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

REUTERS/Carlo Allegri

Daily Caller News Foundation logo
Max Keating Contributor
Font Size:

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. (RELATED: Red States Doing Way Better Economically Than Blue States Post Pandemic)

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.

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.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.