According to the U.S. Chamber of Commerce, Florida is the only state in the nation that each year spends more than 3% of our GDP — some $40 billion — on torts.

Florida is in the midst of an economic boom that we could not have contemplated even 20 years ago. Thanks to steady leadership in Tallahassee by Gov. Ron DeSantis and the Legislature, we have a business environment that is attracting employers and talent to our state who will generate economic opportunities for decades to come.

Even with this unprecedented growth, our state leaders know that the work is not yet finished. According to the U.S. Chamber of Commerce, Florida is the only state in the nation that each year spends more than 3% of our GDP — some $40 billion — on torts. The frequently unnecessary litigation involves exorbitant attorneys’ fees, inflated medical expenses to increase payouts and other abuses of the legal system.

These cases affect businesses and consumers beyond those directly involved in the lawsuits. Businesses must allocate more resources to managing risk and often are forced to take unnecessary measures to shield themselves from lawsuits. Consumers, meanwhile, pay more for goods and services, car and homeowners insurance. The Perryman Group, a leading economic and financial analysis firm, has calculated that every Floridian pays an annual “tort tax” of $812.52 each year in increased costs.