Florida surpasses nation in economic growth

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.