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ORLANDO, Fla. – July 16, 2018 – Florida's gross domestic product topped $1 trillion Friday, an economic output that would make the Sunshine State the world's 17th largest economy if it were an independent country, the state chamber said.
The milestone has been expected. University of Central Florida economic analyst Sean Snaith said the state has been strong in all areas of employment.
"This is really being driven by fundamentals," he said. "This is not just a fluke of an overheated economy."
Florida's economy has grown larger than Saudi Arabia's, Switzerland's and Argentina's, the chamber said.
The economist who authored the study pointed to growth in manufacturing. "Those [jobs] are growing faster here than the U.S. the last few years, " said Jerry Parrish, Florida Chamber Foundation chief economist.
The $1 trillion figure was calculated based on the U.S. Bureau of Economic Analysis' most recent GDP number of $984 million for the fourth quarter of 2017, and a formula that projects current statistics that have yet to be factored in by the bureau, including job growth, goods, services and other factors.
Key factors driving the state's growth that can be seen in Metro Orlando's economy include low unemployment, population growth and tourism. The broad successes in those areas make the $1 trillion figure sustainable, Snaith said.
"The near-term risk of recession is still fairly low," Snaith said. "… Momentum in the labor market, the tax cuts and jobs act, all that has been a force of adrenalin, if you will, for economic growth. Could we drop below that? It's possible, but that would be temporary. This is a mile marker on a longer-run trend as opposed to being fleeting or cyclical."
Florida has been adding $2.7 billion to its GDP each day on average, the Chamber said in its release.
At the start of 2008, the state's GDP stood at $757 billion adjusted for inflation, according to BEA. It dropped to $715 billion by the third quarter of 2009 but has since risen steadily. The $1 trillion projection would represent a 39.86 percent increase.
The Chamber cited unemployment lower than the national average and other factors driving the growth.
"… Florida continues to break visitation records, and our state is continuing to diversify its economy," its release said.
© 2018 The Orlando Sentinel (Orlando, Fla.), Bill Zimmerman. Distributed by Tribune Content Agency, LLC.
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After six long years, Bubba Smith
graduates from Georgia Tech with a
degree in Textile Engineering. He soon
finds a CEO position in a textile plant in
Lindale, GA near his home town of
Booger Hollow.
Bubba takes over at a struggling
company and decides to get rid of all
the slackers. He knew many of the
employees and wanted to make a
good impression.
On a tour of the facilities,
Bubba notices a guy leaning
on a wall. He can't believe
this guy would just stand
around on the job.
Bubba walks up to the guy
leaning against the wall and
asks, "What are you doing
here?"
"I'm just waiting to get paid,"
responds the man.
Furious, Bubba asks "How
much money do you make a
week?"
A little surprised, the young
fellow replies, "I make about
$300 a week. Why?"
Bubba quickly has the
Comptroller write a check
and Bubba, hands the guy a
check made out to cash for
$1,200 and says, "Here's
four weeks' pay, now get out
and don't come back."
The man puts the check in
his pocket and promptly
walks out.
Feeling pretty good about
himself, Bubba looks around
the room and asks, "Does
anyone want to tell me what
just happened here?"
From across the room
comes a voice, "Yeah, you
just tipped the pizza delivery
guy $1,200."
A wife went to the police station with her next door neighbor to report that her husband was missing. The policeman asked for a description. She said, "He's 35 years old, 6 foot 4, has dark eyes, dark wavy hair, an athletic build, weighs 185 pounds, is soft-spoken, and is good to the children."
The next-door neighbor protested, "Your husband is 5 foot 4, chubby, bald, has a big mouth, and is mean to your children."
The wife replied, "Yes, but who wants HIM back?"
"If a problem can be solved, there is no need to worry about it. If a problem can't be solved, there is no use to worry about it."
- Shantideva -
Preparing for a yard sale at our house, my wife and I decided to put out a mirror we'd received as a wedding gift. Because of its garish aqua colored metal frame we just couldn't find a room in our house where it looked good.
Shortly after the sale started, a man looking to decorate his apartment bought it for one dollar. "This is a great deal," he said excitedly. "It still has the plastic on it."
Then he peeled off the aqua colored protective covering to reveal a beautiful gold finished frame.
I was checking out at the busy super market, and the cashier was having problems. The register ran out of paper, the scanner malfunctioned, and finally the cashier spilled a handful of coins. When she totaled my order, it came to exactly $22.
Trying to soothe her nerves, I said, "That's a nice round figure."
Still frazzled, she glared at me and said, "You're no bean pole yourself."