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Business in Florida
Florida is the fourth most populous state in the United States, moreover, it is the largest state by population in the southeast, with 15,982,387 residents in 2000. Florida's population increased by 23.5%, or by 3,044,452 people between 1990-2000. At this rate, Florida is projected to have over 18.5 million residents by 2015. Most of this due to high rates of migration: 82.4% of the population was due to migration while 17.6% was due to natural increase. Major reasons for migration into Florida includes job opportunities, climate and amenities. The demographics of the population of Florida are as follows: 79.7% white, and 20.3% non-white. The share of the white population has grown from 56.3% to 79.7%, conversely, the non-white population dropped from 43.7% to 20.3% from the period 1900-2000. In addition, 19% of the population is under the age of 14,and 17.6% is 65 and older.
The Gross State Product (GSP) is the broadest measure of the economy at the state level. It is the value of goods and services by a state, and is similar to the Gross Domestic Product (GDP). Florida's (GSP) estimated at $466.3 billion in 1999 which ranked Florida fifth in the nation and first in the southeast. Florida's GDP grew at a rate of 4.1% between 1998-1999, ranking Florida the third fastest growing state in the southeastern region. Florida's nominal GSP has multiplied at a faster rate than the entire nation. Between 1977 and 1999, Florida's GSP increased by an astounding 567% Southeast GSP increased by 420% and the U.S GDP increased by 369%. The largest industries in Florida contributing to GSP: Services 24.4%, Finance, Real Estate and Insurance make up 21.5%, Electronic equipment 15.1%, kindred Products 13%, Chemical sand Allied Products 10.3%, and Printing and Publishing 9.8%.
Florida is an ideal location for a business with global aspirations due to is many seaports, which have access to north-south and east-west shipping routes. Furthermore, Florida also has an extensive airport system which puts many major eastern cities of the U.S and those in the Caribbean with in a three hour flight. Florida's international economy is measured by merchandise trade (imports and exports) through Florida's 14 deep water seaports and 12 international airports reached revenues of 73.8 billion in 2000, which is a 6% increase from the 1999 total trade. In 2000, Florida's merchandise exports reached $35.8 billion and merchandise imports reached $37.9 billion. The top five merchandise export destinations of Florida in 2000 were Brazil (7 billion), Venezuela (2.8 billion), Dominica republic (2.5 billion), Argentina (2 billion), and Columbia ($1.8 billion). The top five merchandise exports in 2000 included: machinery (9.1 billion), electrical machinery (6.6 billion), Knit apparels (2 billion), optical and medical instruments (1.8 billion), and aircraft and spacecraft (1.8 billion). The top five merchandise import origins of Florida in 2000 were Japan (4.2 billion), Germany (3.5 billion), Brazil (3.3 billion), Dominica Republic (2.5 billion), and Costa Rica (2.3 billion). The top imports were: passenger vehicles (7.3 billion), knit apparel (4.5 billion), woven apparel (3.9 billion), aircraft and spacecraft (3.6 billion), and machinery (2.4 billion).
Source:
Enterprise Florida, Inc., Marketing and Information
Department.
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