Most Florida metro areas outpaced the nation in gross domestic product (GDP) growth rate in 2015. Fifteen of Florida’s 22 Metropolitan Statistical Areas (MSAs) increased their gross domestic product (GDP) at a faster rate than the national average in 2015. All MSAs in the state experienced positive GDP growth, with the exception of Homosassa Springs.
Florida Department of Economic Opportunity Executive Director Cissy Proctor said, “Florida’s economy is one of the strongest in the nation, illustrated by our consistent job creation, low unemployment rate and growing GDP. The strong growth in output across our local communities proves that Florida is a great place for business success.â€
Florida’s real GDP in 2015 was $789.8 billion, up 3.1 percent from 2014. This growth rate exceeded the national growth rate of 2.4 percent.
Six of Florida’s MSAs were ranked in the top 50 nationwide for over-the-year GDP percentage growth: Punta Gorda, Cape Coral-Ft. Myers, Naples-Immokalee-Marco Island, Sebastian-Vero Beach, Palm Bay-Melbourne-Titusville and North Port-Sarasota-Bradenton.
The MSAs with GDP growth rates higher than the nation’s average were:
• Punta Gorda: 5.8 percent
• Cape Coral-Fort Myers: 5.3 percent
• Naples-Immokalee-Marco Island: 5.3 percent
• Sebastian-Vero Beach: 4.8 percent
• Palm Bay-Melbourne-Titusville: 4.2 percent
• North Port-Sarasota-Bradenton: 4.1 percent
• Orlando- Kissimmee-Sanford: 3.5 percent
• Port St. Lucie: 3.4 percent
• Sebring: 3.4 percent
• Miami-Fort Lauderdale-West Palm Beach: 3.3 percent
• Crestview-Fort Walton Beach-Destin: 3.0 percent
• The Villages: 2.9 percent
• Deltona-Daytona Beach-Ormond Beach: 2.8 percent
• Tampa-St. Petersburg-Clearwater: 2.7 percent
• Jacksonville: 2.6 percent
In 2014, only ten Florida MSAs outpaced the national average GDP growth rate. The MSAs new to the list in 2015 include The Villages, Punta Gorda, Palm Bay-Melbourne-Titusville, Port St. Lucie, Sebring and Crestview-Fort Walton Beach-Destin MSAs.
Florida gross domestic product is the measure of the market value of all final goods and services produced within the state in a given time period. A final product is one that is produced and sold for consumption or investment. GDP excludes the value of intermediate goods, which are goods that are used to produce other goods. GDP is presented in both nominal and real dollars. Real GDP removes the influence of changing price or inflation. GDP is important because it is the most closely watched measure of output. It is a measure of overall economic activity.
