Florida

Florida is a Southern state in the United States. It is known as the Sunshine State. "Florida" is a Spanish adjective which means "flowery." It was discovered by Spanish explorers during the Easter season, which is called Pascua Florida in Spanish. The U.S. Postal abbreviation is FL.

Economy

The gross state product of Florida in 2003 was $550 billion. The per capita personal income was $30,098, ranking 26th in the nation.

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Florida's economy is heavily based on tourism. Warm weather most of the year and hundreds of miles of beach provide a thriving vacation spot for travelers from around the world. The large Walt Disney World Resort with four theme parks and over twenty hotels plus countless water parks, shopping centers and other facilities, located in Lake Buena Vista drives the economy of that area, along with more recent entries into the theme park arena such as the Universal Orlando Resort. The great amount of sales and tourist tax revenue is what allows the state to be one of the few to not levy a personal income tax. Other major industries include citrus fruit and juice production, banking, and phosphate mining. With the arrival of the space program at Kennedy Space Center in the 1960s, Florida has attracted a large number of aerospace and military industries to the state. Florida did not have any state minimum wage laws until November 2, 2004, when voters passed a Constitutional Amendment requiring inflationary increases to the minimum wage every six months.

Related Topics:
Walt Disney World Resort - Lake Buena Vista - Universal Orlando Resort - Citrus - Fruit - Phosphate - Kennedy Space Center - November 2 - 2004

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Historically, Florida's economy was based upon cattle farming and agriculture (especially sugar cane, citrus, tomatoes, and strawberries). As land speculators discovered Florida in the early 1900's, and when Plant and Flagler developed the railway systems, more people moved in, drawn by the usually good weather. From then on, tourism boomed, fueling a cycle of development and tourism that overwhelmed a great deal of farmland.

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Other key industries, commercial fishing and water-based tourist activities (sports fishing and diving) are threatened by severe Red Tide outbreaks in 2004 and 2005 off the west coast.

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