7/6/2022

FLORIDA OUTPACED THE NATION FOR ECONOMIC GROWTH
~ Florida CFO Says California’s ‘Gimmicks’ to Rein in Florida’s Growth ‘Won’t Work’ ~

TALLAHASSEE, Fla. – Today, Florida Chief Financial Officer (CFO) Jimmy Patronis issued a report from the Department of Financial Services (DFS) outlining how Florida’s Gross Domestic Product (GDP) outpaced the nation and that total inflows to the Sunshine State contributed more than $23 billion in Adjusted Gross Income to Florida’s economy. The financial services report can be found HERE. 

Florida Chief Financial Officer Jimmy Patronis said, “In looking at the numbers, it’s clear why poorly managed states like California are having to resort to marketing gimmicks in an attempt to rein in Florida’s growth. It won’t work. Florida’s GDP outpaced the nation by nearly a full percentage point, and much of Florida’s wage growth is being driven by people leaving their home states to move to Florida. In a single year, inflows to Florida added $23 billion in wage income to the Sunshine State’s economy. In contrast, California lost nearly $18 billion during the same period. That’s over a $41 billion difference. That’s a staggering figure that demonstrates Florida’s economic strength. Florida has zero income tax, supports the police, doesn’t like lockdowns, and has Governor Ron DeSantis at the helm. So, Gavin Newsom can run all the commercials he wants to, but none of it will change the math. People are moving to the Sunshine State in droves and they’re bringing a lot of money with them.”

Key Findings of the Report:
 
• Florida outpaced the nation in economic growth. In the second quarter of 2020, the United States experienced 5.4% in GDP growth as compared to Florida’s rate of 6.3%.
 
• Migration to Florida is contributing tens of billions of dollars to Florida’s economy. Net migration to Florida added $23.7 billion to Florida’s Adjusted Gross Income during 2019 to 2020.
 
• California lost nearly $18 billion worth of income from people leaving the state. Over the 2019-2020 period, net outflows from California cost the Golden State $17.8 billion in Adjusted Gross Income, while Florida gained $23.7 billion from net inflows, resulting in a $41.5 billion difference between the two states.    
 
• Families moving to Florida are high wage earners. The total family income of families moving to Florida, is $120,832 on average. The total family income of families leaving California for Florida bring with them an average household income of $159,924.

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About CFO Jimmy Patronis 
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).