Florida History - Economy
The state of Florida's economy was formerly developed around lumbering, farming, and naval stores industries during the 1800’s. In the early days, agriculture was centered on citrus fruit, strawberries, tomatoes, and sugarcane.
Before the turn of the century, the extension of the existing railroad system helped to get speculators across the peninsula to lands that previously only native Indian tribes inhabited, beginning to promote the state as a paradise retreat.
Overtime the railroads become the major industry of the state after World War I and it was one of the contributing factors to develop what is nowadays the largest sector of the Florida economy; tourism.
In fact, the warm weather, lush vegetation, and hundreds of miles of coastline generate nearly 60 million visitors to Florida each year, along with a number of world-famous amusement parks, resorts, and research centers.
As of 2005, the gross state product of Florida was $596 billion and the Gross Domestic Product. (GDP) increased to 7.7%, making this state one of the fastest-growing states in America.
Farming is still an important sector of the state's economy. Florida agriculture is the second largest industry of the state, especially oranges, other citrus fruits, and sugarcane. In the United States, 74 percent of all citrus fruits are grown in Florida.
When it comes to employment, between 2004 and 2005 Florida ranked number 26 in the United States with a per capita income of $30,098. In September 2007, the Civilian Labor Force peaked at 9,269.7 workers with an unemployment rate of 4.0 percent.
The state's coastline encompasses the waters of the Atlantic Ocean and the Gulf of Mexico, which are not only beneficial for the fishing industry, but also contribute with international trading. Florida exports 40 percent of American exportations to most countries located in the Americas.
The Port of Miami is also known as the "Cargo Gateway of the Americas" as well as "Cruise Capital of the World", being the largest and most important container port in the peninsula, receiving also transatlantic sea cruises.
Although not publicized, mining is Florida's third largest industry producing the phosphate used for agriculture, not only providing 75 percent of all phosphate in the United States, but also 25 percent of the worldwide supply. Phosphate is a basic compound of fertilizers, livestock feed supplements, and other products.
During the 1960’s, the economy was positively impacted with the development of the aerospace industry after the arrival of NASA and the Kennedy Space Center founded in 1962 at Cape Canaveral.
Science and technology have grown hand in hand since then, making cities like Orlando the leading center for bio-tech and medical industries, which have contributed enormously to the research and health sectors around the world.
In addition, Florida is favored with a considerable number of Latin American investment funds in Miami and surrounding cities. Miami also has an underground economy from illicit activities, which is often referred as the largest in America. In Miami, unreported cash wages come from the immigrant workforce and drug traffic.