Florida economy showing strong signs at midway point of 2023

by | Jun 5, 2023

  • Florida’s economy shows strong signs of sustained growth, as reported by WalletHub.
  • The state ranks first in unemployment rate among all states, with a rate of 2.6% in April.
  • Florida also ranks second in startup activity and third in terms of its change in Gross Domestic Product, indicating positive economic growth.

At the midpoint of the calendar year, Florida’s economy is showing strong signs of sustained growth, per a new report published by WalletHub.

Florida’s economic performance yielded high rankings in various indicators of the report, including a top ranking among all states for its unemployment rate. According to the latest figures released by the Florida Department of Economic Opportunity, the state’s unemployment rate for April stood at 2.6 percent, which represents a decline of 0.4 percentage points compared to the same period last year.

“Through strong economic policy and strategic investments, Florida is outperforming the nation and providing more opportunity for its citizens, resulting in more than 200,000 new business formations this year alone and an unemployment rate near an all-time low,” said Gov. Ron DeSantis.

Florida also secured the third position in terms of its change in Gross Domestic Product (GDP), indicating a positive growth trajectory. In 2022, Florida’s GDP was approximately $1.07 trillion, an increase from the year prior when the state’s GDP stood at $1.02 trillion.

Earlier this year, The Florida Chamber of Commerce outlined its Florida 2030 Blueprint and its Six Pillars Framework plan, which holds an objective to establish Florida as the tenth-largest economy in the world by the end of the decade.

The Sunshine State saw further high marks in startup activity, ranking second nationally. In a secondary study conducted by Capital on Tap, Florida was named the best state to start a small business, with the credit lender pointing to its 5.5 percent corporate tax rate and an abundance of jobs created through startup companies.

Small businesses are a significant contributor to Florida’s economy, representing 99.8 percent of all businesses in the state, according to the Florida Small Business Association. These small businesses are responsible for providing employment opportunities to a significant portion of the state’s workforce, with 41.1 percent of Florida employees working for small businesses.

Furthermore, small businesses play a crucial role in driving Florida’s export industry, with 94.6 percent of the state’s exporters being small or medium-sized businesses. The state’s 3.6 million small business employees are an essential part of Florida’s economy, and their contributions are vital for sustaining the growth and success of the state’s business landscape.

Late last year, Florida received $488.4 million from the U.S. Treasury under the State Small Business Credit Initiative (SSBCI). Through the SSBCI funding, the state will operate five programs: a collateral support program, a loan participation program, a loan guarantee program, an equity/venture capital program, and a capital access program.

The Treasury disclosed that Florida allocated $250 million to the collateral support program, which works to provide cash collateral accounts to financial institutions in order to enhance the collateral coverage of borrowers.

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