Curious Florida Economy Facts: Here's All You Need To Know!

Florida is world-renowned for its magic world of Walt Disney, the fascinating educational attraction of the Kennedy Space Centre, Universal Studios that offers amusement attractions to people far and wide, glorious golden seashores of Miami, Everglades National Park, and much more!

Florida borders the Gulf of Mexico and the Atlantic Ocean and thus has the longest coastline in the United States. This south-easternmost state of the US is an acclaimed tourist destination with its torrid, green, breezy beaches; rich biodiversity showed off in national parks; space industry; and agriculture; adding together to around $1.1 trillion GDP.

Its state capital is Tallahassee, Florida with a total population of 21.6 million in 2021. Miami, Tampa, and Orlando are other three cities of the state.

With a pleasant subtropical climate, Florida boasts of unique ecosystems and a favorable climate that boosts the production of agricultural products. Another impressive fact is that Walt Disney is the largest employer in the US! Various pharmaceutical companies and aviation companies make a strong economic impact on the growth rate of the economy.

Have a dive into the exoticness of Florida and quench your thirst to dive into Florida’s economy here! Afterward, also check out facts on the Brazil Museum and bones in the human body.

State That Has A Better Economy-Florida Or North Carolina

Let’s have a sneak-peek into the two major state economies that pillar the US. Before that, let’s learn some facts on North Carolina for better comparative insights.

Located in the southeastern US, North Carolina is the 28th largest and 9th most populous state of the 50 United States.

With an extensive history of revolutions and civil wars, the state has a myriad of museums and other tourist attractions like the Blue Ridge Mountains of the larger Appalachian mountain range, coastal islands, state parks, planetariums, and national parks, and is no less than the others in terms of spectacular tourist sights.

The economy of Florida is backed by tourism and agriculture; there are food processing, banking, pharmaceutical, technological, and automobile industries to feed the economy of North Carolina. It’s evident that the state’s economy is largely knowledge-based.

In the initial years, the state survived on tobacco, textile, and clothing industries.

Charlotte, an imposing city in the state, has become the second-largest banking center in the nation. No wonder that there is indeed stiff competition between the states of Florida and North Carolina to challenge the economic disparities, despite having similarities in several aspects.

Coming back to the comparison, Florida has the 4th largest economy in the US while North Carolina has the 11th position. The former is one of the economic powerhouses of the US.

The fact that if Florida were a country, it would have bagged 17th position in the world says it all! It signifies how sturdy the economy is.

NC, on the other hand, is the 10th poorest state in the country with the 9th highest poverty rate and is troubled with soaring unemployment rates in the whole of the US. Florida has a GDP worth $1 trillion and North Carolina could only make it to $566 billion.

It cannot be denied that Florida has more points of tourist interests than NC, adding more worth to its economy. Tourism itself is the base for economic progress in Florida along with aviation, real estate, international trade, financial services, and healthcare industries.

A contribution of around $8.8 billion in GDP comes from the agricultural sector alone.

Florida is also one of the largest export states in the US and offers a gateway to conduct trades with the Caribbean, Latin America, and North America.

Civilian aircraft, telecommunication equipment, computer components, and automobiles constitute the exported cargo. If these characterize the economy of Florida, then the economy of North Carolina is distinct with its rich agricultural and forestry resources and its large reserves of metallic and nonmetallic resources.

It leads to the production of mica, lithium, feldspar, and a few other key resources that are important for the manufacturing sector. It is therefore one of the leading manufacturers in the US, accounting for 1/5th of employment and 1/5th of its GDP.

The industries are diverse, with electronic equipment, computer, communication, chemical and machinery industries bracing the economy.

NC is the 10th poorest state in the country with the 9th highest poverty rate in the whole of the US and is troubled with soaring unemployment rates. Florida, on the other hand, has poverty and unemployment rates under control. Due to multiple reasons, Florida stands ahead of NC  in terms of their respective economies.

The Space Industry Affects The Economy Of Florida

The Kennedy Space Center, named after the former US President John F Kennedy, is located on Merritt Island in Florida.

With around 1.5 million guests annually, the Kennedy Space Centre is popular with adults and children alike who love learning about space exploration. Undoubtedly, the Kennedy Space Centre is beneficial to the economy of Florida.

The economic output from KSC is around $5.9 billion, making Florida one of the top states to benefit from the NASA business. This infusion of NASA spending has not only increased the economic output but has also geared up the employability in the state.

Restoring The Florida Everglades Will Help The Economy

Everglades is a wetlands national park on the southern tip of south Florida and is spread over 1.5 million acres.

The park has coastal mangroves, sawgrass marshes, and pine flatwoods, which are home to a multitude of bird, reptile, and animal species. These tropical wetlands are known for endangered leatherback turtles, Florida panthers, West Indian manatees, and a number of fish species.

Sadly, the national park is slowly disappearing because of urban encroachment, water diversion, agricultural runoff, population pressures, and lopsided development activities. However, it’s not too late. Serious attempts to bring back the national park will bring fortune to the ecology and economy alike.

According to some projections, investing around $11.5 billion in the Everglades National Park restoration can bring in economic gains worth $4.5 billion and can boost employment opportunities in upcoming years. By working on the deteriorated quality of water, availability of fresh drinking water can be ensured in the region, instead of relying on desalination processes.

The restoration of the water lands will help welcome recreational and commercial fishing industries.

Most importantly, restoration would revive the ecological habitats of endangered wildlife, bird, and fish species, thereby increasing hunting opportunities. As quality water is an unavoidable and ideal factor for the growth of settlements, property value in the vicinity of the national park would mount with the availability of fresh water.

Restoration would also mean opening a plethora of recreational opportunities, saving near-extinct species, and reducing climatic implications like sea levels rising.

Major Industries Of Florida

The economy of Florida is bolstered by aviation, aerospace, cleantech, defense, financial services, information technology, transportation, real estate, and logistics industries. However, tourism and agriculture industries are predominant ones.

One of the most preferred travel destinations in the world, Florida undeniably has made the best out of its tropical sandy beaches, resplendent culture, and crystal clear waters.

Its Kennedy Space Center, Universal Studios, Walt Disney, and dozens of other amusement and theme parks drive, thrive, and take the economy to commanding heights. Not just Americans but tourists from all nooks and corners of the world are welcomed with its tourist-friendly approaches, making tourism the trademark of the economy.

It’s an astonishing fact that an average of $52 billion alone flows from the tourism industry of Florida annually.

Another overriding industry that steers the economy is agriculture. The way Florida resorts to its agricultural resources is applaud-worthy. The state is the leading producer of citrus fruits like oranges, tangerines, grapefruits, and tomatoes, and sugarcane.

Being the cash crop, 80% of the oranges are cultivated here, making Florida the orange basket of the US. The state leads in the production of watermelons, veggies, tobacco, cotton, and sugarcane. The Agri sector of the state employs around 2 million people and contributes around $104 billion to the economy annually.

One of the highest-ranked states in the aviation and aerospace industries, Florida has over 1,700 aviation companies together injecting $144 billion into the state’s economy. Ranked second in pharmaceutical and medical manufacturing, Florida has a name in life sciences for its commendable contributions.

The export sector and technology have taken the economy to new heights. These industries are the assets of Florida, helping the state have a sky-scraping, prosperous economy.

Here at Kidadl, we have carefully created lots of interesting family-friendly facts for everyone to enjoy! If you liked our suggestions for curious Florida economy facts then why not take a look at ancient Greece map for kids or learn all about the most amazing animal architects in the world?