For the second year in a row, Florida’s economy is the strongest among all United States states, according to the America’s Top States for Business report, prepared every year by CNBC, one of the most prestigious television networks specializing in economic information in the country.

This report is an annual study in which the chain tests the 50 states and measures them on 128 different parameters in 10 key categories of competitiveness, including the economy, infrastructure, workforce, quality of life, cost of doing business, among others.

In the overall ranking of the most conducive states to do business, Florida ranked fifth, behind only Virginia, North Carolina, Texas and Georgia, in that order.

Florida’s economy: why is it the strongest in the country?

Florida’s economy had already occupied the first position in this ranking in the 2023 report. CNBC highlighted the state’s GDP growth in the first quarter of 2024, which was 3%, as well as the low unemployment rate, which in May was 3.3%.

The study also highlighted Florida’s top corporate tax rate, which is 5.5%, and that there is no top personal income tax rate, as two of the most relevant economic indicators for those who want to do profitable business in Florida.

It was also mentioned in the report that in Florida the gas tax is only 61.95 cents per gallon, and that the rating of the bonds by the risk rating agencies Moody’s and S&P is Aaa, stable and AAA, stable, two good signs that the state’s economy is the strongest in the country in 2024.

Workforce and Access to Capital: Positives of Florida

In addition to Florida’s economy being the number one in the country, CNBC’s America’s Top States for Business report indicated that the state is second in labor force, only behind Texas, and second in access to working capital, surpassed only by California.

In terms of quality of life, Florida did not have a good score and ranked 38th out of 50 states. The state did not fare well in cost of living either, as it appeared in 42nd place.

How is the report made?

In the description of the report, CNBC explained that it is done as follows: “each category is weighted based on how often states use it as a sales pitch in economic development marketing materials. In this way, our study classifies states according to the attributes they use to sell themselves.”

The chain developed its criteria and metrics in consultation with business and policy experts, as well as states. “Our study is not an opinion poll. We use data from a variety of sources to measure states’ performance. Under our methodology, states can score a maximum of 2,500 points. The states with the most points are the best states to do business in.”

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Florida’s total score was 1,479, not far behind Virginia, which achieved 1,595 and ranked first as the best state to do business in the United States.

Florida’s Economy: A Sign to Invest

The fact that Florida’s economy is the strongest in the United States is an incentive for all investors interested in investing in Miami, Orlando and South Florida. If you want to know properties that fit your budget and your interests, contact us and at PFS we will advise you so that you can make the best decision.

References

  • CNBC (2024). America’s Top States for Business. https://www.cnbc.com/2024/07/11/top-states-for-business-virginia.html