State and municipal rates and revenues, as well as any effect of federal deductibility, are reflected in the Economic Outlook Rank data. Florida’s economic outlook is now ranked second in the United States.
Is Florida a struggling state?
Nearly half of Florida’s four million youngsters live in or near poverty, or in families that are one missed payment or job loss away from being unable to satisfy basic necessities. Florida is one of the poorest states in the US, with 20% of children living in poverty (35th in the nation). The majority of these kids (71%) are African-American or Latino. Low academic achievement, dropping out of school, abuse and neglect, behavioral and socioemotional difficulties, physical health problems, and developmental delays are all more common among children living in poverty.
According to the Federal Reserve, 41% of adults in the United States would be unable to cover a $400 emergency bill. In all, one-third of adults are either unable to pay their expenses or are facing financial hardship due to a minor financial setback.
One in every five children in Florida is food insecure, which means they don’t know where their next meal will come from. More than two million children in the state are eligible for free or reduced lunch, and more than one million go hungry during the summer months when school is not in session. This is especially true in Florida for Black and Latinx youth. Despite making up only 21.7 percent of the state’s population, black children under the age of 18 make up 48 percent of SNAP-eligible families, Latinx children make up 36 percent (31.1 percent), and White children make up only 19 percent (43.6 percent ).
Hunger and malnutrition have a substantial impact on a child’s development during infancy and early childhood. The likelihood of unfavorable birth outcomes such as early birth, smaller head size, low birth weight, and lower brain weight increases if a mother does not have access to nourishment and food during her pregnancy. These pregnancy issues have been observed among Black single moms, who have some of the highest infant death rates in the state of Florida and are 29.4 percent poor. This is unsurprising given that in Florida, Black mothers earn $0.53 for every $1 earned by a White father, a disparity of $28,715 in annual earnings. Furthermore, children who suffer chronic hunger have poorer overall physical health, are at risk of stunted growth and being underweight, and have immune systems that are commonly damaged.
Food insecurity has repercussions in the classroom and in later years. Hungry children are substantially more likely than non-hungry children to get special education services, repeat a grade, and seek mental health therapy.
Programs and assistance for persons in poverty, such as child care, food, housing, and utility aid, are granted depending on income standards. The capacity to qualify for these benefits can be essentially eliminated by a slight rise in wages. There are no programs available to assist people in escaping poverty. Families are in a terrible lose-lose situation due to a lack of “step up” support.
In 2019, Florida was ranked 42nd out of 50 states in terms of economic well-being by KidsCount. The amount of children in poverty, children whose parents lack secure jobs, children living in households with a high housing-cost burden, and teens not in school and not working are all factors that go into determining economic well-being rankings.
In 2018, Florida spent less than the national average on basic assistance and work activities under the Temporary Assistance for Needy Families (TANF) program, which is funded by both federal and state dollars. The state spent much more on child care and child welfare programs than the national average. Redirecting funding back to cash support (basic aid) can enhance academic, health, and economic outcomes for children and families in poverty, according to the Center on Budget and Policy Priorities.
Only 12 percent of Florida’s poor households got TANF in 2017-2018, compared to a national average of 22 percent. In Florida, there has been a 43 percent drop in the last 23 years, and an 8 percent drop in the last 12 years. Florida’s TANF monthly benefit is $103 less than the state’s median benefit.
Breaking the cycle of poverty requires completing high school and obtaining a higher education or technical degree. The juvenile justice system in Florida has policies that prevent children and their families from ending the cycle. Due to disproportionate engagement with the juvenile justice system and harsher penalties, this is especially true for Florida’s youngsters of color. Despite making up the lowest racial group of minors in Florida (20%), Black juveniles accounted for the biggest percentage of arrests (50.9%) in 2018. While White adolescents account for 43.8 percent of the population and Hispanics for 31.8 percent, they account for 33.8 percent and 15% of the juveniles arrested, respectively. Black juveniles made about two-thirds (66%) of those transferred to adult court, compared to 20% of White juveniles.
Fines and penalties connected with arrest and probation create additional barriers for children and their families who are already poor, making it difficult to exit the juvenile justice system and break the poverty cycle. Visit our Juvenile Justice Reform Issue Page for additional information.
Is Florida a wealthy or impoverished state?
Using median household income to determine which states are the wealthiest looks very different. Because population has a significant impact on GDP, the states with the highest GDPs tend to be the largest, as shown below. Except for Florida and New York, three of the five richest states’ GDPs correspond to their population ranks. While New York has the third-largest GDP, Florida has the fourth-largest population. For comparison, we’ll also highlight their different median earnings.
