Florida was once again recognized as the most prominent economy in the United States, according to CNBC's annual study that evaluates the 50 states in 128 different metrics, the highest number to date, in 10 key categories of competitiveness.
In 2024, Florida achieved a remarkable performance by maintaining the first place in economy and improving its overall ranking to the fifth position among the best states for doing business in the country.
Governor Ron DeSantis highlighted the state's achievements in a recent statement, emphasizing the effective economic policies that have driven growth and prosperity.
"In 2024, we reduced spending, cut taxes, increased teachers' salaries, paid record amounts of state debt, generated a huge budget surplus, and accelerated road and highway projects," DeSantis stated.
In addition, Florida positioned itself as the number one state in education and attracted a high net migration and the formation of new businesses.
The CNBC report also highlighted Florida's ranking in several categories. The state's economy received a grade of A+, reflecting its strong 3% GDP growth in the first quarter of 2024 and a low unemployment rate of 3.3% in May 2024.
Florida also stood out in the workforce category, ranking second with an A grade, and in access to capital, also in second place with an A+ grade.
However, not all areas were positive. Florida ranked 35th in infrastructure, 38th in quality of life, and 42nd in cost of living. It received grades of C-, D, and D- respectively.
Despite these challenges, the overall competitiveness of the southern state remains strong, driven by its favorable fiscal environment, which includes a corporate tax rate of 5.5% and the absence of an individual income tax.
Florida continues to consolidate itself as an economic leader in the United States, with an overall score of 1.479 and significant progress in several categories.
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