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Florida Economy

In the twentieth century, tourism, industry, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel have contributed to the state’s economic development.[citation needed]

The Gross Domestic Product (GDP) of Florida in 2010 was $748 billion.[165] Its GDP is the fourth largest economy in the United States.[166] In 2010, it became the fourth largest exporter of trade goods.[167] The major contributors to the state’s gross output in 2007 were general services, financial services, trade, transportation and public utilities, manufacturing and construction respectively. In 2010–11, the state budget was $70.5 billion, having reached a high of $73.8 billion in 2006–07.[168] Chief Executive Magazine name Florida the third “Best State for Business” in 2011.[169]

The economy is driven almost entirely by its nineteen metropolitan areas. In 2004, they had a combined total of 95.7% of the state’s domestic product.[170]

Personal income

In 2011, Florida’s per capita personal income was $39,563, ranking 27th in the nation.[171] In February 2011, the state’s unemployment rate was 11.5%.[172]Florida is one of seven states that do not impose a personal income tax.

Florida’s constitution establishes a state minimum wage that (unique among minimum wage laws) is adjusted for inflation annually. As of January 1, 2015, Florida’s minimum wage was $5.03 for tipped positions, and $8.05 for non-tipped positions, which was higher than the federal rate of $7.25.[173]

Florida has 4 cities in the top 25 cities in the U.S. with the most credit card debt.[174] The state also had the second-highest credit card delinquency rate, with 1.45% of cardholders in the state more than 90 days delinquent on one or more credit cards.[175]

There were 2.4 million Floridians living in poverty in 2008. 18.4% of children 18 and younger were living in poverty.[176] Miami is the sixth poorest big city in the United States.[177] In 2010, over 2.5 million Floridians were on food stamps, up from 1.2 million in 2007. To qualify, Floridians must make less than 133% of the federal poverty level, which would be under $29,000 for a family of four.[178]

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