The Gross Domestic Product (GDP) of Florida in 2006 was $713.5 billion. Its GDP is the fourth largest economy in the United States. Personal income was $36,665 per capita, ranking 20th in the nation. Tourism makes up the largest sector of the state economy. Warm weather and hundreds of miles of beaches attract about 60 million visitors to the state every year. Amusement parks, especially in the Orlando area, make up a significant portion of tourism. The Walt Disney World Resort is the largest vacation resort in the world, consisting of four theme parks and more than 20 hotels in Lake Buena Vista, Florida; it, and Universal Orlando Resort, Busch Gardens, SeaWorld, and other major parks drive state tourism. Many beach towns are also popular tourist destinations, particularly in the winter months.

The second largest industry is agriculture. Citrus fruit, especially oranges, are a major part of the economy, and Florida produces the majority of citrus fruit grown in the U.S. � in 2006 67 percent of all citrus, 74 percent of oranges, 58 percent of tangerines, and 54 percent of grapefruit. About 95 percent of commercial orange production in the state is destined for processing (mostly as orange juice, the official state beverage).^[59] Citrus canker continues to be an issue of concern. Other products include sugarcane and celery.^[60] The Everglades Agricultural Area is a major center for agriculture. The environmental impact of agriculture � especially water pollution� is a major issue in Florida today.

Phosphate mining, concentrated in the Bone Valley, is the state's third-largest industry. The state produces about 75 percent of the phosphate required by farmers in the United States and 25 percent of the world supply, with about 95 percent used for agriculture (90 percent for fertilizer and 5 percent for livestock feed supplements) and 5 percent used for other products.

Since the arrival of the NASA Merritt Island launch sites on Cape Canaveral (most notably Kennedy Space Center) in 1962, Florida has developed a sizable aerospace industry.

In addition, the state has seen a recent boom in medical and bio-tech industries throughout its major metropolitan areas. Orlando was recently chosen as the official site for the new headquarters of the Burnham Institute, a major bio-tech and medical research company.

The state was one of the few states to not have a state minimum wage law until 2004, when voters passed a constitutional amendment establishing a state minimum wage and (unique among minimum wage laws) mandating that it be adjusted for inflation every six months. Currently, the minimum wage in the state of Florida is $6.79 as of January 1, 2008.

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 businessmen such as Henry Plant and Henry Flagler developed railroad systems, which led people to move in, drawn by the weather and local economies. From then on, tourism boomed, fueling a cycle of development 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.

Florida is one of the nine states that do not impose a personal income tax. The state had imposed a tax on "intangible personal property" (stocks, bonds, mutual funds, money market funds, etc.), but this tax was abolished after 2006. The state sales tax rate is 6%. Local governments may levy an additional local option sales tax of up to 1.5%. A locale's use tax rate is the same as its sales tax rate, including local options, if any. Use taxes are payable for purchases made out of state and brought into Florida within six months of the purchase date. Documentary stamps are required on deed transfers and mortgages. Other taxes include corporate income, communication services, unemployment, solid waste, insurance premium, pollutants, and various fuel taxes.

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