Report Details Milestone for Florida Economy

posted by Alan McBride - 

Economists in Florida say the state is doing well, and has reached a new economic milestone.

According to a report issued by the Florida Chamber Foundation, the state's Gross Domestic Product has crossed the $1 trillion mark.

Officials say that's a 37 percent increase in the GDP for the Sunshine State since 2010, and it means Florida is adding roughly $2.74 billion, per day, to the state GDP.

The chamber admits that the growth, alone, is not a harbinger of things to come. 

Officials say there is still a lot of room for the state to improve, and room for such an improvement to mean everyone can share the wealth.

With that in mind, the Chamber has launched an initiative to address issues such as the poverty rate. 

The initiative is called Florida 2030.

But to give a sense of perspective for the larger meaning behind the GDP, if Florida were its own country, it would have an economy larger than that of Saudi Arabia, the Netherlands, and Switzerland, officials said.

Put another way, Florida would have the 17th largest economy in the world.

But the Sunshine State has a way to go if it's to catch up with competitors in the continental U.S.

Economists note that California is an economic behemoth.

Economists note the west coast state has the 5th largest economy in the world.

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