Florida is poised to lead the U.S. economy in 2021 as the state and nation look to recover from the COVID-19 pandemic. In Florida TaxWatch’s 2021 economic preview, the state’s Real Gross State Product (RGSP) was projected to grow this year at an uber-healthy 4.9 percent clip.
That growth would out-pace other bellwether states such as Texas (4.0 percent) and the U.S. as a whole (3.6 percent). The nearly 5.0 percent growth rate would be some 1.5 percent ahead of the state’s 2015 to 2019 annual growth, which averaged 3.4 percent.
“Overall, Florida’s economy in 2021 will be uncertain, influenced largely by pandemic changes, but there is reason to believe next year will be a hopeful year of growth for a state on the road to economic recovery,” said Florida TaxWatch President and CEO Dominic M. Calabro in December.
Florida’s unemployment was projected to fall to around 5.5 percent in 2021, down from a peak of 13.8 percent in April 2020 at the start of the pandemic during lockdown.
Florida Sectors on the Move in 2021
The Leisure and Hospitality sector is projected to lead growth in Florida in 2021 at 11.9 percent, thanks in large part to companies adding jobs back that were lost in 2020 because of the pandemic.
Looking ahead, Financial Activities is projected to led growth between 2020 and 2023 built around the sector’s remote work capabilities.
According to TaxWatch the projected growth by sector in Florida for 2021:
- Leisure & Hospitality 11.9 percent
- Education & Health Services 8.1 percent
- Financial Activities 8.1 percent
- Information 7.0 percent
- Professional & Business Services 6.4 percent
- Wholesale Trade 5.1 percent
- Transportation 2.1 percent
- Retail Trade 2.0 percent
- Construction 1.9 percent
- Manufacturing 1.7 percent
17 Florida Companies Experiencing 500+ Percent Growth
Another way to keep a finger on the pulse of industry growth in Florida for 2021 is to look at the fastest growing companies across the state. Inc. magazine released its “Top 250 Fastest-Growing Private Companies in Florida” and 17 of the high-rising companies have growth at 500 percent or greater.
“The companies that made our ranking set a high bar. In a period when so many businesses lack clarity, these leaders are bound to be the first to get to tomorrow.” Inc. said.
Here are the 17 fastest growing companies in Florida in 2021:
- Glad Empire (Media) Orlando 4,721 percent growth
- KNA Solutions (HR) Miami (Parkland) 3,238 percent growth
- springbig (Advertising & Marketing) Miami (Boca Raton) 2,013 percent growth
- FASTer Way to Fat Loss (Health) Tampa (Largo) 1,900 percent growth
- Equity & Help, Inc. (Real Estate) Tampa (Clearwater) 1,356 percent growth
- Quick’rCare (Software) Orlando/Miami 1,191percent growth
- Professional Hair Labs (Manufacturing) Tampa (Zephyr Hills) 1,106 percent growth
- Real Advisors (Education) Tampa 864 percent growth
- ZeroBounce (Software) Miami (Boca Raton) 815 percent growth
- Xendoo (Financial Services) Miami (Fort Lauderdale) 668 percent growth
- Equity Solar (Energy) Orlando (Saint Cloud) 634 percent growth
- Engineered Design Services (Engineering) Miami (West Palm Beach) 598 percent growth
- reCommerce (Advertising & Marketing) Miami (Deerfield Beach) 580 percent growth
- ShipMonk (Logistics & Transportation) Miami (Fort Lauderdale) 569 percent growth
- X Social Media (Advertising & Marketing) Orlando (Winter Garden) 562 percent growth
- Go Solar Power (Energy) Miami (Boca Raton) 545 percent growth
- Bat Club USA (Retail) Miami 543 percent growth
Contact PRT Staffing today to find out how our team can help you build your team to succeed as Florida’s economy recovers.
