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FLORIDA - Florida ranked 17th in WalletHub’s 2025 state economy report, showing strong performance in economic health and activity but falling behind in innovation potential.
WalletHub's assessment considered 28 indicators, including GDP growth, employment rates, and innovation potential.
The state excelled in economic health, ranking 7th, and economic activity, placing 10th.
However, it lagged in innovation potential, coming in at 28th, due to lower metrics in high-tech employment and research and development investments.
Florida's startup ecosystem is thriving, with the state ranking second nationally for startup activity.
Additionally, it placed fifth in non-farm payroll growth, reflecting a robust job market.
The state's economy benefits from a growing population, a favorable tax environment, and a strong tourism sector.
These factors have contributed to increased tax revenues and a diversified economic base.
Despite these strengths, Florida faces challenges in fostering innovation.
The state ranks lower in metrics such as the number of independent inventor patents and the share of jobs in STEM fields.
Nationally, Massachusetts leads the rankings, followed by Utah and Washington.
Florida's position reflects a balance of strong economic activity and areas needing improvement, particularly in innovation.
In WalletHub's 2025 ranking of state economies, Massachusetts secured the top position, driven by its leading innovation potential and robust economic activity.
Utah followed closely, excelling in economic activity and health, while Washington's strong performance in innovation and economic activity placed it third.
California, despite a lower ranking in economic health, achieved fourth place due to its high scores in economic activity and innovation.
New Hampshire rounded out the top five, benefiting from a balanced performance across all evaluated categories.
Other states ahead of Florida included North Carolina, Idaho, Texas, Maryland, Colorado, Delaware, the District of Columbia, Georgia, Arizona, Virginia, and New York, each demonstrating strengths in various economic indicators.