A new report from an economic forecasting firm finds that Floridians are the victim of excessive litigation – costing the state’s economy nearly $12 billion in lost productivity and over 126,000 fewer jobs. That’s according to a new study conducted by the Perry Group on behalf of Citizens Against Lawsuit Abuse.
Specifically, the report found that the retail trade sector was harmed the most losing an estimated 39,413 jobs following by business services and the health services sector.
The report also found that excessive litigation costs each Floridian $357 in lost personal income. Total that up and it’s $7.5 billion.
“These findings detail how Florida’s lawsuit abuse climate is holding back our economy and costing every person real money,” said William Large, president of Florida Justice Reform Institute. “The Florida Justice Reform Institute’s entire mission is focused on fighting wasteful civil litigation. Now, this landmark report reveals just how much work we have to do in Florida.”
To conduct the study, the Perryman Group quantified Florida’s excess litigation costs using Ohio as a benchmark. Ohio ranks near the middle in a recent 50-state lawsuit climate survey. Florida ranked 46th. Using that benchmark, the study measured the dynamic effects of excess costs.
The Perryman Group has conducted similar analyses for ten federal cabinet departments and the Federal Reserve.