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GROSS DOMESTIC PRODUCT & INCOME
Gross Domestic Product
Gross Domestic Product is the broadest measure of economic output at the state level. Florida's GDP accounted for over 5% of the nation's GDP in 2008, and has experienced real growth of 16% over the past five years, compared to 13% for the U.S. economy as a whole.
Florida & U.S. Gross Domestic Product Year | Florida GDP
($ millions) | Florida GDP*
Growth from
Previous Year | U.S. GDP
($ millions) | U.S. GDP*
Growth from
Previous Year | 2008 | $744,120 | -1.6% | $14,165,565 | 0.7% | 2007 | $741,861 | 0.0% | $13,715,741 | 2.0% | 2006 | $721,380 | 4.1% | $13,090,776 | 2.8% | 2005 | $670,030 | 7.4% | $12,339,002 | 3.1% | 2004 | $607,284 | 5.4% | $11,607,041 | 3.5% | 2003 | $559,021 | 4.6% | $10,886,172 | 2.4% |
*Growth is based on Real GDP (i.e., adjusted for inflation), and not the nominal figures shown. .gif)
Florida's Gross Domestic Product by Industry Group, 2008 Industry | $ Millions | Share of GDP | Total Gross Domestic Product | $744,120 | 100.0% | Private Industries | $653,521 | 87.8% | Finance, Insurance & Real Estate | $181,383 | 24.4% | Trade, Transportation & Utilities | $137,828 | 18.5% | Professional & Business Services | $93,052 | 12.5% | Government | $90,599 | 12.2% | Education & Health Services | $63,525 | 8.5% | Leisure & Hospitality | $42,321 | 5.7% | Construction | $41,929 | 5.6% | Manufacturing | $35,720 | 4.8% | Information | $30,497 | 4.1% | Other Services | $19,701 | 2.6% | Natural Resources & Mining | $7,567 | 1.0% |
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Personal Income Florida & U.S. Personal Income Year | Florida (thousands) | Growth from Previous Year | United States (thousands) | Growth from Previous Year | 2009 | $700,361,030 | -2.7% | $12,015,534,968 | -1.7% | 2008 | $719,707,709 | 0.9% | $12,225,589,000 | 2.9% | 2007 | $713,489,866 | 3.4% | $11,879,836,000 | 5.5% | 2006 | $690,273,244 | 9.0% | $11,256,516,000 | 7.4% | 2005 | $633,198,348 | 8.7% | $10,476,669,000 | 5.5% | 2004 | $582,767,302 | 9.7% | $9,928,790,000 | 6.0% |
Florida & U.S. Per Capita Personal Income Year | Florida | Growth from Previous Year | United States | Growth from Previous Year | 2009 | $37,780 | -3.3% | $39,138 | -2.6% | 2008 | $39,064 | 0.1% | $40,166 | 2.0% | 2007 | $39,036 | 2.3% | $39,392 | 4.5% | 2006 | $38,161 | 7.2% | $37,698 | 6.4% | 2005 | $35,605 | 6.2% | $35,424 | 4.6% | 2004 | $33,540 | 7.2% | $33,881 | 5.0% |
Florida & U.S. Disposable Personal Income Year | Florida (thousands) | Growth from Previous Year | United States (thousands) | Growth from Previous Year | 2009 | $646,603,285 | -0.2% | $10,915,127,968 | 1.1% | 2008 | $648,005,086 | 2.1% | $10,794,476,000 | 3.9% | 2007 | $634,946,892 | 3.3% | $10,390,289,000 | 4.9% | 2006 | $614,908,520 | 9.0% | $9,905,432,000 | 6.9% | 2005 | $564,214,074 | 6.9% | $9,269,389,000 | 4.4% | 2004 | $527,638,040 | 9.1% | $8,882,065,000 | 6.1% |
Florida & U.S. Per Capita Disposable Personal Income Year | Florida | Growth from Previous Year | United States | Growth from Previous Year | 2009 | $34,880 | -0.8% | $35,553 | 0.3% | 2008 | $35,172 | 1.2% | $35,464 | 2.9% | 2007 | $34,739 | 2.2% | $34,453 | 3.9% | 2006 | $33,994 | 7.1% | $33,174 | 5.8% | 2005 | $31,726 | 4.5% | $31,342 | 3.4% | 2004 | $30,367 | 6.6% | $30,309 | 5.1% |
