Threat of trade war and tariffs are worrying some Florida business owners according to experts. It may lead to hurt Florida’s $1 trillion economy. Says international trade is a quarter of Alice Ancona, director of International Strategy and Policy with the Florida Chamber of Commerce says Florida’s economy and these tariffs are “a pretty significant impact.”.
But surely experts do realize its a negotiation, its positioning, and most of all its very temporary until out trading partners respect the world’s “piggy bank”.
Florida Economy Flirting with $1 Trillion – 17th largest in the world – Adding $2.7 billion EVERY DAY
Florida’s economy is inching ever so close to the $1 trillion mark. The Sunshine State churned out goods and services at an annual pace of $996.3 billion during the first quarter of 2018. Florida accounted for fully 5 percent of U.S. economic activity, the federal agency said. That sounds impressive — until you consider that Florida has more than 6 percent of the U.S. civilian labor force. Florida’s industrial mix is more weighted towards low-productivity industries, says Gus Faucher, chief economist at PNC Financial Services. Read the full articles from My Palm Beach Post by Jeff Ostrowski and from US News here
JinkoSolar Holding Co. Ltd. is hiring and filing the paperwork needed to launch its Jacksonville solar-panel manufacturing plant, according to city and state records and a company executive. See the article here from Karen Brune Mathis of The JAX Daily Record.
Today, Governor Rick Scott reported about $23 million in grants for eleven extra Florida Job Growth Grant Fund extends over the state. The Florida Job Growth Grant Fund, built up by Governor Scott and the Florida Legislature a year ago, gives $85 million to enhancing open foundation and improving workforce preparing in Florida. The Florida Department of Economic Opportunity (DEO) has gotten in excess of 235 proposition asking for more than $825 million in funding. Find more details from Enterprise Florida here
As reported by the U.S. Bureau of Economic Analysis, Florida’s Gross domestic product rose 1.4 percent in the first quarter, slightly faster than the nation’s growth of 1.2 percent, placing Florida 21st among the states for annualized growth rates. Florida’s 1.4 percent increase in GDP was well in advance of the state’s 0.8 percent decline in GDP reported in the first quarter of 2016. For all of 2016, Florida’s GDP grew to 3.0 percent, which is twice as fast as the 1.5 percent growth of the nation as a whole. Refer the article for full details here
The City of Jacksonville just published a video titled “Endless Possibilities: Jacksonville”. Watch the video HERE to learn more about the First Coast/River City.
Business Insider ranked all 50 states using six indices: job growth, unemployment, GDP per capita, average weekly wages, state government finances, and recent housing prices. Florida ranked #7, and tops in the Southeast, ahead of Georgia (#13). The top six were North Dakota, Texas, Colorado, California, and Oregon. The bottom five – worst was Mississippi, followed by Maine, New Mexico, Kentucky, and Alabama. Cindy Barth of The Orlando Business Journal has the story and rankings.
Allied Van Lines reports, via Cindy Barth of The JAX Business Journal, that Florida was number 2 of the 50 states in 2014 for inbound population relocation destinations, behind only booming Texas. Rounding out the top 5 – Arizona, South Carolina and Colorado. Move-outs were led by Illinois, Pennsylvania, New York, and Michigan and New Jersey.
John Burr, Editor In Chief of the Jacksonville Business Journal, cites a presentation on the Florida and Jacksonville economies from former U.S. Senator George LeMieux, saying the economies are gaining considerable traction after the Great Recession.
With 24 million persons visiting the state from April through June, that is a 3% increase, according to officials. Similarly, the First Coast visitation suggests similar increases, but no statistics provided, other than some very strong hotel demand figures, such as The Ritz-Carlton at Amelia Island that reported its first ever 90% occupancy month in its history. Drew Dixon of The Florida Times-Union has the story.