February 28, 2024
Strategically Aligned

Florida's top assets
Key Industries

Strategically Aligned

| 1/17/2024

Many states compete to attract new business, but few can match the scale and scope of Florida's industry assets. Boasting a large and well-trained workforce, competitive costs, superior global connectivity and ready proximity to wide-ranging markets, Florida has a proven record of success across these key industry sectors.

Information Technology

No. 1 New tech business establishments in 2022

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.

Clean Technology

No. 2 Solar jobs (11,761)

No. 3 Cumulative solar capacity

No. 4 Solar industry growth

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

Life Sciences

No. 2 Pharmaceuticals and medicine manufacturing industries

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 possible every day in medical treatment, pharmaceutical development and biotech research. Thanks to more than 700 hospitals, the presence of such industry leaders as Actavis, Arthrex, Bristol-Myers Squibb, Johnson & Johnson and Medtronic, plus a university system committed to pursuing life sciences R&D, lives are saved daily. More than 2,300 establishments operate within the Florida biotech, pharmaceutical and medical development sector, and approximately 32,000 jobs are supported across life sciences.

Aviation & Aerospace

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

6 Commercially licensed spaceports

8 Active launch licenses held by private industry

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

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. Florida is home to the third-largest U.S. cluster of insurance and banking companies.

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.

Defense & Homeland Security

No. 2 Aerospace products and parts manufacturing

No. 2 Space and defense systems manufacturing

No. 3 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-plus defense-related companies, Florida is consistently among the top-five states to receive DOD contract awards. Almost all major U.S. defense contractors, as well as many from abroad, have significant operations in Florida.

 

Florida's top assets

 

Tags: Business Florida, Competitive Assets

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