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Florida - Economy

 
 
 
Gross State Product :

$491 Billion (2001)
$472 Billion (2000)

Economy Strengths :

Space Industry
The space industry represents $4.5 billion of the state's economy. The average annual wage of aerospace workers is approximately $52,000. The number employed at Kennedy Space Center (KSC) alone is 15,000 and Florida ranks 4th among the states in overall aerospace employment with 23,000 jobs.
International Trade
(40% of all U.S. exports to Latin and South America pass through Florida)
Construction
This industry's strength results from the steady stream of new residents and visitors who are welcomed to Florida each year.
Tourism
W with 76.8 million visitors in 2004 (a record number), Florida is the top travel destination in the world. The tourism industry has an economic impact of $57 billion on Florida's economy.
Agriculture
Florida leads the southeast in farm income. Florida produces about 75% of the U.S. oranges and accounts for about 40% of the world's orange juice supply.
Services
Growth in high tech, financial & back office operations
Software
Many small, entrepreneurial companies
Health Technology
(Medical, biotech, laboratories)
University Research
More than $500 million per year in sponsored research at Florida universities

State Budget Information

$64.7 Billion (2005-2006)
$57.3 Billion (2004-2005)
$53.5 Billion (2003-2004)
$50.4 Billion (2002-2003)
$47 Billion (2001-2002)
$51 Billion (2000-2001 Fiscal Year)

State Spending Per Capita 1998 - Florida Ranks 49th ($2,628)

Florida ranks low in terms of personal tax . Based on income, property and other state and local tax collections, the Tax Foundation research organization ranks Florida among the lowest tax states ( Florida ranks #45 among the 50 states in 2004; only five states have a lower tax burden ).

State Sales Tax - 6%
Corporate Tax - 5.5%
State Income Tax - None
 
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