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In Comparative Perspective Florida's Gross Domestic Product in Comparative Perspective Florida has one of the world's largest and most dynamic economies, with annual output that surpasses that of most other U.S. states and that of the world's largest countries. Florida's Economy in Relation to the World's Largest Economies Rank | County/State | US $Billions | 1 | United States | $14,256.27 | 2 | Japan | $5,070.20 | 3 | China (Excluding Hong Kong) | $4,909.92 | 4 | Germany | $3,354.77 | 5 | France | $2,657.41 | 6 | United Kingdom | $2,185.44 | 7 | Italy | $2,118.37 | 8 | California | $1,831.85 | 9 | Brazil | $1,600.73 | 10 | Spain | $1,463.98 | 11 | Canada | $1,344.42 | 12 | Russian Federation | $1,240.36 | 13 | Texas | $1,232.41 | 14 | India | $1,228.02 | 15 | New York | $1,134.93 | 16 | Australia | $996.79 | 17 | Mexico | $877.89 | 18 | Republic of Korea (South) | $839.76 | 19 | Netherlands | $794.26 | 20 | Florida | $732.71 |
Source: Economy.com Gross Domestic Product of the Ten Most Populous States, 2008 State | GDP (Current $ Millions) | Share of U.S. GDP | Annual Growth of Real GDP | Real GDP Growth Rank (all 50 states) | United States | $14,165,565 | 100.0% | 0.7% | n/a | California | $1,846,757 | 13.0% | 0.4% | 34 | Texas | $1,223,511 | 8.6% | 2.0% | 11 | New York | $1,144,481 | 8.1% | 1.6% | 18 | Florida | $744,120 | 5.3% | -1.6% | 48 | Illinois | $633,697 | 4.5% | 0.3% | 36 | Pennsylvania | $553,301 | 3.9% | 1.1% | 26 | Ohio | $471,508 | 3.3% | -0.7% | 45 | North Carolina | $400,192 | 2.8% | 0.1% | 37 | Georgia | $397,756 | 2.8% | -0.6% | 41 | Michigan | $382,544 | 2.7% | -1.5% | 47 |
Total Personal Income and Disposable Personal Income of the Ten Most Populous States, 2009 State | Total Personal Income (thousands) | Disposable Personal Income (thousands) | Disposable % of Total | Texas | $904,166,473 | $838,080,654 | 92.7% | Florida | $700,361,030 | $646,603,285 | 92.3% | Michigan | $339,218,714 | $312,145,652 | 92.0% | Georgia | $332,091,131 | $303,978,626 | 91.5% | North Carolina | $323,203,932 | $294,967,206 | 91.3% | Ohio | $408,394,896 | $372,302,695 | 91.2% | Illinois | $534,638,483 | $484,643,483 | 90.6% | Pennsylvania | $498,867,664 | $452,018,648 | 90.6% | California | $1,564,388,897 | $1,409,234,948 | 90.1% | New York | $917,610,217 | $802,528,553 | 87.5% |
Per Capita Income and Disposable Per Capita Income of the Ten Most Populous States, 2009 State | Per Capita Income | Disposable Per Capita Income | Disposable % of Total | Texas | $36,484 | $33,818 | 92.7% | Florida | $37,780 | $34,880 | 92.3% | Michigan | $34,025 | $31,309 | 92.0% | Georgia | $33,786 | $30,926 | 91.5% | North Carolina | $34,453 | $31,443 | 91.3% | Ohio | $35,381 | $32,255 | 91.2% | Illinois | $41,411 | $37,539 | 90.6% | Pennsylvania | $39,578 | $35,861 | 90.6% | California | $42,325 | $38,127 | 90.1% | New York | $46,957 | $41,068 | 87.5% |
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