Florida just missed a spot in the nation’s top 10 for economic performance in the first quarter of the year.
The U.S. Bureau of Economic Analysis on Tuesday ranked the Sunshine State No. 11 for gross domestic product performance, which increased 2.5 percent from the last quarter of 2017 to the first quarter of 2018.
With $9.9 billion in gross domestic product, Florida accounted for about 5 percent of the nation’s economy for the first three months of the year. It was one of 48 states that saw a bump in GDP over the quarter.
Here are the report’s top insights:
Best- and worst-performing states:
e_SBlt No. 1: Washington; 3.6 percent GDP increase
e_SBlt No. 2: Utah; 3.2 percent GDP increase
e_SBlt No. 3: South Dakota, 3.1 percent GDP increase
e_SBlt No. 50: North Dakota, 0.6 percent decrease
Florida’s highest-contributing sectors:
e_SBlt Real estate and rental leasing: 0.68 percent increase
e_SBlt Agriculture, forestry, fishing and hunting: 0.38 percent increase
e_SBlt Health care and social assistance: 0.27 percent increase
e_SBlt Information: 0.27 percent increase
e_SBlt Transportation and warehousing: 0.24 percent increase
e_SBlt Retail trade: 0.20 percent increase
Florida’s lowest-contributing sectors:
• Utilities: 0.12 percent decrease
• Other services: 0.12 percent decrease
• Arts, entertainment and recreation: 0.10 percent decrease
• Administrative and support and waste management and remediation services: 0.08 percent decrease
• Wholesale trade: 0.03 percent decrease
• Food services: 0.01 percent decrease
Contact this reporter at [email protected] or (727) 892-2249. Follow @malenacarollo.