Governor Rick Scott today highlighted key points from a report issued by Moody's Investors Service that highlighted Florida's economic turnaround.
Governor Scott said, "This report is more proof that our economic policies of the last two years have put Florida's economy back on track. We were one of the states hardest hit by the economic downturn and the resilience of Florida's families and businesses have brought us back. Our unemployment rate had the second fastest drop in the nation since I took office and our economic fundamentals are strong. It's working in Florida and our families now have opportunities to live the American Dream in the Sunshine State. Our economy is back on track because we focus every day on creating new jobs for our families."
The study, "Florida Back on Track," forecasts that "Florida's 2013 employment growth is expected to increase 1.9%, surpassing the national rate of 1.3% and remain higher than the nation over the forecast period through 2017. Over the long term, Florida's economic performance is expected to be strong due to robust population growth and solid economic fundamentals.
Governor Scott added, "This report documents the changes that Floridians are seeing every day. In a little over two years since I've taken office, we've created more than 330,000 private sector jobs -- and we are now closing in on the halfway point to our goal of creating 700,000 jobs in seven years. We've made the touch choices necessary to balance the budget, and now we are enjoying the first budget surplus in years."
Moody's credits the strong population growth and solid economic fundamentals to predictions of long term economic growth. "Over the long term, Florida's pace of growth is expected to outpace the nation due to the state's favorable climate and low cost of living as well as strong demographic and economic fundamentals," according to the report.