California
California, with a GDP of $3,120,386,000, is the most populous state in the country. California has the sixth highest median household income in the country, at $80,440.
Texas
Texas, the country’s second-largest state by population, is also the country’s second-richest state in terms of GDP. The state of Texas has a GDP of $1,772,132,000. The median household income in Texas is $64,034, which is slightly lower than the national average.
New York
With a GDP of $1,705,127,000.0, New York is the third-richest state in the United States. With a median household income of $72,108, New York ranks 15th among all states.
What is Florida’s Gross Domestic Product?
In 2020, the mining, quarrying, and oil and gas extraction industries in Florida will have contributed 1.44 billion chained 2012 U.S. dollars to the state’s gross domestic product (GDP). In that year, all industries contributed $944 billion to Florida’s GDP.
What makes Florida such a bad state?
Florida’s low position is due to the fact that it is one of just nine states without a broad-based personal income tax. However, not levying an income tax has a cost. Florida’s sales and excise taxes are 20 percent more than the national average in order to pay for state and local government services.
Is Florida’s economy in good shape?
With 17 months of job growth in a row, Florida is leading the nation’s economy.
The full video of the announcement can be viewed by clicking here or on the image above, courtesy of the Governor’s Press Office.
TALLAHASSEE, FLORIDA (AP) Governor Ron DeSantis declared today that Florida’s booming economy is propelling the country’s recovery. In September 2021, Florida’s economy increased, expanding at three times the national average for the month. Florida added 84,500 jobs in total for the month, including approximately 73,000 private-sector employment. This month represents the 17th consecutive month of job growth in the private sector, with a year-over-year increase of 5.6 percent. Only four other times in the last 30 years has Florida witnessed such large monthly private sector job growth. In addition, Florida has added 50,000 workers in the last month, making it 11 months in a row that the labor force has grown. Florida’s labor force growth has increased by 5.4 percent year over year, much greater than the national rate of 0.8 percent. Since April 2020, Florida has added more than one million jobs.
“While the rest of the country added 194,000 jobs in September, Florida added 84,500. “We are surpassing the rest of the country in terms of job growth and job opportunities because businesses know Florida will stand up for them,” stated Governor Ron DeSantis. “Despite huge national headwinds and economic instability, Florida has experienced job growth like it has only four times in the last 30 years. We will keep working hard to ensure that Florida remains open, free, and built for opportunity.”
In September 2021, Florida’s unemployment rate was 4.9 percent, down 0.1 percentage point from August 2021. Florida’s labor force continues to grow at a faster rate than the rest of the country, indicating that more individuals are actively looking for work and are optimistic in the state’s economy’s potential to provide them with new opportunities. While Florida’s labor force continues to grow, the nation’s labor force has shrunk, which could indicate that job searchers in other states are losing faith in job chances and have ceased seeking for work.
Over the course of the year, Florida’s labor force grew by 540,000 people, with 423,000 of those added in the last six months. As more Floridians return to work, this demonstrates the success of the state’s ‘Return to Work’ effort. The unemployment rate in Florida has dropped by 2.3 percentage points in the last year. According to data from September, there are still a lot of job prospects for Floridians all around the state, with more than 520,000 jobs posted online.
“Florida is experiencing strong economic signals under Governor DeSantis’ leadership, indicating that our state’s economy has recovered fast and successfully,” stated Florida Department of Economic Opportunity Secretary Dane Eagle. “Florida continues to offer rewarding career possibilities to those who relocate to the state and join the workforce. We will endeavor to build on this excellent success by continuing to strengthen our economy and increasing our state’s resiliency by making investments that will continue to improve our economy and raise our state’s resiliency.”
- The labor force increased by 50,000 over the month, bringing the total to 10,593,000 in September 2021.
- In comparison to the national average of 0.8 percent, Florida’s labor force has grown by 5.4 percent in the last year.
- Over the year, private-sector employment in Florida expanded by 411,400, or 5.6 percent, outpacing the national rate of 4.6 percent.
- Florida’s private-sector job growth rate for the month was 0.9 percent, more than three times the national rate of 0.3 percent.
The CareerSource Florida network can assist Floridians who are looking for work or new job prospects. Floridians can get help registering with Employ Florida and searching for job openings in their area. Employability support, such as polishing CV writing, interviewing skills, defining career goals, and pursuing specialized professional training, are also available to job seekers. Job searchers are not charged for these services.
