Florida's GDP growth again exceeds national rate

Today, Gov. Rick Scott announced Florida’s Gross Domestic Product (GDP) grew 3.1 percent in 2015. Florida’s GDP growth in 2015 beat the national growth rate of 2.4 percent and was the third-fastest among all large states.

Gov. Scott said, “Florida’s impressive GDP growth outpaced the nation in 2015, including beating large states like California and Texas in the last quarter. Our low tax and business-friendly environment is helping us welcome businesses and more people who want to live in the Sunshine State. I look forward to continuing this success and creating more jobs for Florida families this coming year.”

Florida’s 2015 real GDP was $789.8 billion, the fourth-largest in the nation. In the last quarter of 2015, Florida’s GDP growth was ranked fifth in the nation, beating California at seventh and Texas at 29th. In the fourth quarter, Florida’s GDP grew 2.7 percent.

DEO Executive Director Cissy Proctor said, “Florida’s steadily growing GDP indicates that Florida businesses are succeeding. This is great news for business owners and Florida families. Our strong economy is further highlighted by a record low unemployment rate and the creation of more than 1.1 million jobs in the last five years.”

Florida’s gross domestic product is the measure of the market value of all final goods and services produced within the state in a given time period. A final product is one that is produced and sold for consumption or investment. GDP excludes intermediate goods, which are goods that are used to produce other goods. GDP is presented in both nominal and real dollars. Real GDP removes the influence of changing price or inflation. GDP is important because it is the most closely watched measure of output. It is a measure of overall economic activity.