December 5, 2022
In Good Company

Florida's top assets
Industries

In Good Company

| 11/9/2022

Many states compete to attract new business, but few are able to match the scale and scope of Florida’s industry assets. Even in the midst of a worldwide pandemic, Florida’s economy flourished thanks, in large part, to the robust assets this state has come to be known for: competitive costs, a top-ranked workforce and ready proximity to domestic and global markets. So while many states lost businesses in 2020-21, Florida was busy attracting new ones across nine key industry sectors.

Manufacturing

No. 2 Manufacturing job growth since 2016

20K+ Manufacturing companies

380K Manufacturing industry employees

Florida’s manufacturers produce a wide variety of goods, including aerospace products and parts, boats, batteries, communication equipment, food and beverages, plastics, pharmaceuticals, semiconductors and textiles. This vital sector continued to operate throughout the pandemic and, at a moment’s notice, often pivoted to produce products and component parts necessary to overcome shortages in our national stockpiles and critical supplies we’ve come to rely on other countries to produce for us.

Defense & Homeland Security

No. 2 Space and defense systems manufacturing

No. 2 Aerospace products and parts manufacturing

No. 3 Largest veteran population in the U.S.

Florida is home to one of the nation’s largest defense and homeland security industries. Boasting 21 major military installations, three unified combatant commands and two component commands and 23,000+ defense-related companies, it should come as no surprise to learn Florida is consistently among the top 5 states in the nation to receive DOD contract awards on a consistent basis.

Logistics & Distribution

No. 1 Air cargo with Latin America and the Caribbean

No. 2 Largest Foreign Trade Zone network in the U.S.

No. 3 Largest cluster of transportation and warehouse establishments in the U.S.

As a leading international trade center and home to an extensive multimodal transportation system, Florida excels at moving people, products and services anywhere FAST! Most key global shipping lines and airline alliances (including specialized cargo operators), 3PLs and VALs have a presence in Florida. And never was that more apparent and needed than at the height of the pandemic. When West Coast ports became so inundated with cargo they could barely keep up with the flow, let alone try to ship it properly, Florida’s ports stepped in to help, sharing cranes, berths, trucks and plain old muscle power to keep things moving at a steady pace.

Life Sciences

No. 2 Largest pharmaceuticals and medicine manufacturing industry

No. 2 Medical device manufacturing industry

No. 3 Total medical technology employment

Florida’s biotechnology, pharmaceutical manufacturing and medical device manufacturing industries make cutting-edge breakthroughs in medical treatment, pharmaceutical development and biotech research possible every day. Thanks to some 700+ hospitals, the presence of such industry leaders as Actavis, Arthrex, Bristol-Myers Squibb, Johnson & Johnson and Medtronic, and a university system committed to pursuing life sciences R&D, lives are saved daily and some 32,000 jobs are supported.

Aviation & Aerospace

No. 2 Aviation & aerospace establishments, including 3 Space Ports

No. 5 Best undergrad aerospace engineering program, Embry Riddle Aeronautical University

Worldwide leader in active launch licenses held by private industry (8 of 17)

Home to Kennedy Space Center, Cecil Spaceport and Cape Canaveral Space Force Station, Florida remains the undisputed air traffic hub of the Americas, a major center for maintenance, repair and operations, and home to more than 2,300 aircraft and aviation/aerospace establishments. Following its 50th anniversary celebration of the lunar landing in 1969, NASA has taken its first step toward returning astronauts to space in 2024, landing its unmanned Artemis I rocket on the dark side of the moon with the eventual goal of carrying astronauts to Mars.

Corporate Headquarters

No. 1 Best tax climate in the Southeast

No. 3 Largest civilian labor force

No. 4 Best tax climate nationwide

Corporate headquarters are easily drawn to Florida for its highly favorable business climate, which includes a low corporate tax burden, no personal income tax and modern infrastructure. More than 300 international companies have established a presence here.

Financial & Professional Services

No. 3 Largest insurance industry in the U.S.

No. 4 Largest financial services industry in the U.S.

93 Commercial banks with $208 bil. in assets under management

A diversified economic structure has fueled Florida’s ability to become a true global player in providing high value-added services in finance, insurance, engineering, accounting and consulting. Ready proximity to and cultural connections with Latin America have further enhanced Florida’s reputation as an international banking center and leading location for shared services.

Clean Technology

No. 2 Solar jobs

No. 3 Cumulative solar capacity

No. 4 Solar industry growth

Floridians recognize the undeniable link between sustainability and the economy and as a result, this state is hard at work finding ways to build a leading clean energy hub by harnessing two of this state’s greatest natural assets — sunshine all across the peninsula and Gulf Stream currents along its 1,350-mile coastline.

Information Technology

No. 1 New tech business establishments in 2021

No. 2 Net tech employment job gains

No. 3 Growth in employer job postings for tech openings

Since birthing the IBM PC in Boca Raton four decades ago, Florida has remained at the forefront of IT innovation. With more than 33,000 high-tech companies in residence, Florida’s strengths are wide ranging — from computer systems design, photonics and mobile technologies to modeling, simulation and training.

 

Florida's top assets

 

Tags: Business Florida, Competitive Assets

Florida Business News

Florida Trend Video Pick

Florida Trend Announces the Floridian of the Year
Florida Trend Announces the Floridian of the Year

Florida's costly legal system; Hurricane season ends; Florida's jobless comp remains unchanged since '99; Development slows in South Florida; Floridian of the Year.

Video Picks | Viewpoints@FloridaTrend

Ballot Box

Is it your opinion that the coronavirus pandemic has ended in the United States?

  • Yes
  • No
  • Unsure
  • Need more information
  • Other (Please share your comments in the comment section below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701
727.821.5800

© Copyright 2022 Trend Magazines Inc. All rights reserved.