July 2, 2022

The Economy - Perception vs. Reality

Florida's economic makeup

GDP: $506.4 billion
Population: 16.39 million
1. Real estate 15.4%
2. Government 11.9
3. Retail trade 8.5
4. Health care 7.2
5. Wholesale trade 6.8
6. Professional, scientific services 6.8
7. Finance, insurance 6.5
8. Construction 6.2
9. Manufacturing 5.6
10. Administrative svcs. 4.8
? Notable ?
GDP: $747.7 billion (+47.6%)
Population: 19.05 million (+16.2%)
1. Real estate 16.9%
2. Government 12.7
3. Health care 8.3
4. Finance, insurance 7.6
5. Retail trade 7.5
6. Professional, scientific services 6.8
7. Wholesale trade 6.1
8. Manufacturing 5.1
9. Construction 4.5
10. Information 4.3
? Notable ?


» State Government: $38 Apiece
While state, local and military expenditures overall now occupy a greater share of the state’s economy than they did in 2001, state government runs lean and cheap, with just 116 government employees per 10,000 residents, compared to a national average of 217. State government’s cost per citizen is $38 per year, compared to a national average of $75. Top^

» Well-Healed?
Health care and social assistance, a $61.7 billion sector encompassing everything from hospitals to home care aides, showed the greatest job growth of any sector in Florida between 2001 and 2010, adding more than 194,000 jobs. Top^

» On the Line
The biggest job loser among the top 10 sectors in the past decade was “administrative and waste management services,” which includes clerical and support positions. The sector lost more than 250,000 jobs. Top^

» More Farms, But Smaller
Agriculture accounts for less than 1% of the state’s economy. The sector lost more than 18,000 jobs between 2001 and 2010. Farm acreage shrank to 9.2 million acres, down by more than 1 mililion acres, but the number of farms increased by 2,500. Top^


» Still No. 1
Despite the real estate bust, the real estate sector — encompassing all activity related to appraising, selling, buying, renting and leasing — actually increased its share of the state’s economy over the past decade. The impact of the bust and the recession is seen most in the decline of the construction sector, which has half the number of jobs it had at its peak in 2006, when it was the fourth-largest sector with 7.7% of the state’s economy. Top^

» Making Stuff
Manufacturing, which lost 124,000 jobs over the decade, has two stories. Interestingly, manufacturing of durable goods (metal fabrication, machinery, computer and electronic equipment) was actually a bright spot — taken alone, its share of Florida’s GDP increased. The big losers appear to have been manufacturers of non-durable goods — food, textiles, paper and chemicals — which saw their share of GDP decline by nearly 30%. Top^

» Computers
Despite losing more than 50,000 jobs, including many in publishing, the information sector saw its share of the state’s economy jump — apparently because of growing markets for computer services, information technology and web-related services. Top^


» Schooled: The educational services sector — teachers account for more than half the jobs — still accounts for only about 1% of Florida’s overall GDP but grew (by more than 120%) between 2001 and 2010 to more than $7.4 billion. It also added around 45,000 jobs in that period. Top^

» Hard to Reckon: Calculating tourism’s impact requires slices of several statistical categories, including retail sales, accommodation and food services, and arts, entertainment and recreation. Between 2001 and 2010, the accommodation and food services sector added more than 100,000 jobs, and arts, entertainment and recreation added 20,000. The federal government calculates that the “leisure and hospitality supersector” now accounts for 13% of all employment in Florida, up from 11% in 2001.


Notes: GDP is a measurement of the collective economic output of the state's various industries - basically, the state's economy. Percentages calculated using statistics and categories from the U.S. Department of Commerce, Bureau of Economic Analysis

Population based on 2010 Census

Tags: Politics & Law, Banking & Finance, Government/Politics & Law, Healthcare

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