Miami-Dade County experienced more growth in its local economy in a four-year period than any other county in Florida, according to a recent study from finance site SmartAsset.
The study found that Miami-Dade County’s gross domestic product (GDP) grew by almost $10.8 million between 2013-2016. Miami-Dade was followed by Broward County ($7.8 million) and Palm Beach County ($6.1 million). GDP measures the total value of goods produced and services provided.
“By looking into GDP growth, we can find signs of productivity in an economy, and Miami-Dade led the state of Florida for this category,” said SmartAsset Senior Editor Ross Urken. “For residents of South Florida, this can be an encouraging sign as a productive economy can often signal opportunities for jobs and new business.”
But while Miami-Dade had South Florida’s largest GDP, Palm Beach led in business growth. SmartAsset reports the number of businesses in the county increased 7.9 percent during the study period, indicating more individuals are launching new ventures in the area. Of the three counties, Palm Beach also received the most federal funding in the form of contracts awarded to businesses.
Florida’s total GDP hit $1 trillion in July, according to the state’s Chamber of Commerce. The biggest drivers of the Sunshine State’s GDP are tourism, agriculture, international trade, aerospace and aviation, life sciences and financial services, Investopedia reports.
Florida has the fourth-largest economy in the U.S., behind California, Texas and New York.