Florida is the southernmost state in mainland United States of America. The state is populated by more than 21 million people. In the past few years, the state has seen a very steady growth. Florida had seen her economy rising at a steady rate through the years. Job opportunities are growing in the state with more people getting employed.

The state of Florida has recently hit 1 trillion GDP mark according to the Florida Chamber Foundation’s Chief Economist. This makes Florida’s GDP better than many countries in the world. Its GDP is larger than countries such as Saudi Arabia, Argentina, Netherlands and Switzerland. Had Florida been a country, it would have been the 17^th largest economy in the world at this point. Florida has been adding 2.7 billion dollars to its GDP on a daily basis -which has effectively resulted in this economic boom. The 1 trillion-dollar GDP figure was presented by the U.S. Bureau of Economic Analysis’ 984-million-dollar figure for the fourth quarter of 2017.

At the beginning of 2008, the state’s GDP was 757 billion dollars. By the third quarter of 2009, it has dropped to 715 billion dollars again. But after that one decline, the GDP has seen a consistent growth. The GDP has witnessed a sharp increase of 39.86 percent.

How Florida made it possible

There are a few very important factors that have made this situation into a reality. These include the very low unemployment rates, steady population growth and ever-increasing tourism. Other factors that have contributed to this excellent economy included aerospace, aviation, agriculture, international trade, sciences and financial services. Also, business, community and political leaders in State had a very large positive impact on the country.

Florida has created 180,000 jobs in 2017-2018. As stated by The Florida Scorecard one in fourteen jobs in the country is created in Florida. It has also been ensured that the unemployment rates in this state never rise above the national average. The national average is 4 percent while Florida holds an average of 3.8 percent.

Tourism also had a very steady growth in the state – it employs more than 1 million Floridians.. It continues to break the visitation rates. This sector brings in about 23 percent of the whole state’s taxes.

The other side of the story

In spite of this extraordinary 1 trillion mark, there still is a lot to work on. There is a lot of unrepresented communities such as the ‘working poor’ which includes the laborers, bartenders, construction workers, etc. They have a job but they are unable to afford basic amenities. They make up the most vulnerable communities in the state.

They lack basic needs such as childcare, food, healthcare, transportation, etc. Wage growth is a very crucial issue in Florida’s economy. Economists have pointed out this problem that needs to be addressed. However, the wages have not seen a competitive leap in several years. This keeps the ‘working poor’ group stagnant.

To tackle such problems, the Florida Chamber Foundation has launched the ‘Florida 2030’ initiative. This aims to address problems such as poverty, achievement gaps in schools and the ‘working poor’. Despite the progress, still there is room for improvement and the state has decided to work upon that.

The Chamber aims to work together towards the collective cause of giving Florida a bright future. They are planning to address the concerns of the citizens as well as to diversify the economy.