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Florida ranks 4th in the United States in population, with approximately 17.8 million residents as of 2005. The Sunshine State economy draws upon many resources. Florida relies upon a culturally diverse workforce, which aids its international banking and financial strengths. Florida is the 8th largest producer of exported goods.
Florida’s economy relies heavily upon tourism, with an economic impact of over $57 billion annually. Nearly 1 million people were employed by Florida’s tourism industry in 2005.
Technology has long been an asset to the Sunshine State, following the legacy of the space program since the 1950s. Important technology sectors include aerospace and aviation, information technology, manufacturing, homeland security, defense, and biotechnology and life sciences.
Florida is renowned for its agricultural products. Citrus fruits such as oranges and grapefruits are the top products; Florida provides nearly 40 percent of the world’s orange juice supply. Additional agricultural resources include sugar cane, cattle, tomatoes, dairy products, poultry, and strawberries, among numerous other farmed goods.
In 2005, Florida ranked 34th in the U.S. in median household income at $42,433 and 20th in per capita income (PCPI) at $34,099. The average annual growth rate of PCPI between 1995 and 2005 was 4.2 percent, compared to the average annual growth rate for the nation at 4.1 percent. The Sunshine State boasts a home ownership rate of 72.4 percent. Its unemployment rate is 3.8 percent. Florida offers a renowned quality of life. One aspect of this is its low tax burden, with a state sales tax of 6 percent, a corporate tax of 5.5 percent, and no state income tax. The state’s cost of living varies throughout the state, with Miami ranking above the national average while Pensacola ranks lower than the national average.
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