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.
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:
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:
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