Florida surpasses nation in economic growth

The Department of Financial Services outlined how Florida's economic growth has outpaced the...
The Department of Financial Services outlined how Florida's economic growth has outpaced the nation.(Steven Miller)
Published: Jul. 6, 2022 at 3:34 PM CDT
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TALLAHASSEE, Fla. (WJHG/WECP) - The “Sunshine State” has outpaced the United States and contributed more than $23 billion to Florida’s economy, according to a report from the Department of Financial Services.

DFS reported that in the second quarter of 2020, the United States experienced 5.4% in gross domestic product growth, while Florida had a rate of 6.3%.

Florida Chief Financial Officer Jimmy Patronis says “much of Florida’s wage growth is driven by people leaving their home states to move to Florida.”

Migration to Florida contributed $23.7 billion to Florida’s adjusted gross income from 2019 to 2020.

The report also states the total income of families moving to Florida is over $120,000 on average.

More information on the financial services report can be found here.

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