Florida is the southernmost contiguous state in the United States. The state is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Atlantic Ocean, and to the south by the Straits of Florida. Florida is the 22nd-most extensive, the 3rd-most populous and the 8th-most densely populated of the U.S. states. Jacksonville is the most populous municipality in the state and the largest city by area in the contiguous United States. The Miami metropolitan area is Florida’s most populous urban area, with its capital being Tallahassee.
Florida’s economy continues to outpace the nation and is evolving in ways that enhance the state’s long-run competitiveness. Real GDP grew 3.5% in 2018, or about a half percentage point faster than the nation, and the state added 322,510 net new residents. Florida is home to three of the nation’s 10 fastest growing metro areas since 2010—The Villages, Cape Coral-Fort Myers and Orlando. Its strong performance is particularly noteworthy given the severity of the Great Recession in Florida and the considerable adversity the state has faced from devastating hurricanes, citrus greening, constant trade uncertainty and slower global economic growth. Florida’s unemployment rate has fallen from a post-Great Recession high of 11.3% to just 3.4%. We expect economic growth to moderate this year, as the national economy slows. Florida is poised to remain one of the nation’s fastest growing states, however, and growth remains remarkably broad-based across industries and geographies.