Florida is projected to become the 10th largest economy in the world in less than 10 years. | Pixabay
Florida is projected to become the 10th largest economy in the world in less than 10 years. | Pixabay
The Sunshine State has long been a mecca for retirees and tourists, and that growth is positioning Florida to become the world’s 10th largest economy within a decade.
Driving the economic growth is the population explosion in the state, up 2.7 million residents over the last decade. John Boyd, CEO of The Boyd Company, told Business Insider that the population growth isn’t just retirees, it also includes tech workers leaving the West Coast. Amid this migration, he told the publication that Gov. Ron DeSantis has taken a pro-business approach, which is paying dividends.
“Governor DeSantis is a good salesman-in-chief of the state of Florida,” Boyd said.
Boyd said that the Sunshine State has a growing banking and financial services sector, while tech companies are finding Miami home.
"Florida certainly has a winning formula for business attraction," Boyd told the publication.
Other companies are focusing their attention on Orlando. Business Insider reported that Deloitte has invested $63 million in the area over the last seven years, while KPMG decided to locate its global training center in the city, an investment of $450 million. And Boca Raton Mayor Scott Singer said the pandemic is fueling an increase of remote work, making it easier for employees to work from any location, increasing their mobility.
“The office environment of New York City is not what it was,” Singer said.
Another attraction is the state’s lack of a personal income tax, meaning employees can keep more of their paychecks. Business Insider noted that this and other tax benefits can be a draw for companies considering a move to the Sunshine State.
The business migration is driving Florida’s population growth, which is double the national population growth rate, according to Business Insider. If the state’s economy cracks the Top 10, it would rank ahead of Russia, Brazil and Spain, according to The Boca Raton Tribune.
As the state continues to move up the potential ranking of the world’s economies, Business Insider reported that Florida is also working to reduce poverty and improve literacy, which the publication noted can contribute to economic success.
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