Economy in Miami: subtleties and nuances

Florida (Spanish for “Land of Flowers”) is the southernmost state in the southeastern United States of America.

Florida is the 22nd largest, 3rd most populous and 8th most populous U.S. state.
Tourism, industrial production, construction, international banking, medical services, healthcare research, higher and secondary educational institutions, aerospace and defense industries are the main areas that contribute to its economic development.

The gross domestic product (GDP) of Florida as of 2018 was $1 trillion. The state has consistently ranked fourth in terms of GDP in the United States, and since 2010 has also ranked fourth in terms of exports of goods. The main branches of the state’s gross output are general and financial services, trade, transport, utilities, manufacturing and construction, respectively.

Due to its diverse population and rich economic base, Florida is home to many small businesses that thrive despite the presence of “heavyweights” (large companies).