Economy of Florida

Florida has the fourth-largest state economy in the US, with a GDP of approximately $1.4 trillion. The state has been one of the fastest-growing major economies in the country through the 2020s, driven by population growth, migration of businesses from high-tax states, and diversification beyond its traditional tourism base.

Tourism remains the foundation — Florida attracts over 130 million visitors annually, generating over $100 billion in economic impact. Walt Disney World Resort alone employs about 77,000 people, making it the largest single-site employer in the US. Universal, SeaWorld, Busch Gardens, and the cruise industry at Port Canaveral, Miami, and Port Everglades add substantially to the total.

Healthcare and Life Sciences are the second-largest sector. Florida's large and aging population — the state has one of the highest concentrations of residents over 65 in the country — drives enormous demand for hospitals, clinics, research, and pharmaceutical services.

Finance and Professional Services have grown dramatically in the 2020s. Miami has positioned itself as a serious financial hub, attracting hedge funds, private equity firms, and venture capital operations that relocated from New York. Ken Griffin's Citrus (now renamed Citadel) move from Chicago to Miami in 2022 was a high-profile example of a broader trend.

Aerospace and Defense are centered around the Space Coast (Brevard County), where NASA's Kennedy Space Center and SpaceX's launch facilities at Cape Canaveral employ tens of thousands. Florida is the primary launch site for US space missions.

Agriculture — Florida ranks second in the US for agricultural revenue. Citrus, tomatoes, strawberries, sugarcane, and cattle are major outputs. Immokalee in Southwest Florida is known as the "tomato capital of the world."

International Trade — Miami is one of the most important international trade gateways in the Americas. PortMiami is the busiest cruise port in the world and a major cargo port for trade with Latin America and the Caribbean.

Florida has no state income tax, making it particularly attractive to high-income retirees and investors whose income comes primarily from capital gains and investment returns rather than wages.