The DeSantis Boom: Florida Economy Soars As State Records Highest Budget Surplus Ever

The DeSantis Boom: Florida Economy Soars As State Records Highest Budget Surplus Ever

Max Keating on July 8, 2022

Florida ran a budget surplus of $21.8 billion in fiscal year 2021-22, the highest in state history, Republican Gov. Ron DeSantis announced on Thursday.

“Despite the headwinds created by the Biden administration’s policies, Florida is in a strong fiscal position because we preserved freedom and kept our economy open,” said DeSantis. “Our responsible policies have allowed us to make record investments to support our communities, promote education, protect the environment, and provide record tax relief for Floridians, all while building record reserves to protect the state against the reckless fiscal policies from Washington.”

Tax revenue in May came in at $742 million above estimates, and preliminary data for June collections are approximately $950 million above projections, the governor’s office announced. It is unclear how much federal coronavirus aid accounts for the state’s record surplus.

Florida’s unemployment rate remained steady at 3.0%, more than half a point lower than the national average of 3.6%, marking 18 consecutive months of stronger employment in Florida than the broader U.S. economy, the Thursday press release from the governor’s office said.

“We have a working product in FL,” said Christian Ziegler, vice chairman of the @FloridaGOP. “The No. 1 way you can measure success of states is economy, job performance & people moving to or from states. And the state of Florida is winning that battle. https://t.co/m8vcA1yA6U

— Christian Ziegler 🇺🇸 (@ChrisMZiegler) July 3, 2022

DeSantis has been a bellwether for conservative policymaking since the pandemic began, having opted to keep the economy open rather than imposing harsh lockdowns, an approach that has led him to frequently lock horns with President Joe Biden.

Florida’s first quarter gross domestic product grew by a whopping 12% year over year — significantly outperforming the U.S. economy, which declined by 1.6% in the first quarter, according to Miami-based journalist Brian Mudd.

In part because of this booming economy Florida has been the top destination for relocations in recent years, according to Tampa Bay 10.

DeSantis’ office did not immediately respond to the Daily Caller News Foundation’s request for comment.