By Roneshia Thomas
From the July/August 2023 Issue
In addition to having the nation’s third-largest workforce Florida offers a vigorous infrastructure and several incentives across all industries. Infrastructure across the state has been thriving and expanding, making it an attractive location for business.
Florida offers business operations international airports, deepwater seaports, extensive highway and rail networks, and hubs that allow for high-speed data transmission from around the U.S. to Europe, Latin America, and Africa. An extensive transportation network and the second-largest foreign trade zone network in the nation make the Sunshine State an ideal location for logistics and distribution companies. Due to the state’s advantages, 20% of U.S. exporters have settled in Florida, employing more than half a million residents statewide.
“Florida is changing. Our economics, our demographics, and our politics are all changing and these changes are both opportunities and challenges.”
— Mark Wilson, President and CEO, Florida Chamber of Commerce
“Florida is changing. Our economics, our demographics, and our politics are all changing and these changes are both opportunities and challenges,” said Mark Wilson, President and CEO, Florida Chamber of Commerce.
The Sunshine State is ranked among the top five telecom stations in the world. The Network Access Point in Miami serves as a major switching station for internet traffic coming to and from Latin America. Florida is also home to some of the fastest and most widely available wireless networks.
Having access to such hubs and networks creates an environment for technological innovation. There are 33,000 technology companies settled into the state, creating the nation’s third-largest technology industry hub. The Florida technology industry offers a broad range of expertise, from software to photonics to modeling, simulation, and training, employing over 300,000 Floridians.
In June, Governor Ron DeSantis renamed the Department of Economic Opportunity to the Department of Commerce and named Alex Kelly as the Secretary of Commerce. The Department of Commerce will continue to support Florida in its economic growth, including overseeing incentives such as the Capital Investment Tax Credits and the High Impact Performance Incentive.
Capital Investment Tax Credit is an annual credit used against the corporate income tax for companies in designated high-impact sectors. These projects must also create a minimum of 100 jobs and invest at least $25 million in eligible capital costs.
High Impact Performance Incentive (HIPI) is also used to attract and expand major high-impact facilities in Florida. To receive this grant, the project must operate within designated high-impact portions of the following sectors—clean energy, life sciences, financial services, corporate headquarters, transportation equipment manufacturing, information technology, advanced manufacturing, and semiconductors—and offer 50 new full-time jobs and a $50 million investment over three years.
High-Value Industries Thrive In Greater Fort Lauderdale
Greater Fort Lauderdale remains a location of choice for companies looking to relocate or expand. With a strategic global location; a large, skilled workforce; specialized educational resources for any sector; and an enviable low-tax environment sought by businesses and individuals alike, Greater Fort Lauderdale appeals to Fortune 500 companies, multinationals, mid-size and small businesses, and startups across all industries—and the people they employ.
The region’s economic diversity is reflected in those people. South Florida boasts a large and growing pool of skilled workers in today’s in-demand fields like technology, life sciences, finance, professional and business services, education and healthcare, leisure and hospitality, manufacturing, and retail and wholesale trade.
Companies relocating or growing here find an educational system committed to preparing their current and future talent. From technical and community colleges to higher education, Greater Fort Lauderdale’s workforce development organizations match talent and training to employers’ unique needs—ensuring employees are ready for the 21st-century economy.
Recent additions include:
- Battle Board, a company that creates durable, portable map tracking systems for the military as well as firefighters and police officers to use in the field, relocated from Washington, DC to Oakland Park, creating 10 jobs.
- Doroni Aerospace, LLC, a company innovating Vertical Takeoff and Landing (VTOL)/flying car technology in Pompano Beach, is adding 15 jobs and making a capital investment of $250,000.
- EL-AV Compressors, a leading Israeli air compressor manufacturer, established in 1985 is opening a new Sunrise location, its first distribution point in the United States.
- NuVerse Advisors, LLC, an SEC-registered investment advisory firm founded in 2001, relocated its global headquarters from Manhattan to Hallandale Beach in December, creating 20 jobs and making a capital investment of $300,000.
Two companies that are already located in Greater Fort Lauderdale, investing and growing in the area are Enhance Health and Terumo Aortic. Enhance Health is a new Bain Capital-backed professional services company leveraging technology and a concierge experience to streamline the health insurance process. The company is ramping up to employ more than 800 people at its locations in Sunrise and Coral Springs. Terumo Aortic, a medical device company that manufactures life-saving aortic implants, is expanding its Sunrise Facility to accommodate 50 new employees.
“We are proud companies continue to choose Greater Fort Lauderdale’s highly competitive business climate and unbeatable quality of life. Their presence helps us tell the story of our community as a premier business destination and talent hub,” said Bob Swindell, President and CEO of the Greater Fort Lauderdale Alliance, Broward County’s official partnership for economic development.
Visit www.gflalliance.org for more information.