Florida's economy is one of the largest in the world and South Florida's the largest economy in our state... here's what it means
Bottom Line: Fresh off of the announcement from the Florida Chamber Foundation that Florida's economy reached the $1 trillion-mark impressive comparisons were quickly made pointing out that Florida's economy is the 17th largest in the world – ahead of many developed countries. As impressive as that seems and is – we're actually still just 4th in the US in state GDP.
At $1.6 trillion New York is ahead of us at #3
Texas is second at over $1.7 trillion
California's economy is by far the largest at about $2.8 tillion
With all of that being said let's look at the tri-county South Florida economy. Not surprisingly the top economies by county within our state are...
1. Miami-Dade
2. Broward
3. Palm Beach
Orange County is currently fourth... To put South Florida's tri-county economic powerhouse in perspective our current estimated $350 billion economy places our economy inside of the top 50 in the world. On par with Israel and ahead of countries like Hong Kong, Ireland and Singapore. It's weird to think of our economy that way but it's what's been earned. What more is that with an economic growth rate averaging over 3% for the past year (and this decade) in South Florida compared to under 1% world-wide – there's every indication that we'll be poised to pass other countries on our way to potentially being a top 30 economy by the time the next Census is counted.
In other words, South Florida's economy isn't just good – it's literally world-class.