Florida Economy Tops US South

Florida has the best economy for any state in the Southern part of the nation, according to U.S. News & World Report’s latest Best States list.

The ranking, which looks at eight categories: health care, education, natural environment, opportunity, economy, crime and corrections, infrastructure and fiscal stability across 71 different metrics, also placed Florida as second in the nation in another major category.

The publication said the state’s dramatic growth bolstered the economy for the top Southern spot.

Florida Economy Tops US with Fort Myers

The growing economy in Fort Myers is propelling a real estate expansion, while many other areas of the US are hurting. The region’s economy has shifted, with home sales picking up as we move into the main summer selling season. Fort Myers economy is diversified, attracting more industries like healthcare, technology and even manufacturing.

A major driver of economic expansion in Fort Myers has been the growth of healthcare and medical research. The Lee Health system is one of the largest employers in the region, providing thousands of jobs and helping to improve the quality of life in the area.

Gulf Coast University’s expanding health sciences program has fostered a pipeline of talent that supports the region’s healthcare needs. This sector’s growth has bolstered the demand for housing and real estate, both for workers and those looking to relocate to the area for medical services.

Fort Myers Economy Growing

Another catalyst is Fort Myers growing technology sector. As companies look to expand outside of tech-heavy regions like Silicon Valley, many are turning to Southwest Florida due to its more affordable cost of living, attractive lifestyle, and access to skilled labor. Startups and established tech firms are beginning to recognize the value of setting up shop in Fort Myers as the Florida economy tops US South, leading to increased job creation.

The tech boom has had a ripple effect on the real estate market, as employees in the sector are typically highly paid and require quality housing options. Many of the nation’s tech workers moved during the Covid pandemic to work remotely from their homes.

“With millions of visitors each year to its beaches, major amusement parks centered around Orlando and cruise ships departing from ports on both coasts, tourism is a major contributor to Florida’s gross domestic product. The state’s agriculture industry is also robust, with Florida groves producing many of the country’s oranges and a winter vegetable industry that makes agriculture a year-round enterprise,” U.S. News’ analysts said.

“Tourism, which pays a sizable share of the state’s sales tax, also has enabled Florida to remain among the states without a personal income tax – adding to the allure of the nation’s leading retirement haven.”

Gov. Ron DeSantis lauded the state’s ranking, saying Florida climbed three spots in Best State rankings overall from last year.

Florida was the only state in the South to make the top 10 list:

1. Utah
2. New Hampshire
3. Idaho
4. Minnesota
5. Nebraska
6. Florida
7. Vermont
8. South Dakota
9. Massachusetts
10. Washington