Florida is advancing steadily towards its ambitious goal of not only ranking among the top 10 global economies but also becoming the nation's largest economy. This commitment is a crucial part of our vision outlined in the Florida 2030 Blueprint. The Florida Chamber Foundation's research team, utilizing recent data from the Bureau of Economic Analysis, offers an insightful analysis of Florida's economic trajectory.

In comparison to the other major economies in the U.S., Florida has demonstrated the most rapid real GDP growth (adjusted for inflation) over the four years up to the first quarter of 2023. With a growth rate of 14.2%, Florida is significantly outpacing Illinois, the fifth-largest economy, and is rapidly catching up to New York, the third-largest. The state's growth rate is over double that of New York and more than four times that of Illinois. This level of economic performance is vital for the realization of our objectives set in the Florida 2030 Blueprint, particularly considering that the economies of New York, Texas, and California are 44%, 77%, and 167% larger, respectively.

Turning our attention inward, a common query pertains to the driving forces behind Florida's economic expansion over the past four years and the current composition of its economy in terms of GDP contributions.

Within the framework of the North American Industrial Classification System (NAICS), which categorizes 20 industry sectors, seven have outperformed Florida's overall growth rate of 14.2%. The leading 10 sectors in terms of GDP growth predominantly encompass white-collar industries, reflecting a diverse workforce that requires a mix of college degrees, industry certifications, and general employability skills.

The composition of Florida's economy is continually evolving, influenced by a blend of external factors like consumer demand and foreign exchange rates, and internal factors including workforce availability and economic development strategies. As of the first quarter of 2023, five out of the 20 industry sectors make up over half of Florida's GDP: Real Estate, Professional/Scientific/Technical Services, Government, Healthcare/Social Assistance, and Retail Trade. Similar to the fastest-growing sectors, these dominant industries represent a range of skills and cater to various customer needs.

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