributions from its real estate sector, a favorable business environment, and robust support for small businesses, all reinforcing its status as the nation's top economy.
