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The economy of the state of Florida is the fourth-largest in the United States, with a $1.695 trillion gross state product (GSP) as of 2024. [1] If Florida were a sovereign nation (2024), it would rank as the world's 15th-largest economy by nominal GDP according to the International Monetary Fund , ahead of Spain and behind South Korea .
The following list includes the annual nominal gross domestic product for each of the 50 U.S. states and the national capital of Washington, D.C. and the GDP change and GDP per capita as of 2024. [1] [2] The total for the United States in this table excludes U.S. territories. The raw GDP data below is measured in millions of U.S. Dollars.
Florida is attracting lots of Americans. After accounting for households that moved out of the state, Florida gained 125,316 households from other states in the 2022 tax year.
They are primarily concentrated in seven states: California, New Mexico, Texas, Florida, New York, New Jersey, and Illinois. About two-thirds have been in the U.S. for more than a decade. Since then, between the years of 2019 to 2022, the illegal immigration population grew in six states: Florida, Massachusetts, New Jersey, New York, and Texas.
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Gross domestic product, or GDP, represents the total value of all goods and services produced within a country during one year. Depending on the report, one year can be either one fiscal year or ...
[1] [2] GDP per capita is an approximate indicator of average living standards, for individual prosperity. [3] Therefore, whether population decline has a positive or negative economic impact on a country's citizens depends on the rate of growth of GDP per capita, or alternatively, GDP growth relative to the rate of decline in the population. [1]
GDP does not measure factors that affect quality of life, such as the quality of the environment (as distinct from the input value) and security from crime. This leads to distortions - for example, spending on cleaning up an oil spill is included in GDP, but the negative impact of the spill on well-being (e.g. loss of clean beaches) is not ...