As of December 2024, Florida's economy has outperformed the national economy, with significant growth reported by Sean Snaith, director of UCF's Institute for Economic Forecasting. In 2024, Florida's unemployment rate stood 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].
This economic expansion is driven by key sectors such as tourism, construction, and healthcare. Notably, Orlando International Airport sees nearly 58 million travelers annually, highlighting 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].
In the broader context, as of September 2023, U.S. government employment reached 23,421,000, surpassing Florida's population of 22,610,726, raising questions about the implications of a growing government workforce [c6298339]. Government workers now make up 14.7% of the nonfarm workforce, reflecting a significant trend in employment dynamics [c6298339].
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 Ron 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].