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Overview 

As the fourth largest state with a population of 22.6 million, Florida plays a big role in the U.S. economy. The state has a GDP of $1.3 trillion, and construction contributed $75 billion to the state’s GDP. 

Major Projects and Growth Opportunities 

Infrastructure is a big focus in Florida, and there are many big infrastructure projects in development right now. Projects like Brightline’s high-speed rail connecting Miami to Orlando will improve travel and are expected to have a positive impact on tourism, a key market in the state. Urban redevelopment projects in Jacksonville and Tampa lead to more people moving to these areas. Tech hubs in Miami encourage smaller startup companies to move to the city, boosting  the economy. 

Sustainability and Infrastructure Investments 

Florida is dealing with climate change, including rising sea levels and extreme weather. The state is investing in renewable energy, focusing on solar power. Counties like Miami-Dade are improving flood defenses with better drainage and green infrastructure. There are also efforts to modernize transport with electric vehicle infrastructure and more vital roads. 

Challenges 

Construction professionals looking to conduct business in Florida need to be aware of the state’s income inequality issue. Miami alone has the fifth-highest income inequality in the U.S. The lack of affordable housing worsens the impact of this issue, with residents spending more than 40% of their income on rent. Climate change is a constant threat, especially to coastal areas of the state, leading to higher insurance costs and property damage. 

Future Outlook 

The future of Florida and the construction industry looks bright, with tech and renewable energy investments set to drive innovation and diversify the economy. Emerging fields like biotech and clean energy could boost the economy, and policies focused on sustainable development and workforce training will shape Florida’s future. 

WPP Florida CHART_20241118.01

 

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Top 50 Cities in Florida

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