Industries in Florida That Drives the GDP Up

By  //  April 29, 2021

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Being one of the top destinations in the world, Florida is also among financially and economically strong states in the US after California, Texas, and New York with the $.1,1 trillion GDP.

Other than the fact that the main value of the state is being touristically alluring, there are also several other industries that have a significant effect on the state’s economy, for example, International Trade, Agriculture, aerospace and aviation, and the life sciences. The article will review the major industries and their economic effect on the state’s  GDP. 

Tourism 

Sunny Florida and its nature were always eye-catching for the tourists. In 2018 the record number of tourists more than 126 million visited the state and even in the 2020 economic crisis tourism sector was able to provide $85.5 billion in the state’s GDP.  The most alluring facts for tourists about the state is its beautiful beaches and crystal clear water. National and amusement parks are paying major part as well

According to a 2019 report by the Cruise Lines International Association, the cruise industry in Florida assisted with the help of 12.4 million passengers and crew, accounting for nearly half of all passenger and crew visits in the US.

Agriculture 

There are more than 1.4 million people working in the agriculture industry in Florida. The warm climate of the state gives the farmers better conditions for their activities than other states of the country. Top agricultural commodities are greenhouse and nursery products, oranges, tomatoes, dairy products, and sugarcane. 

Florida ranks second in the United States for greenhouse and nursery products, the state’s most profitable crops, and second in fresh vegetable production.

Financial Services 

The topmost successful and big financial companies are operating in the state of Florida. Due to tot, the fact that the state has one of the wealthiest populations Florida has one of the highest percentages of bank deposits. 

Other than that, the state is giving the best opportunity to new financial industries to thrive, for example, the foreign exchange market and cryptocurrencies. Those ones were significantly demanded during the global pandemic as people had enough time to become aware of new things and understand Bitcoin/USD trading and also to use them in order to generate profits. People from around the world were trying to get involved in the industry to generate their profits and Florida-based companies were able to provide them with proper assistance. 

International Trade 

Florida is a major hub for merchandise trade between North America, Latin America, the Caribbean, and other world areas, and is one of the main export states in the United States. Florida accounts for almost 17% of all US exports to Latin America and the Caribbean.

In 2019, Florida’s merchandise exports totaled $56 billion. After Texas, California, and Washington state, Florida is the eighth largest exporter in the United States. In 2019, Florida’s exports accounted for just over 3.4 percent of all goods exported from the United States.

In 2018, Florida’s exports accounted for 5.5 percent of the state’s overall economic production, or actual GDP.

Aerospace and Aviation 

Florida’s annual economic effect from aviation-related operations is projected to be $175 billion, and its 19 commercial airports handle 10% of all passengers in the country.  More than 60,000 active duty military, as well as a large number of veterans, rocket scientists, machinists, pilots, and engineers, live in Florida, which has 20 major military facilities. The aerospace and aviation industries in Florida have a large pool of trained employees.

No other state can match Florida’s aerospace path, and it is ideally positioned to remain a pioneer in the area for a long time. Cape Canaveral Spaceport and Cecil Field Spaceport are two of the ten operating spaceports in the United States.

Life Sciences 

With 6,200 institutions throughout the state directly serving 87,000 employees, Florida has strongly developed itself as a life sciences center. The average wage in Florida’s life science industry was almost twice the state average in 2015, approximately $78,000.

Florida is the home of the world’s top biomedical research institutes, pharmaceutical, and medical device companies.  The state is home to over 200 pharmacy and medication processing firms that specialize in the manufacture and production of novel medications, generics, nutraceuticals, and over-the-counter medicines.

Summing It Up 

Finally, to sum up, we can say that the state of Florida is one of the most developed places not only in the US but all around the world as well.

It is surprising, how the states manage to be advanced in so many different fields and specialization, starting with tourism and finishing up with biological research centers.

We can say that it is a hub of innovations in most of the fields and creates and provides high standards of living for its own population.

Usually, countries or states are focused on several important fields and try to develop them, but the number of industries that Florida is advancing is quite a lot.

However, the key, in this case, is the country’s location, as it gives the best opportunities for trade due to the close location with Latin America, best opportunities for tourism and agriculture due to its climate, and the best opportunities for Aerospace and aviation because of its population, etc.