Florida climbed this Friday to the 14th position among the largest economies in the world, with a Gross Domestic Product of $1.8 trillion and an annual growth rate of 6.3%, according to data from the Florida Chamber Foundation published by Fox Business.
The advancement placed the state above Australia and Mexico, bringing it one step closer to South Korea, which is ranked 13th.
The rise reflects an economic transformation that, according to the Florida Chamber Foundation, has enabled the state to compete not only with other jurisdictions in the United States but also with some of the world's leading economies, thanks to the sustained attraction of capital, businesses, and talent.
To surpass South Korea, Florida would need approximately a 2% additional growth; to displace Canada from the tenth position, around 21%.
A 20-year plan behind the leap
Mark Wilson, president and CEO of the Florida Chamber of Commerce, attributed the outcome to a long-term strategy, not to a stroke of luck.
“The secret formula for us in Florida is that this has been part of a 20-year plan”, said Wilson, who emphasized that governors, legislators, and the business sector have maintained the same goal for two decades: to implement policies that promote economic growth and allow more people to achieve the so-called American dream.
That plan was realized in the Florida 2030 Blueprint, launched in 2018 by the Florida Chamber Foundation with the goal of making the state one of the top 10 economies in the world by 2030, with a focus on life sciences, defense, agricultural technology, commercial space, logistics, and cybersecurity.
Wilson described the execution of the plan in military terms:
"It’s like a military operation in which we have all branches involved, from education to infrastructure, taxes, regulation, and litigation: we all understand that we have a country to save."
Low taxes, minimal debt, and influx of wealth
Florida does not impose a state income tax, nor does it tax inheritances or capital gains, making it an especially attractive destination for high-net-worth individuals and businesses.
Wilson summarized the state's economic strategy in one idea: promote the private sector and reduce the size of the public sector, convinced that this approach has favored investment, entrepreneurship, and job creation.
The state debt per capita is less than 1,000 dollars per resident, compared to over 6,500 dollars in New York, according to the chamber.
Although the daily migration of people has moderated since the post-pandemic peak to around 500 to 600 people per day, the influx of wealth has remained above 4 million dollars per hour.
Wilson linked that outflow to the departure of residents and businesses from states such as New York, California, Illinois, New Jersey, and Minnesota, which he described as being caught in a "death spiral" due to rising taxes and regulations.
"The best way to help the United States move forward is for Florida to lead the country in terms of free enterprise and freedom. If we were to follow Florida's example, everyone would benefit," the executive stated.
This exodus of high-income taxpayers cost New York over $9.2 billion in tax revenue between 2017 and 2023.
Sectors that drive growth
The report placed Florida at the top nationally for new business creation and growth in manufacturing jobs, with progress in the aerospace, defense, financial technology, healthcare, and logistics sectors.
Although tourism, agriculture, and construction continue to be pillars of the Floridian economy, the Chamber of Commerce highlighted that the state has diversified its growth towards higher value-added industries, strengthening its international competitiveness.
The modeling and simulation industry in Central Florida is valued at $11.6 billion.
Miami has doubled its number of millionaires in the last decade, with over 38,800 residents fitting that profile and a growth of 94% between 2014 and 2024, according to the World's Wealthiest Cities Report 2025 by Henley & Partners.
Wilson asserted that many of these significant fortunes not only relocate their residence to the state but also invest in Florida businesses, which, in his view, generates more wealth, jobs, and economic activity. Although he acknowledged that the influx of capital can increase housing costs, he argued that it also drives new business opportunities.
The debate on the cost of living
The economic boom is not without its tensions.
A Bloomberg analysis cited in the source indicates that the combined cost of living in the Miami, Fort Lauderdale, and Palm Beach area is approximately 5% higher than in the New York metropolitan area, according to data from the U.S. Bureau of Economic Analysis.
This phenomenon, which has caused the cost of living in Miami to surpass that of New York for the first time, particularly pressures working families.
Wilson rejected the comparison and argued that the report measured Miami against New York City, not the entire state, and included other factors: "Miami is now one of the safest places in the United States. Sometimes, there isn't a price tag that can be assigned to some of the benefits that Florida offers."
The leader acknowledged the impact of incoming wealth on housing costs, but defended the overall balance
"There is no doubt that when a significant amount of wealth moves to an area, it can increase the cost of living. But it also brings with it an overwhelming value proposition of more wealth, more jobs, and more businesses."
Wilson added that the Chamber of Commerce is working with authorities and local leaders to expand the supply of affordable housing for workers and to strengthen an educational system that it considers crucial for sustaining the state's economic growth in the coming years.
With the current pace, the Florida Chamber of Commerce has set its sights on a more ambitious goal: to position the state among the 10 largest economies in the world before 2030.
The Florida 2030 Blueprint proposes a coordinated strategy to consolidate that growth and make Florida a national benchmark in terms of free enterprise, innovation, and economic development.
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