Florida Economy by the Numbers

Florida's real gross domestic product was $1.394 trillion in 2025, measured in chained 2017 dollars, according to the Bureau of Economic Analysis figures compiled by the Florida Office of Economic and Demographic Research (EDR) (EDR, real GDP).

EDR's table puts the Florida total at $1,352,275 million in 2024 and $1,393,837 million in 2025, a gain of about 3.1 percent in one year (EDR). Over five years the change is larger: from $1,072,482 million in 2020, Florida's real output grew about 30 percent by 2025, and it has risen every year since.

One caution on these Florida figures: EDR's sheet carries BEA data released April 9, 2026, and BEA's September 30, 2026 release included the results of its annual updates of GDP by state (Bureau of Economic Analysis), so the dollar values in EDR's table predate that update. The Governor's June 29, 2026 budget release puts the state economy at nearly $1.8 trillion without naming the measure, while EDR's $1.394 trillion is real GDP in chained 2017 dollars (Executive Office of the Governor).

Real estate and rental and leasing is the largest piece of the Florida economy, 20.7 percent of real GDP in 2025 against 13.7 percent for the United States (EDR, real GDP by industry).

The Florida mix leans toward property, services and visitors and away from factories. Manufacturing was 4.9 percent of Florida real GDP in 2025, about half the 10.0 percent national share, while accommodation and food services was 3.8 percent in Florida against 2.7 percent nationally (EDR). Health care and social assistance made up 8.7 percent and professional, scientific and technical services 9.5 percent, close to national shares. Government's share in Florida fell from 13.8 percent in 2010 to 8.8 percent in 2025, below the U.S. share of 10.9 percent.

Agriculture, forestry, fishing and hunting is a small slice of Florida output: 0.4 percent of real GDP in 2025, about $5.6 billion in chained 2017 dollars, down from 0.8 percent in 2010 (EDR). The statewide economy section of Digital Towns has separate guides on major employers, tourism, and trade and ports.

Florida's unemployment rate was 4.5 percent in August 2026, a preliminary, seasonally adjusted figure from the U.S. Bureau of Labor Statistics, with 10,612,600 Floridians employed out of a labor force of 11,115,000 (BLS Economy at a Glance).

The rate has edged down since spring 2026: 4.7 percent in March, 4.8 percent in April and May, 4.7 percent in June, 4.6 percent in July and 4.5 percent in August (preliminary) (BLS). Payroll job growth is slow: Florida had 10,051,600 nonfarm jobs in August 2026, only 0.6 percent more than a year earlier.

Education and health services is the fastest growing sector in the BLS table, up 2.5 percent over the year to August 2026, while financial activities lost 2.1 percent and information 2.6 percent (BLS). BLS marks the August 2026 figures as preliminary.

The average annual wage in Florida was 92.4 percent of the U.S. average in 2025, based on the Bureau of Labor Statistics Quarterly Census of Employment and Wages as compiled by EDR (EDR, wages).

The Florida gap has narrowed each year this decade, from 87.3 percent of the U.S. average in 2020 to 89.2 percent in 2021, 91.1 percent in 2022, 91.8 percent in 2023 and 91.9 percent in 2024 (EDR). EDR's QCEW figures were as of June 9, 2026.

At the bottom of the scale, the Florida minimum wage reached $15.00 an hour on September 30, 2026, the last of the $1.00 annual steps that began at $10.00 on September 30, 2021 under Article X, Section 24 of the Florida Constitution (Florida Constitution). From September 30, 2027, the state Agency for Workforce Innovation calculates an inflation-adjusted rate each year, and each new rate takes effect the following January 1, so the next change in the Florida minimum wage is scheduled for January 1, 2028.

Florida has a 6 percent state sales tax and no state income tax (Florida Department of State).

Visitors carry part of that load. EDR estimates that in fiscal year 2022-23 households paid 61.0 percent of the sales tax that went to the state's General Revenue Fund, tourists 17.4 percent and businesses 21.6 percent (EDR, sales tax contributions). The tourist share was 14.0 percent in fiscal year 2017-18. EDR's own narrative on the same document gives slightly different figures, 14.8 percent in 2018-19 rising to 17.7 percent in 2022-23, against 14.5 and 17.4 percent in its table; this page uses the table figures.

On the spending side, Governor Ron DeSantis signed the Florida budget for fiscal year 2026-27 on June 29, 2026: a $117.6 billion spending plan, with nearly $810 million in line-item vetoes (Executive Office of the Governor). The Governor's office reported the rainy day fund at its constitutional limit of $5.0 billion and total state reserves near $18 billion. Last verified: October 15, 2026, on the Executive Office of the Governor, EDR, BLS and BEA websites.

Florida led every state in consumer spending growth in 2025, with current-dollar personal consumption expenditures up 7.0 percent, against a 4.2 percent low in California, the Bureau of Economic Analysis reported on September 30, 2026 (Bureau of Economic Analysis).

BEA named health care and housing and utilities as the leading contributors to spending growth in most states, including Florida (BEA).

Three dated changes matter for anyone reading Florida economic numbers in late 2026. The minimum wage moved to $15.00 on September 30, 2026 (Florida Constitution). The August 2026 jobs numbers are still preliminary and show job growth of only 0.6 percent over a year (BLS). And BEA's September 30, 2026 release included its annual update of GDP by state, newer than the April 9, 2026 data in EDR's tables, so Florida GDP figures should be checked against the date of the release they come from (BEA).