Economic Analysis

Florida’s GSP Beats the U.S. Average, but Focus Remains on Low-Skill Industries

Florida’s GSP Beats the U.S. Average, but Focus Remains on Low-Skill Industries

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Will Florida Become the New Mississippi?

In 1997, gross state product (GSP) per non-farm payroll employee in Mississippi was 30% lower than in Florida. Few analysts back then, if asked, would have projected Mississippi to match Florida fifteen years later. In 2012, however, by that measure of labor productivity the magnolia state was one percent ahead of the sunshine state. More realistically, given how hard it is to measure value added, the two states were essentially the same. Over the 15 years, output per worker rose 76% in Mississippi, more than three times Florida’s 22%.
 

The Florida Retirement System: A Poster Child for State Government Budgeting

Most state and local governments offer their employees defined benefit (DB) retirement plans, which guarantee steady income for the remainder of the beneficiary’s life. This is in contrast to many private sector jobs where DB pensions are scarce, as most have transitioned to employee-managed defined contribution (DC) plans, in which the employee is responsible for managing their retirement assets personally (e.g., 401(K)).

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