TALLAHASSEE, Fla. – Governor Rick Scott announced today that Florida businesses had the fastest annual private-sector job growth rate of the 10 most populous states, tied with Georgia, in June. Florida’s private-sector job growth rate of 3.2 percent is significantly higher than the nation’s, which is at 1.9 percent. Governor Scott also announced that Florida’s Gross Domestic Product (GDP) grew 2.1 percent annualized in the first quarter of 2016, beating the national GDP growth rate of 1.2 percent. The state’s GDP annualized growth rate was second-highest among the 10 largest states, beating both California and Texas.

Governor Scott said, “Not only is Florida’s private sector growing faster than other large states, but our job growth rate is also growing 68 percent faster than the nation and our labor force is increasing faster than the national average. Florida’s GDP growth is also surpassing the nation, as well as Texas and California. We have made it a priority to do all we can to make it easier for job creators to bring new opportunities to families across the state. As Florida continues to outpace the nation in economic growth, we will continue to do all we can to make Florida the number one place for jobs.”

Florida created 226,900 jobs in the past year, nearly doubling Texas’ 123,000 jobs in the same period. This is the 14th consecutive month that Florida has created more private-sector jobs over the year than Texas. Since December 2010, Florida businesses have created 1,127,400 private-sector jobs. In June, the unemployment rate was 4.7 percent, Florida’s lowest rate in more than eight years.

Florida Department of Economic Opportunity Executive Director Cissy Proctor said, “I am proud that Florida once again leads the nation’s largest states in job creation. Florida continues its positive economic growth, with increasing GDP and job creation, a declining unemployment rate and strong job openings. Our economy is consistently among the strongest in the nation and we will continue investing in a bright future for Floridians.”

Florida’s GDP growth in the first quarter of 2016 marks the 11th consecutive quarter of positive GDP growth in Florida. Florida gross domestic product is the measure of the market value of all final goods and services produced within the state in a given time period. A final product is one that is produced and sold for consumption or investment. GDP excludes intermediate goods, which are goods that are used to produce other goods. GDP is presented in both nominal and real dollars. Real GDP removes the influence of changing price or inflation. GDP is important because it is the most closely watched measure of output.  It is a measure of overall economic activity.

 

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