Florida’s economy is growing, but at a slower rate than seen by most states, according to an index by the Federal Reserve
The index compiled by the Philadelphia branch of the Federal Reserve shows Florida’s economy up 1.9 percent in June compared to a year ago. That’s down slightly from growth seen during 2012, when the “Philly Fed” index for Florida was up about 2.2 percent each month. But it’s a big change from the depths of the recession in 2009, when the index would drop about 8 percent each month.
Florida’s 1.9 percent growth puts it in the bottom tier of the other states and the District of Columbia, finishing 39th. The No. 1 slot went to Idaho, with a 4.4 percent growth rate. The 51st slot went to Alaska, the only state to show a yearly decline with a 2.1 percent drop.
The index tracks payroll employment, manufacturing work hours, unemployment and wage data to estimate economic growth in each state. On average, the states’ indices grew 2.9 percent in June.