Blueprint for an Innovation Economy in Florida Research as Economic Foundation | Page 5

THE OPPORTUNITIES OF A RESEARCH GROUNDED ECONOMY
FIGURE 1:
Data Source BEA, http://www.bea.gov/regional/index.htm. Last updated: December 7, 2016 – revised statistics for 1997-2015.
A Threat and Opportunity for Florida
GDP Per Capita, CA, TX, NY & FL; 97-15 (In Chained 2009 Dollars)
$65,000
$63,390
$60,000
$56,851
$54,964
$55,000
$50,054
$50,000 $49,045
$45,000
$41,366
$41,345
$40,000
$39,218
$40,781
$35,372
$35,000
Axis Title
Florida
California
ECONOMIC RESILIENCE:
Economies grounded with research have
shorter, tamer recessions and better economic
performance. As measured by Gross State
Product per capita, New York’s economy peaked
in 2007 with a bottom in 2008. Full recovery was
in 2010; three years total. California’s economy
peaked in 2007 with the bottom reached in 2009.
Recovery to peak occurred in 2014; seven years
total. Texas’s economy peaked in 2007, bottomed
in 2009 and fully recovered to peak by 2012; five
years total. Florida’s economy peaked in 2006,
bottomed in 2012 and has yet to recover to peak;
nine years and counting.
Texas
New York
United States
INCREASES IN ESSENTIAL SERVICES
OR LOWER TAXES:
Higher production can result in additional
resources available for citizen services or
lower tax rates. In 2015, Florida state and local
government outlays amounted to 19 percent
of Florida’s Gross State Product, closer to
California’s 20 percent and New York’s 22 percent,
than Texas’s 15 percent. During this same period,
state and local government outlays in Florida were
$7,364 per resident, while California and New
York disbursed $11,368 and $13,957 per resident.
Texas, with higher production per capita, was able
to invest $8,196 per resident or $832 more, while
requiring 21 percent less of taxpayer production
as a percentage of the total. 1
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