CNBC REPORT: FLORIDA IS RUNNING AMERICA’S BEST ECONOMY FOR RESIDENTS
TALLAHASSEE, Fla. – Today, Florida Chief Financial Officer (CFO) Jimmy Patronis issued a statement on a recent report by CNBC on the 10 states who are running America’s best economies for residents. The report ranks Florida as the top economy in the country and outlines how the Sunshine State’s economy is white hot and overall growth is among the strongest in the nation.
Florida CFO Jimmy Patronis said, “Recent reports confirm what we’ve known for a while, Florida’s economy is the best in the nation for business growth and is leading the nation with an A+ economic score. Because of the great leadership of Governor DeSantis and the Florida Legislature, our state is a national leader in GDP growth and job growth. We have had a perfect AAA bond rating for 5 years running and in the past year we have paid down more than $400 million in debt while maintaining more than $15 billion in reserves. While the Administration in Washington has done everything possible to stifle our nation’s economy with historic inflation and rising interest rates, the Sunshine State is standing strong and will be in a better position to weather an economic downturn caused by the bad financial decisions in DC. I like to say that Florida is for winners and Governor DeSantis has made Florida the best place in the nation to live, work, raise a family, run a business, and live the American Dream.”
Read the full report here and the Florida Economic outlook summary below.
The Sunshine State’s economy is white hot. Overall growth is among the strongest in the nation, with the job market to match as workers flood into the state. Florida’s housing market, which is notoriously prone to booms and busts, is well-balanced for the time being. Price appreciation is the fastest in the nation at around 15%, while construction activity is strong, and foreclosures are minimal. There are some clouds on the horizon: affordability is becoming an issue, and the insurance market is dicey. But for now, the future looks bright in the state with America’s top economy.
2023 Economy score: 340 out of 360 points (Top States grade: A+)
GDP Growth (2022): 4%
Job Growth: 4.9%
Debt Rating and Outlook (Moody’s): AAA Stable
Major Corporate Headquarters: CSX, Carnival
About CFO Jimmy Patronis
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).