Economic Leadership
Is Central Florida Growing Prosperous?
If Central Florida were an independent nation, its gross domestic product, at $145 billion, would rank 45th in the world – just behind Singapore and ahead of the Philippines. Its gross domestic product per capita, at just over $39,000, would rank 6th among the G-20 nations – just behind Canada and Germany, and ahead of Italy and Japan.
Is the region becoming more competitive in key industries?
Since the start of the new millennium, the regional economy has created nearly 400,000 new jobs, launched thousands of new businesses, provided higher income, and enabled a greater quality of life for many.
Between 2000 and 2007, Central Florida gained more than 380,000 jobs. Regional employment grew at an annual pace of 2.9 percent, or twice the national average and similar to the state’s growth.
But has this growth enabled the region to become globally competitive and to improve the quality of life of all residents?
Central Florida relied on traditional strengths in agriculture, aerospace, tourism, and construction to place among the leading economies worldwide. Now, some of these industries are in decline and the region faces increasing global competition. The region has only just begun to diversify into the emerging industries that may propel us toward global economic leadership in the coming decades.
The region’s personal income per resident increased seven percent after accounting for inflation, reaching $33,471 in 2007. Greater wealth has brought us greater choices of lifestyles, amenities, and consumer goods. However, regional income levels still lag behind the rest of the nation and many newer jobs are not providing the earnings necessary to support sustained increases in quality of life. As a result, many residents are still struggling to make ends meet, to afford housing, or to invest in their children’s future.