In Florida, we’re accustomed to preparing for hurricanes. A group of Florida’s leading CEOs want to ensure we’re also prepared to weather inevitable economic storms — and they’ve devised an economic development strategy to help fortify the state.
That blueprint identifies key industries in specific regions that will foster higher-wage and resilient jobs. By focusing on those sectors, the council estimates Florida could add up to 200,000 new jobs by 2030, contributing nearly $100 billion in added GDP.
“You really want industries that will pop back up in a reasonable amount of time without too much job loss [following an economic downturn], and also generate high-wage jobs to be able to sustain the cost of living in Florida, given that in some of these regions in Florida we’re really no longer a low-cost market,” says Mike Simas, president and CEO of the Florida Council of 100.
Research by McKinsey & Co. provided the underpinnings for the report. Simas says the council also talked with university presidents and other stakeholders for about a year to confirm whether they were seeing growth in the sectors McKinsey identified.
The resulting report identifies in each region “foundational” clusters, which are vital to the economy but don’t necessarily generate high-wage jobs; regional “best bets,” which target industry clusters that will drive the future economy; and “emerging clusters,” which hold promise but aren’t fully mature assets.
In Central Florida, for instance, real estate, tourism, health care and transportation are identified as foundational — whereas best bets include the aerospace and defense industries, as well as business services. Emerging clusters pinpointed in the region include semiconductor manufacturing, IT and technology.
The aim of the initiative is for members of Florida’s economic development community to align resources and focus their energy and investments on growing the best bet clusters.
Part of that effort, says Florida Council of 100 Chair Eric Silagy, includes getting economic developers across the state talking, sharing and understanding what every region has to offer. That way, they’ll be able to steer a company to the right person in another part of Florida if theirs isn’t the best fit for a potential relocation.
“Being able to say here’s a name, and a number, and here’s who you should talk to — that makes all the difference in the world for that person to make that call, instead of picking up the phone and talking to someone in Atlanta or Dallas,” Silagy says.
Florida’s Best Bets and Emerging Clusters
NORTHWEST
- Aerospace & Defense
- Business Services
- Distribution & Logistics
- IT & Tech (emerging)
- Manufacturing (emerging)
NORTHEAST
- Business Services
- Distribution & eCommerce
- Finance & Insurance
- Advanced Manufacturing
- Aerospace & Defense (emerging)
- Health Services + Biopharma & MedTech (emerging)
CENTRAL WEST
- Distribution/Logistics & eCommerce
- Finance & Insurance
- Health Services + Biopharma & MedTech
- IT & Tech (emerging)
CENTRAL & CENTRAL EAST
- Aerospace & Defense
- Business Services
- Semiconductor Manufacturing (emerging)
- IT & Tech (emerging)
SOUTHWEST
- Distribution & eCommerce
- Health Services + MedTech
- CleanTech (emerging)
RURAL AREAS OF OPPORTUNITY
- Distribution & Logistics
- Manufacturing (including Aerospace/Defense)
- Agribusiness (emerging)
SOUTHEAST
- Distribution & eCommerce
- Finance & Insurance
- IT & Tech
- Aviation & Aerospace (emerging)
- Health Services + Biopharma RURAL AREAS OF & MedTech (emerging)
Note: In addition to Manufacturing and Advanced Manufacturing being specifically designated as Best Bets or Emerging clusters in some regions, Manufacturing and Advanced Manufacturing subsectors have been embedded in associated clusters (e.g., Aircraft Engine and Engine Parts Manufacturing in the Aerospace & Defense cluster).
Maps: Beyond Sunshine: Advancing Florida’s World Class Economy for the Next Generation, The Florida Council of 100