72.6 F
Apopka FL
Saturday, April 17, 2021
Home Business Rich States, Poor States ranks Florida in top 10 for economic outlook

Rich States, Poor States ranks Florida in top 10 for economic outlook

0
A sign welcomes visitors to Florida. Katherine Welles / Shutterstock.com

By Jason Schaumburg | The Center Square

Florida’s economic outlook ranks seventh in the U.S. in the American Legislative Exchange Council Center for State Fiscal Reform’s latest Rich States, Poor States competitive index.

The report uses 15 equally weighted policy variables to rank the economic competitiveness of states, including various tax rates, regulatory burdens and labor policies.

The index also ranks each state in economic performance by examining data over the past 10 years in cumulative GDP growth, cumulative domestic migration and nonfarm employment growth.

Florida’s seventh-place ranking in economic outlook for 2020 represented a rise of two spots from ninth in 2019. In the 15 policy variables used to determine economic outlook, Florida ranked in the top 10 for top marginal personal income tax rate (first), top marginal corporate income tax rate (eighth), personal income tax progressivity (second), no estate/inheritance tax levied (first), recently legislated tax changes (fifth), public employees per 10,000 of population (third), being a right-to-work state and tax expenditure limits (third).

The state ranked sixth in economic performance, finishing 21st in cumulative GDP growth, second in cumulative domestic migration and third in nonfarm employment growth.

The American Legislative Exchange Council is the largest nonpartisan, voluntary membership organization of state legislators in the United States. It is governed by state legislators who comprise the Board of Directors and is advised by the Private Enterprise Advisory Council, a group of private, foundation and think tank members.

LEAVE A REPLY

Please enter your comment!
Please enter your name here