Florida has climbed to become the world’s 14th-largest economy after posting strong economic growth over the past year, according to new figures released by the Florida Chamber of Commerce, as reported by Fox News.
The Florida Chamber Foundation reported that the Sunshine State’s economy reached $1.8 trillion in gross domestic product (GDP), growing 6.3% over the past year.
That growth allowed Florida to move ahead of Australia and Mexico in global economic rankings.
The state now trails South Korea, ranked No. 13, and would need about 2% additional growth to surpass it. Reaching the world’s top 10 economies would require roughly 21% more growth to overtake Canada.
Florida Chamber of Commerce President and CEO Mark Wilson said the state’s economic expansion reflects years of policy decisions focused on lower taxes, fewer regulations and support for private businesses.
“The best way to help America move forward is to have Florida lead the country forward when it comes to free enterprise and freedom,” Wilson told Fox News Digital.
“If we would follow Florida’s lead, everyone wins.”
Wilson said Florida has spent roughly two decades following a long-term economic strategy supported by state leaders and the business community.
“The secret sauce for us in Florida is this has been part of a 20-year plan,” Wilson said.
“From the governor to the legislature, to nearly all of us in the business community, we’ve been on an ultra-focused pathway here of doing the right things from a policy standpoint so that we can grow Florida the right way. So people can work, people can live the American dream, and we can show the rest of the country and the world how to do it.”
Wilson contrasted Florida’s approach with several states he described as facing economic challenges.
“We’re trying to grow the private sector and shrink the government sector,” Wilson explained.
“I mentioned the ‘death spiral,’ when you look at New York, when you look at Illinois, New Jersey, Minnesota, California, they keep increasing taxes. They keep increasing government regulations, and they keep forcing people to leave their states or incentivizing people to leave their states… so it only increases our resolve.”
According to Wilson, Florida’s daily population growth has moderated from post-pandemic highs to approximately 500 to 600 new residents each day.
However, he said wealth migration into the state continues at more than $4 million every hour.
He added that “places like New York and California are losing population, they’re losing wealth, they’re losing businesses and places like Florida are gaining [them].”
The chamber said Florida continues to rely on major industries such as tourism, agriculture and construction while also expanding into aerospace, defense, financial technology, healthcare, logistics and commercial space.
Wilson also pointed to Central Florida’s $11.6 billion modeling-and-simulation industry and chamber data showing Florida ranks first nationally in new business startups and manufacturing job growth.
Wilson also argued that maintaining low state debt has helped shield Florida businesses from broader national financial pressures. According to the chamber, Florida has the nation’s lowest state debt per capita at less than $1,000 per resident, while New York carries more than $6,500 per resident.
Wilson also addressed a recent Bloomberg analysis that found the combined cost of living in the Miami, Fort Lauderdale and Palm Beach region is approximately 5% higher than in the New York metropolitan area and nearby suburbs.
“We’re taking a deep dive into that [report], that actually doesn’t compare New York to Florida, it compares Miami to New York City,” Wilson responded.
“And what we’re looking at is not just the cost of living, but there are things like crime. Miami is now one of the safest places in America… It’s safe to walk the streets at night. Sometimes there’s no price tag you can put on some of these amenities Florida has.”
Wilson also criticized economic policies adopted by several states.
“Our country’s now at a fork in the road where some of these death spiral states like New York have adopted socialistic policies, which, of course, never work. They take away freedom, and they increase taxes and regulations.”
He said state and local leaders are continuing efforts to improve education and expand workforce housing.
“The leadership in the Miami area, I’ve spoken to them, and we’re in partnership that over the next several years, we’re going to continue to do things like improve an already awesome education system, and make sure that we have the affordable workforce housing solutions so that more and more people can live the American dream right here in Florida,” he continued.
Wilson also discussed the relocation of major companies and wealthy individuals to Florida, saying the trend has brought investment despite concerns about rising housing costs.
“They’re looking for places where they’re welcomed,” he said.
“What’s interesting is a lot of billionaires are relocating to Florida, but they’re also investing in Florida businesses… There’s no question that when a lot of wealth moves into an area, it can increase the cost of living in an area. There’s no question that that’s true… But it also brings with it an overwhelming value proposition of more wealth, more jobs, more businesses.”
“I would hate to be New York, Illinois or California, where the billionaires are leaving, the millionaires are leaving, the middle class is leaving. And there’s no one left to pay the taxes.”
Looking ahead, Wilson said the Florida Chamber remains focused on moving the state into the world’s top 10 economies before the end of the decade.
The Florida 2030 Blueprint outlines long-term goals involving workforce development, fiscal policy, infrastructure and industries including life sciences, defense, agricultural technology, logistics, commercial space and cybersecurity.
“It’s like a military operation where we have all the branches, from education to infrastructure, to taxes, to regulation, to litigation — we all realize that we have a country to save,” Wilson said.
“If we’re better than other states in certain metrics, then those states can up their game. If some states have found some things that Florida can learn from, then we’ll learn from them, and that’s gonna make America better.”
