As of January 2025, Florida's economy continues to show remarkable resilience and growth, significantly outpacing national trends. According to Sean Snaith, director of UCF's Institute for Economic Forecasting, Florida's unemployment rate is at 3.5%, which is 0.8 percentage points lower than the national average [13e8666f]. Job growth in the state has reached 1.4%, contributing to a population that now exceeds 23 million, growing at a rate of 2% above the national average [13e8666f].
A significant factor in this economic expansion is the state's military installations, which contribute over $102.6 billion to Florida's economy. These installations are linked to approximately 865,937 jobs, with defense expenditures reaching $65 billion in 2022. Notably, there has been a 21% increase in defense spending from 2020 to 2022 [395d8dfb]. Florida is home to 1.6 million veterans, further enhancing its status as a military-friendly state under Governor Ron DeSantis' leadership [395d8dfb].
The economic impact of military spending has been monitored by the Florida Defense Support Task Force for over a decade, emphasizing the importance of this sector in the state's overall economic health [395d8dfb].
In addition to military contributions, Florida's economy benefits from key sectors such as tourism, construction, and healthcare. Orlando International Airport sees nearly 58 million travelers annually, underscoring the importance of tourism to Florida's economy [13e8666f]. Snaith expressed surprise at the economy's robust performance, especially considering that a recession was anticipated in 2023 but did not materialize. He forecasts that Florida's economy will continue to outpace the national economy through 2027 [13e8666f].
Despite concerns among Floridians regarding property insurance rates, immigration, and job creation, a poll by the Florida Chamber of Commerce indicated that 47% of residents believe the state is on the right track [5f18bced]. Governor DeSantis has emphasized Florida's job growth, claiming the state has created 1 in every 11 new jobs nationally over the past year [5f18bced].
While Florida's economy shows promising growth, the implications of rising government employment and total government spending, which reached $9.0129 trillion in fiscal 2023, remain critical considerations for the state's future economic landscape [c6298339]. Overall, Floridians express a cautious optimism about their economic outlook, balancing local concerns with the state's impressive performance [5f18bced][c6298339].