Posted on Thursday, 6.17.2010
Florida Economic Outlook - Miami Real Estate
According to an annual study by the American Legislative Exchange Council, among the 50 U.S. states, Florida’s economic outlook ranks fifth. The 2010 study referred to as the “Rich States, Poor States” study presents state economic outlook rankings based on public policies that have a proven impact on growth. The study reveals which states have the best chance of experiencing economic recovery and which need to revise their policies before they can expect to see improvement.
Ranking 1 through 4 in the study was Utah, Colorado, Arizona and South Dakota. California, Illinois, New Jersey, Vermont and New York were amongst the bottom five states.
The Florida economic outlook improved since the inaugural study done in 2008, moving the state from 16th that year to 11th in 2009. This improvement was made even though Florida was devastated by an unemployment rate high of 10% during most of the past year and a half.
Florida’s highest scores came from its personal income tax rate, state minimum wage and its right-to-work status. The low scores included tax burden and tort litigation treatment/judicial impartiality.
Jonathan Williams, director of ALEC’s tax and fiscal policy task force and the study’s co author said, “Our research shows that states with responsible spending and competitive tax rates enjoy the best economic outlook.” And that “States do not enact changes in a vacuum — every time they increase the cost of doing business in their state, their state brand immediately loses value.”
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