CFO Jimmy Patronis: GDP Growth Rate Reflects the Strength of Florida’s Economy

TALLAHASSSE, Fla. – Today, Chief Financial Officer (CFO) Jimmy Patronis released the following statement on new economic reports that show Florida's economy outpacing the nation as indicated by the latest Gross Domestic Product (GDP) figures. The states GDP grew by 21.9 percent from the first quarter of 2019 to the first quarter of 2024, doubling the national GDP during that time and highlighting a robust economic trajectory despite inflationary challenges.

CFO Jimmy Patronis said, “Florida's GDP growth is outpacing the nation and states like California and New York can only dream about this type of economic success. When you combine prudent fiscal management with strong reserves and millions of dollars in state debt reduction, the positive economic impacts are easy to see. This means more opportunities for businesses to thrive, more jobs for Floridians, and enhanced quality of life for our residents. Florida also remains poised for continued success, with a lot of great people working to attract more investments to our state, protect our beautiful natural resources, and enhance our infrastructure. There’s absolutely no better place to live, work, raise a family, and start a business than right here in the Sunshine State. Make America Florida!”

Florida Economic Facts

• Florida remains one of the world’s strongest economies, with an annual GDP of nearly $1.3 trillion.
• Florida’s 2024-25 state budget of $116.5 billion reflects a reduction in overall state spending from the previous fiscal year.
• Florida has held a perfect Triple-A Bond Rating for five consecutive years and holds $17 billion in budgetary reserves.
• Since 2019, the State of Florida has paid down over 36% of its overall outstanding tax-supported state debt.
• Florida leads the nation in new business formations, with over 3 million formed since 2019 and over 266,000 formed in 2024.
• Florida’s job market remains robust, with a seasonally adjusted unemployment rate of 3.3 percent in May 2024, significantly below the national unemployment rate of 4 percent.
• Florida’s private sector job growth rate continues to surpass the national rate, with a 2.2 percent increase (+192,000) compared to the national private sector job growth rate of 1.6 percent.
• In May 2024, the construction sector gained the most jobs among all major industries, adding 5,500 jobs (+0.8 percent), followed by the education and health services sector, adding 2,700 jobs (+0.2 percent).

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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 X (@FLDFS).