TALLAHASSEE, Fla. – Today, Governor Rick Scott announced that twelve of Florida’s Metropolitan Statistical Areas (MSAs) had a Gross Domestic Product (GDP) that grew faster than the rest of the nation last year, according to data released this week. Florida’s real gross domestic product (GDP) in 2014 was $769.7 billion, up 2.7 percent from 2013.  This growth rate exceeded the national growth rate of 2.4 percent.  Among all states, Florida had the fourth largest real GDP in the nation in 2014.

Governor Rick Scott said, “I am proud to announce that Florida continues to outshine the nation with twelve metro areas boasting a faster growing GDP. This is yet another indication that Florida is outperforming the nation in economic growth. We are seeing job growth all across our state because we have made it a priority to cut taxes, reduce regulations, and make it easier for businesses to succeed.”

Florida Department of Economic Opportunity Executive Director Jesse Panuccio said, “In 2014, Florida’s statewide real GDP grew faster than the nation’s, and recently released data shows that twelve regional economies in Florida are also growing at a higher rate than the nation.  Our state’s pro-growth policies are creating one of the best economies in the nation.”

The twelve MSAs with GDP growth rates higher than the nation’s were:

• Naples-Immokalee-Marco Island: 5.6 percent
• Sebastian-Vero Beach: 5.6 percent
• Panama City: 4.7 percent
• Cape Coral-Fort Myers: 3.9 percent
• North Port-Sarasota-Bradenton: 3.7 percent
• Ocala: 3.6 percent
• Orlando- Kissimmee-Sanford: 3.4 percent
• Miami-Fort Lauderdale-West Palm Beach: 3.0 percent
• Deltona-Daytona Beach-Ormond Beach: 2.9 percent
• Jacksonville: 2.9 percent
• Tampa-St. Petersburg-Clearwater: 2.7 percent
• The Villages: 2.6 percent

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 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.

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