For additional information on the job market and economic data in Florida, go to Florida Insight. In addition, the Department has made a video available to help consumers understand the data given by Florida Insight and the new platform.
What is Florida’s wealthiest county?
According to new data revealed this week from a national study, St. Johns County is the wealthiest in the state of Florida.
The American Community Survey 2015 findings were released this week by the United States Census Bureau, and they indicate a variety of favorable facts about the county.
The county’s almost 83,000 households had a median income of just over $70,000 in 2015. Only Collier ($62,126) and Monroe ($61,000) had levels above $60,000.
For years, the county has had low unemployment rates, with the second-lowest rate in the state at 3.8 percent in July. The figures for August will be announced today.
The high level of education in St. Johns County is at least largely responsible for the county’s economic prosperity. In 2015, about 45 percent of the 159,286 people aged 25 and up were college graduates with a bachelor’s degree or higher. Only 5% of those surveyed had failed to complete high school.
Over the previous five years, the median income in St. Johns County has increased by $11,000. In 2010, the state, however, was still feeling the consequences of the recession. The median income in 2008 was around $67,000.
While this is an increase of more than 4% from 2014, it still falls short of the country’s median income of $55,775 and is only the 38th highest in the country.
Among the nation’s 25 major metro regions, Tampa, Miami, and Orlando had the lowest median household income. The median household income in Tampa was $48,911, in Miami it was $50,441, and in Orlando it was $51,077.
The economic structure of such metro areas, which includes many service industry and hospitality jobs, lowers the median income when compared to other metro areas across the country. However, because Florida was one of the hardest impacted by the housing crisis, it took longer for the state to recover from the Great Recession than the rest of the country, according to Sean Snaith, an economist at the University of Central Florida in Orlando.
Much of the country is witnessing a widening gap between the richest and poorest citizens, but St. Johns County is not experiencing it as sharply as other areas.
In 2015, nearly half of the county’s 83,000 families (39,751) had incomes of $75,000 or more. In 2015, 10.5 percent of people earned $200,000 or more.
Only 39 percent of households made more than $75,000 five years ago, and 5,311 (7.1 percent) earned more than $200,000.
Meanwhile, the poverty rate in the county has increased from 7.4 percent in 2014 to 11 percent in 2015. This is lower than the rate of 13.9 percent in 2010.
Race has the greatest disparity in wealth. The county has an 88 percent white population and a 6% black population. In 2015, blacks had a median household income of $45,065 while whites had a median family income of more than $71,000. In 2008, black households had a median household income of almost $37,000, while white households had a median household income of more than $68,000.
Florida had one of the highest levels of economic disparity in the country. Only New York, Connecticut, Louisiana, and California have higher Gini indices, which are a measure of inequality used by the Census. The greater the Gini index, the more unequal the situation. In 2015, Utah had the lowest Gini score.
The discrepancy between low-wage service employees and a substantial number of retirees whose income comes from assets and equities exacerbates inequality in Florida. The value of homes, the most precious asset for most Floridians, hasn’t recovered to pre-bubble levels, despite significant improvement from the housing bust’s depths.
“During the economic recovery, affluent retirees who chose to retire based on their portfolio values have had a fantastic run. Financial assets have soared well beyond their pre-financial-crisis levels “Snaith remarked. “It’s still a Humpty Dumpty situation for individuals whose home is still their nest egg. It hasn’t been made whole yet.”
What is Florida’s wealthiest city?
Pinecrest is Florida’s wealthiest city. The average household income is $30,900. The average cost of a home is $1 million. The population is around 18,000 people. Several newly constructed parks may be seen in this upscale Miami area. Pinecrest Gardens, known as South Florida’s Cultural Arts Park, is the greatest. In the park, over 1,000 different kinds of trees and plants have been planted. Several streams, sinkholes, and natural caves may be found in the picturesque park. The Miami Serpentareum, which houses a variety of reptiles and amphibians, is another intriguing spot to visit in Pinecrest.
What are America’s five poorest states?
In 2020, the national poverty rate was 11.4 percent, according to the United States Census Bureau. After five years of decreases, poverty has risen for the first time. Mississippi, Louisiana, New Mexico, Kentucky, Arkansas, West Virginia, Alabama, the District of Columbia, South Carolina, and Georgia are the states and territories with the highest poverty rates in the US.
FCNL is a Quaker organization dedicated to eradicating poverty at home and internationally by promoting economic policies that benefit all people.
Which state in the United States is the wealthiest?
Maryland may have a low median property value compared to many other states in the country, but it has the highest median household income in the country, making it the wealthiest state in the country for 2022.