Did you know that Florida’s economy is better than ever? Actually, when you look at many different states across the United States, you will see that they are doing much better than they have in previous years.
With Florida’s unemployment rate is at 3.3%, and many other states on an upward trend, this has been a huge talking point for many news sites and blogs online. These types of trends are on a steady decline ever since 2011, after more businesses invest in top rated states and investors are looking outside of the usual tech-savvy locations like California and Texas.
If you want to start a business and capitalize with the current economy, you need a good website. At the same time, if you are writing about the economy or providing financial tips to bloggers and entrepreneurs, you should be covering these topics as well.
Not only will you need to provide your audience with updated stats and actionable tips, but it’s important to make sure that you avoid the common website mistakes as well. This helps you get a more online presence and get more customer conversions.
To learn more about the top industries in Florida, California, and across the United States today, read on and find out more.
More than 116.5 million tourists visited Florida last year. It’s expected for the number to grow from there. It’s one of the main driving forces behind economic growth due to the employment it gives. In comparison to California, total visitation is forecast to grow 2.1 percent in 2017, following a 1.9 percent expansion in 2016.
Out of the 9.1 million employees in this state, around 1.1 million of them are tourism-related. This contributes a total of $51 billion to the GDP of the state. This isn’t surprising as the state has miles’ worth of sandy beaches with crystal clear waters.
Foreign individuals make up the vast majority of Florida beaches’ visitors. The statistics support it since they make up around 92% of the tourists visiting the state. Remember, it’s home to the Walt Disney World, meaning it pays around $1.2 billion in total for 66,000 employees.
This industry employs about 2 million people. It contributes more than $104 billion to Florida’s economy on a yearly basis. The main reason behind it is the fact that it has warm climates make it easier for farmers to grow their crops.
The climate is such that it offers about extra 100-200 days growing season compared to other states. It has the highest rate of precipitation in the country. This makes it ideal for growing more crops.
3. International Trade
Florida has one of the largest rates of exports in the United States. It offers a major merchandise gateway for trading in other regions of the world. Around 40% of all U.S. exports pass through Florida when going to Latin America and South America.
The state has a convenient geographical layout. It allows most companies to make a short drive to any of the four major cargo ports in the state. Its openness helps give small companies the means of exporting their products to other parts of the globe.
4. Aerospace and Aviation
Floridan aviation activities impact the economy by $144 billion each year. It has about 19 commercial airports, meaning that 10% of the country’s passengers come from these. Around 1,755 aerospace and aviation companies call Florida their home.
That translates to more than 100,000 employees. Each of these people makes about $66,000 on average. Most of these companies set their headquarters in northwest Florida, making it a hotspot for aviation activities.
5. Life Sciences
The state of Florida established itself as a life sciences hub with over 6,200 businesses. Throughout the region, it helps support around 87,000 jobs. It’s renowned due to its biomedical institutes as well as pharmaceuticals and medical gadget companies.
It’s also home to Coastal Detox, a rehabilitation center that helps to recover from substance abuse. It aids by detoxifying the body from drugs or alcoholic chemicals. It’s a licensed and accredited facility that gives a safe environment for detoxification.
6. Financial Services
Not a lot of top banks call Florida their headquarters. But a lot of financial companies in America operate extensively throughout the state. It’s due to the fact that Florida is home to a lot of wealthy people.
The state has the highest percentage of bank deposits. It’s possible due to Florida’s business-friendly legislation as well as its favorable tax climate. It also has a large market that makes it easier for financing operations to make business.
Mining isn’t one of the things you usually think of when you’re looking at Florida industries. The truth of the matter is that the state has a rich Phosphate mining industry. It’s the third largest in the country, making it a major contributor within the country.
A lot of Phosphate deposits exist in a lot of Florida’s regions. Agricultural industries use this mineral to make fertilizer for their farming needs. It’s also a key ingredient when it comes to livestock feed supplements.
When it comes to tuition fees, Florida has the lowest college tuition expenses. It doesn’t compromise your education since there are lots of academic choices out there. The famous schools include Florida State University and the University of Florida.
Other honorable mentions include the University of Miami and Stetson. These institutions are great choices if you want to make a career for yourself in the future. That way, you become one of the contributing individuals to Florida’s growth.
Almost all of Florida is near to the Atlantic Ocean or the Gulf of Mexico. That makes the state a great place for people who love water sports. There are a lot of Beachfront cities within the region.
These cities line the coasts of the above mentioned bodies of water. What this means is that their fishing industry is at $7 billion, counting both industrial and recreational variants. More than $2 billion worth of power boats get sold in the state for the latter purpose.
Also, more than 30 million visitors go to any of the 164 state parks each year. This makes Florida one of the best places to visit for water-related recreational activities.
Follow these Economic Trends and Grow Your Financial Blog
Florida, California, and Texas are all ideal locations to start a business. That’s why it’s important to learn the main driving forces behind the growth of the Florida economy. If you plan to invest in a business, you might need to consider these industries as a starting point.
Once you make the decision, you need to commit to it. Otherwise, you might end up failing despite Florida’s economic growth. Don’t delay and start a business today.
Do you need help securing your future business? Check out our other tips and guides, like this one and learn why surveillance is for everyone.