The economy is largely driven by tourism and elderly residents. While the increase in older residents has been considered a economic liability in other states, they are an asset in Florida.
The Gross Domestic Product (GDP) of Florida in 2007 was $734.5 billion. Its GDP is the fourth largest economy in the United States. In 2010, it became the fourth largest exporter of trade goods. The major contributors to the state's gross output in 2007 were general services, financial services, trade, transportation and public utilities, manufacturing and construction respectively. In 2010–11, the state budget was $70.5 billion, having reached a high of $73.8 billion in 2006–07.
The economy is driven almost entirely by its nineteen metropolitan areas. In 2004, they had a combined total of 95.7% of the state's domestic product.
In 2009, per capita personal income was $37,780, ranking 24th in the nation.
The state was one of the few states to not have a state minimum wage law of its own and was therefore obliged to follow federal minimum wage law. This changed in 2004, when voters passed a constitutional amendment establishing a state minimum wage and (unique among minimum wage laws) mandating that it be adjusted for inflation annually. For 2010, the calculated Florida minimum wage was lower than the Federal rate of $7.25, so the Federal rate controlled.
Florida is one of the seven states that do not impose a personal income tax.
According to a study by Experian, Florida has 4 cities in the top 25 cities in the country with the most credit card debt.
There were 2.4 million Floridians living in poverty in 2008. 18.4% of children 18 and younger were living in poverty.[Miami is the sixth poorest big city in the United States.
The state also had the second-highest credit card delinquency rate, with 1.45% of cardholders in the state more than 90 days delinquent on one or more credit cards.
In 2010, over 2.5 million Floridians were on food stamps, up from 1.2 million in 2007. To qualify, Floridians must make less than 133% of the federal poverty level, which would be under $29,000 for a family of four.