Florida's economic performance gets top marks

(The Center Square) — According to a recent report, Florida's economic performance was ranked tops nationally, while it was ranked 15th for its economic outlook.

The 18th annual Rich States, Poor States report by the American Legislative Exchange Council, a pro-free market policy group, gave the Sunshine State high marks for its cumulative gross domestic product from 2013 to 2023 (third best), first in domestic migration as the state added 1.92 million new residents between 2014 and 2023 and 28.27% in non-farm employment growth, good for fourth best nationally.

Also, the state received high marks for its lack of a personal income tax, lack of an inheritance tax and being a right to work state, along with its small government workforce (399.1 per 10,000 residents, third best nationally).

The Sunshine State was followed in the economic performance rankings by Arizona, Utah, Idaho and Nevada.

Where Florida didn't score well was its tort climate as a share of the state's GDP (next to worst nationally), sales tax liability (38th), state minimum wage of $13 per hour (32nd), debt service as a share of tax revenue (27th), workers compensation costs per $100 of payroll (23rd), property tax burden (21st), corporate income tax rate (19th) and remaining tax burden (31st).

Tax reform is a point of contention between Gov. Ron DeSantis and the Legislature. DeSantis wants a one-time $1,000 rebate for homeowners and a ballot initiative placed on the 2026 ballot, while the House of Representatives has passed a bill that would slice the state's sales tax from 6% to 5.25%.

The state's economic outlook was down one place and down 13 places from 2021.

In economic performance, Louisiana was worst, followed by Alaska, Connecticut, Illinois and West Virginia.

The report was co-authored by economist Dr. Arthur B. Laffer (who was former President Ronald Reagan's top economic advisor), policy expert Stephen Moore and ALEC president and chief economist Jonathan Williams.