Earlier this month, Florida was listed as among the top states in the nation by U.S. News & World Report.
While the Sunshine State ranked No. 9 overall, it placed as the top state nationwide for the categories of “Education” and “Economy.”
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In fact, this is the second year in a row that Florida ranked as the top state for education, as it came in No. 1 for 2023, as well.
But why did Florida rank so high?
EDUCATION
According to U.S. News, Florida’s placement in the education rankings is largely thanks to its achievement in higher education.
The state’s college graduation rates and tuition fees helped it make the No. 1 spot, though its performance in PreK-12 education specifically left a little more to be desired.
“In higher education, Florida – which is No. 9 in the overall Best States rankings – posted the second-highest rates of timely graduation among students at public institutions pursuing two- and four-year degrees, respectively. Students attending its public, four-year institutions also faced the lowest average amount in the country for in-state tuition and fees. The state fell in the middle of the pack on two other measures of higher education: the average amount of federal student loan debt held by young adults and the share of those 25 and older in the state with at least an associate degree.”
U.S. News & World Report, "Yes, Florida is No. 1 in the Country for Education. Here's Why"
Breaking it down, Florida placed No. 1 for “Higher Education” and No. 10 for “PreK-12 Education.” The subcategories are as follows:
| Education Subcategory | Metric | Metric Value | Ranking |
|---|---|---|---|
| Higher Education | Tuition and Fees | $4,613 | No. 1 |
| Higher Education | 2-Year-College Graduation Rate | 62.90% | No. 2 |
| Higher Education | 4-Year-College Graduation Rate | 74.30% | No. 2 |
| PreK-12 | College Readiness | 20.15% | No. 5 |
| PreK-12 | Preschool Enrollment | 49.30% | No. 12 |
| PreK-12 | High School Graduation Rate | 87.30% | No. 19 |
| PreK-12 | NAEP Reading Scores | 259.63 | No. 21 |
| Higher Education | Educational Attainment | 44.50% | No. 25 |
| Higher Education | Debt at Graduation | $13,872 | No. 26 |
| PreK-12 | NAEP Math Scores | 271.20 | No. 32 |
ECONOMY
The report also shows that Florida’s economic achievements outpaced other states’, moving up six places from 2023.
In particular, GDP growth, a lack of a state income tax, and heavy inbound migration were big contributors to Florida’s No. 1 spot.
According to the most recent stats from the U.S. Census Bureau, over 1 million people moved into the state in 2022, making it a hotspot destination for many.
“The lures, as always, include the warm weather, the lack of a state income tax and a perceived lower cost of living – though the latter factor isn’t borne out in Best States data, with Florida ranking No. 38 on the project’s cost of living metric. Then came COVID-19 in 2020 and DeSantis’ move to keep more places open – a potential draw for residents of states with a stricter pandemic response.”
U.S. News & World Report, "Yes, Florida is No. 1 in the Country for Education. Here's Why"
While insurance and housing issues may cause Florida’s economy to lose ground against other states, its manufacturing power, tourism appeal and high-tech sectors still make it a strong competitor economically.
Breaking it down, Florida placed No. 2 for “Economic Growth,” No. 7 for “Employment” and No. 13 for “Business Environment.” The subcategories are as follows:
| Subcategory | Metric | Metric Value | Ranking |
|---|---|---|---|
| Growth | GDP Growth | 6.18% | No. 1 |
| Business Environment | Tax Burden | 6.95% | No. 2 |
| Employment | Job Growth | 4.84% | No. 2 |
| Growth | Net Migration Rate | 1.68% | No. 2 |
| Business Environment | Business Creation Rate | 4.74% | No. 7 |
| Employment | Unemployment Rate | 2.91% | No. 15 |
| Business Environment | Venture Capital per GDP | $1.87 | No. 24 |
| Growth | Growth of Young Population | -1.59% | No. 25 |
| Business Environment | Top Company Headquarters Per Capita | 1.72 per 1 million residents | No. 30 |
| Business Environment | Patent Creation Rate | 243.63 per 1 million residents | No. 33 |
| Employment | Labor Force Participation | 59.60% | No. 41 |
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