Florida GDP outpacing U.S. economic output thanks to strong real estate, construction sectors

Florida GDP outpacing U.S. economic output thanks to strong real estate, construction sectors

Florida’s GDP growth of 2.1 percent in the first quarter of 2016 not only outpaced the country as a whole, but all of the other top population states and every state in the Southeast but one.

Not a bad economic scorecard for the Sunshine State. A key measure of economic vitality, gross domestic product (GDP) by state is the market value of goods and services produced by the labor and property located in a state.

In the first quarter, the value of Florida’s GDP stood at more than $911 billion, up more than $48 billion from a year earlier.

Florida ranked 10th for GDP growth among all states in the first quarter, according to the latest U.S. Commerce Department numbers out Wednesday. The state’s GDP was most recently driven by gains in Florida’s classic industries: real estate, construction and retail.

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