Florida's Surprising Economic Success Stuns America

Photo byPhoto 95999965 | Florida © Sergey Chernyaev

The Sunshine State has the best economy in the United States.

Florida Governor Ron DeSantis takes full credit for the economic miracle of the 3rd most populous state.

According to a report from CNBC, Florida's economy performed the best in the nation.

Every year, CNBC evaluates state business climates using ten different variables to determine which states are the best and worst for businesses and employees to live and work in.

With a spike in employment, primarily from the leisure and hospitality sector, and record numbers of tourists in the first quarter of 2023, Florida has made an astounding recovery from the coronavirus pandemic.

DeSantis credited his efforts in reopening the state to business and tourism during COVID-19 for the state's record-breaking market share of overseas travelers, nearly 45%, the highest of any state.

According to DeSantis, the state's budget has a 20% surplus, "mostly unallocated general revenue," $3 billion of which is set aside for a rainy day fund and another $500 million for disaster relief.

Critics note that President Joe Biden's administration has contributed to a decrease in the number of unemployed people nationwide and that Florida's cushion is due to billions of dollars in federal funds distributed as COVID aid and economic stimulus.

They also added that Florida has the third-highest COVID death toll of any state, with over 89,000 deaths.

Data also shows that tourism has decreased during the spring and the beginning of the summer months.

Florida is desirable for businesses because of its GDP growth, unemployment rate, top corporation tax rate, and lack of a state income tax.

Florida has a "AAA, Stable" bond rating from Moody's/S&P, and for the tenth year running, the Tax Foundation has classified Florida in the Top 5 states for business-friendly policies.

What do you think about Florida's booming economy?

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