By BF Staff
From the July / August 2024 Issue
Florida has seen consistent economic growth compared to the nation as a whole, according to data from the state’s Department of Commerce. In December 2023, FloridaCommerce announced that the state’s labor force was outpacing the nation in over-the-year private sector job growth rate for 32 consecutive months, as of November 2023 data.
“In Florida, we are driving economic success through smart investments in workforce education, strong infrastructure, and local community development,” Governor Ron DeSantis said.
“Florida is No. 1 in the nation for entrepreneurship, talent development and new business formations proving that despite record inflation, national economic headwinds and destructive weather events — with the right leadership growth is inevitable.”
— Florida Secretary of Commerce J. Alex Kelly
Florida Secretary of Commerce J. Alex Kelly, said “2023 brought many milestones for FloridaCommerce and for Florida’s economy. Florida is No. 1 in the nation for entrepreneurship, talent development and new business formations proving that despite record inflation, national economic headwinds and destructive weather events — with the right leadership growth is inevitable.”
Manufacturing is full speed ahead in the state, with a “2023 Florida Manufacturing” report from FloridaCommerce stating that Florida’s manufacturing output (GDP) has grown from $43.5 billion in 2014 to $73 billion in 2022, a 67.8% growth rate over nine years. Florida’s manufacturing employment reached 422,800 in September 2023.
Funding programs in the state are vast, ranging from industry-specific to assisting development in rural locations.
In fall 2023, Gov. DeSantis dedicated $50 million for workforce development in the state’s semiconductor industry.
Also, that year, the Rural Infrastructure Fund (RIF) awarded more than $43.6 million to 22 rural communities in Florida to help facilitate the planning, preparing, and financing of infrastructure projects in rural communities that encourage job creation, capital investment, and the strengthening and diversification of rural economies.
In June 2023, Gov. DeSantis announced more than $6.1 million in awards to military communities through the Defense Infrastructure Grant Program, the Defense Reinvestment Grant Program, and the Florida Dense Support Task Force Grant Program. These programs provide grants to military communities to support infrastructure projects, economic diversification efforts, and military community relations.
Greater Fort Lauderdale Incentive Program Fuels Job Growth
Beyond sunshine, beautiful beaches, an unparalleled quality of life, and an attractive business climate, Greater Fort Lauderdale/Broward County leaders have added a new tool to their economic toolbox to attract high-value jobs— the Broward County Strategic Job Creation Incentive (SJCI).
To further secure Greater Fort Lauderdale’s reputation as a competitive location for high-value job recruitment, the Greater Fort Lauderdale Alliance, which is Broward County’s official public/private partnership for economic development, worked closely with the county Office of Economic and Small Business Development and county administration to develop the new incentive. The program was formalized in late 2023 and is showing initial results.
The SJCI is available for companies that create high wage jobs in targeted high value-added industries including headquarter operations, aviation, technology, and life sciences. This performance-based incentive program provides pre-approved applicants who create jobs with tax refunds per new local full-time equivalent job created. The amount of refund and/or rebate is based on the average wage of the jobs created per year compared to the county average wage. Companies and consultants interested in learning how their company can benefit can reach out to the Greater Fort Lauderdale Alliance for details.
Recent announced projects in the Greater Fort Lauderdale area include:
- Aerothrust, an aviation maintenance repair and overhaul (MRO) company, is adding 85 airframe and powerplant technicians at a new 45,000-square-foot space in Davie, where they are making a capital investment of more than $15 million. The company is also establishing its Academy Center of Excellence for training and will guarantee trainees work for five years.
- ARC-145 is a long-established, FAA-certified, aviation MRO company specializing in avionics and small components for commercial and military planes. The company relocated to a 5,000-square-foot facility in Miramar, where they plan to hire up to 20 employees over the next three years, making a capital investment of $250,000. The company was assisted by the City of Miramar and is working with Broward College to hire apprentices.
- Two Cheney Brothers, Inc. affiliates, Grand Western Beef and Crazy Fish, are expanding into a new 70,000-square-foot processing facility in Pompano Beach, which will be home to about 150 employees. The company is making a capital investment of more than $40 million.
- Chick-fil-A is opening a new food and beverage logistics center in Weston, creating 116 jobs and making a capital investment of $55.5 million. The company was also assisted by FPL’s economic development department.
“We hear from leaders every day that they have never experienced a more business-friendly community than Greater Fort Lauderdale. We are proud that companies and talent continue to choose to make the area their home,” said Bob Swindell, President & CEO of the Greater Fort Lauderdale Alliance.
To learn more, visit LessTaxing.com.
