Economy
The gross state product of Florida in 2005 was $596 billion. Personal income was $30,098 per capita, ranking 26th in the nation.
Florida's economy relies heavily on tourism. About 60 million visitors visit the state every year. Warm weather and hundreds of miles of beach attract vacationers from around the world. The Walt Disney World Resort, a mega-resort consisting of four theme parks, more than twenty hotels, water parks, shopping centers, and other attractions, is an important tourist attraction located in Lake Buena Vista. Together, Walt Disney World, and other theme park resorts such as Universal Orlando Resort and SeaWorld, are an important driver of the Central Florida economy.
Other major industries include citrus fruit and juice production, banking, and phosphate mining within the Bone Valley region. With the arrival of the space program at Kennedy Space Center in the 1960s, Florida has developed a sizeable aerospace industry. The state did not have a state minimum wage law until November 2, 2004, when voters passed a constitutional amendment establishing a state minimum wage and mandating that it be adjusted for inflation every six months.
Historically, Florida's economy was based upon cattle farming and agriculture (especially sugarcane, citrus, tomatoes, and strawberries). In the early 1900, land speculators discovered Florida, and Plant and Henry Flagler developed railway systems, which led people to move in, drawn by the weather and local economies. From then on, tourism boomed, fueling a cycle of development and tourism that overwhelmed a great deal of farmland.
In 2004 and 2005, key industries along the west coast—commercial fishing and water-based tourist activities (sports fishing and diving)—were threatened by outbreaks of red tide, a discoloration of seawater caused by an efflorescence of toxin-producing dinoflagellates.
Source: http://en.wikipedia.org/
