50 in 50: Florida

50 in 50: Florida

50 states in 50 weeks: U.S. states economic and infrastructure highlights.

Key Economic Indicators

GDP: $1.0 trillion

GDP 5-year compounded annual growth rate (CAGR) (2017-2021): 2.5% (U.S: 1.6%)

GDP per capita: $47,489 (U.S.: $58,154)

Population: 21.8 million

Population 5-year CAGR (2017-2021): 0.9% (U.S.: 0.5%)

Unemployment: 3.0% (U.S.: 3.9%)

Economic outlook ranking: #8 out of 50

Fiscal health ranking: #16 out of 50

Overall tax climate ranking: #4 out of 50

Key Sectors and Metro Areas

Top five industry sectors by 2021 GDP:

Top three industry sectors by GDP 5-year CAGR (2017-2021):

Top three metro areas by GDP:

• Miami-Fort Lauderdale-Pompano Beach
• Tampa-St. Petersburg-Clearwater
• Orlando-Kissimmee-Sanford

Top three metro areas by population 5-year CAGR (2016-2020):

• The Villages
• Lakeland-Winter Haven
• Punta Gorda

Infrastructure Highlights

Infrastructure: ASCE Infrastructure Grade (2021): C

In Florida, according to the ASCE, the infrastructure for schools, levees, coastal areas, and stormwater is considered mediocre or poor. Approximately 62% of Florida’s shoreline shows signs of erosion, with 50% at critical levels. In addition to concerns with coastal areas, the state is working towards addressing water and wastewater systems infrastructure, which together are estimated to need over $40 billion in investments in the next two decades.  On the transportation front, the state’s DOT will be receiving over $13 billion from federal funds, which is 35% more than the amount provided by the FAST Act. In total, Florida will receive over $19 billion from the Bipartisan Infrastructure Law over the next five years, divided into the following categories of projects (additional funds may be deployed as federal grants get awarded to states):

Construction spending (Value of Construction Put in Place – CPiP):

• Private Nonresidential 2020 CPiP: $23.2 billion; 12.9% 5-year CAGR (2016-2020), above overall U.S. CAGR of 2.0%
• State & Local 2020 CPiP: $16.3 billion; 6.2% 5-year CAGR (2016-2020), above overall U.S. CAGR of 4.8%

AE Industry

ENR 500 firm headquarters (2022): 18

M&A activity since 2018:

• 117 deals with buyers from Florida
• 139 deals with sellers from Florida

For customized market research, contact Rafael Barbosa at [email protected] or 972.266.4955. Connect with him on LinkedIn.