Florida's $1.8 trillion economy surpassed Australia to rank 14th in the world

Attracting capital, talent and companies at a historic clip, Florida is no longer just competing with rival states – it's competing with global economies.

New data from the Florida Chamber of Commerce shows the Sunshine State's $1.8 trillion economy has climbed to No. 14 in the world, according to the Florida Chamber Foundation. The chamber says the rate reflects the state's emphasis on low taxes, streamlined regulations and free enterprise.

“The best way to help America move forward is for Florida to lead the country forward when it comes to free enterprise and freedom,” Florida Chamber of Commerce President and CEO Mark Wilson told Fox News Digital. “If we can follow Florida's lead, everyone wins.”

Last week, the chamber announced that Florida had moved up to No. 14 among the world's largest economies by gross domestic product (GDP). The country's economy reached $1.8 trillion after growing by 6.3% last year, surpassing Australia and Mexico, according to the chamber. Florida now trails South Korea at No. 13 and would need about 2% more growth to overtake it and 21% more growth to overtake Canada, which is ranked number 10.

CALIFORNIA WEALTH CHARTS QUIET WAY TO FLORIDA AS GULF COAST INTO MULTIBILLION-DOLLAR LIFE

“We are trying to increase the private sector and reduce the public sector,” explained Wilson. “I talked about the 'death spiral,' if you look at New York, if you look at Illinois, New Jersey, Minnesota, California, they keep raising taxes. They keep increasing government regulations, and they keep forcing people to leave their states or encouraging people to leave their states … so it only increases our determination.”

The daily migration of people in Florida has normalized from the increase of the epidemic to about 500 to 600 people per day, however the migration of wealth remained strong at more than 4 million dollars every hour. That metric remains strong, Wilson said, as “places like New York and California are losing people, losing wealth, losing businesses and places like Florida are increasing.” [them].”

While tourism, agriculture and construction remain the primary industries, the Chamber's data shows Florida ranks No. 1 nationally for new business start-ups and manufacturing job growth. Wilson also highlighted the growth of aerospace, defense, fintech, healthcare, transportation and Central Florida's $11.6 billion modeling and simulation industry.

“Our secret sauce in Florida is that this has been part of a 20-year plan,” the CEO said. “From the governor to the legislature, almost all of us in the business community, we've been on a very focused path here to do the right things from a policy standpoint so we can grow Florida the right way. So people can work, people can live the American dream, and we can show the rest of the country and the world how it's done.”

Wilson pointed out that treating the state as a low-debt business protects local businesses from the national economic crisis and Washington's debt crisis, with the chamber reporting that Florida has the lowest national debt per capita at less than $1,000 per resident. By comparison, New York carries more than $6,500 in federal debt per resident.

However, a recent Bloomberg analysis found that data from the US Bureau of Economic Analysis shows the combined cost of living in the Miami, Fort Lauderdale and Palm Beach region – the so-called “Gold Coast” – is about 5% higher than the New York metropolitan area and surrounding areas.

“We are going deep into that [report]”That's not really comparing New York to Florida, it's comparing Miami to New York City,” Wilson replied. “And what we're looking at is not just the cost of living, but things like crime. Miami is now one of the safest places in America… It's safe to walk the streets at night. Sometimes there's no price tag to put on some of these amenities that Florida has.”

“Our country is now on a path where some of these doomsday states like New York have adopted welfare policies that, of course, never work. They take away freedoms and raise taxes and regulations.”

“The leadership in the Miami area, I've talked to them and we're partnering that over the next few years, we're going to continue to do things like improve the education system that's already amazing, and make sure we have affordable workforce housing solutions so more people can live the American dream right here in Florida,” he continued.

Wilson also discussed billionaires and large corporations moving to the Sunshine State, responding to critics who say the influx has driven up housing costs and inflation for working-class families.

“They are looking for places where they are accepted,” he said. “What's interesting is that a lot of billionaires are moving to Florida, but they're also investing in Florida businesses … There's no doubt that when more wealth moves to an area, it can increase the cost of living in an area. There's no doubt that's true … But it also brings with it an incredible value proposition of more wealth, more jobs, more businesses.”

“I would hate to be New York, Illinois or California, where the millionaires are leaving, the millionaires are leaving, the middle class is leaving. And nobody is left paying taxes.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Wilson and the chamber are confident that Florida can reach the top 10 economies in the world by the end of the decade. The Florida 2030 Blueprint outlines a 10-year strategy that addresses fiscal, workforce and community goals, with a focus on life sciences, defense, ag-tech, commercial space, logistics and cybersecurity.

“It's like a military operation where we have all the branches, from education to infrastructure, tax, control, prosecution – we all realize that we have a country to save,” said the CEO of the chamber. “If we're better than other states on certain metrics, those states can raise their game. If other states find some things that Florida can learn from, we'll learn from them, and that will make America better.”

READ MORE AT FOX BUSINESS