By Anne Cosgrove
From the September/October 2024 Issue
Florida continues to be a model for the nation with data continuously pointing to economic stability and strength. Florida’s unemployment rate was 2.8% in September 2023, marking 35 consecutive months below the national unemployment rate of 3.8% and 16 consecutive months as the lowest among the nation’s 10 largest states. Florida’s private sector employment grew by 2.5% (+214,500 jobs) over the year in September 2023, faster than the national rate of 2% over the same time period. Florida has outperformed the nation in over-the-year private sector job growth for 30 consecutive months in August 2023.
Florida has led the U.S. nation in new business formations for four consecutive years, with more than 2.6 million new businesses created in the state since 2019.
Space Industry Ecosystem
Established in 2006, Space Florida is accelerating the growth of aerospace and aerospace-related industries across the state through targeted business retention, expansion, and diversification efforts. As the state’s aerospace finance and development authority, Space Florida provides business financing opportunities for the aerospace industry, manages infrastructure investment in the spaceport system, and facilitates research and development, workforce, education, and capital programs. In FY 2022-2023, Space Florida recruited, retained, and expanded 15 space and aerospace-related companies along with nearly 5,000 jobs across the state.
In July, Governor Ron DeSantis signed Senate Bill 968 into law, which designated Homestead Air Reserve Base and Tyndall Air Force Base as the two newest Florida spaceport territories. A spaceport territory is an aerospace hub that creates an ecosystem for companies. The designation enhances the use of the Space Florida toolkit, which includes the Florida Department of Transportation’s Spaceport Improvement Program, enabling companies to access funding from this program for development and infrastructure improvements.
Rob Long, President and CEO, Space Florida, said, “This legislative change, effective July 1, 2024, reflects our commitment to establishing Florida as the premier global and interplanetary capital for aerospace commerce. Through investment into these strategic locations, we will continue to bolster the aerospace ecosystem across the entire state of Florida by bringing companies together and providing access to essential resources, shared knowledge, and innovative ideas. We are excited about the opportunities this designation will bring and look forward to the continued growth and success of Florida’s aerospace sector.”
By Land And By Sea
For the second consecutive year, Florida’s system of public seaports experienced record-high cargo growth, and set a new record-high number of cruise passenger embarkations, according to a January 2024 report from the Florida Seaport Transportation and Economic Development Council.
For 2023, Florida’s system of seaports handled 114.25 million tons of cargo, surpassing the 2022 record-high 112.5 million tons of cargo moved.
Florida’s 16 public seaports have identified more than $5 billion of investments through their Capital Improvement Plans (CIP) for the period beginning in 2024 and running through 2028. These investments will shore up dock rehabilitation, increase port capacity, support cargo container handling cranes, improve connectivity, and aim to relieve congestion.
In August, in support of Miami-Dade County Mayor Daniella Levine Cava’s Climate Action Strategy and Future-Ready Economic Plan, PortMiami received a $19.5 million grant from the Resilient Florida Program to construct a new, elevated Berth 10 bulkhead system aimed at protecting existing uplands from flooding and potential damage caused by sea level rise.
Rural Locations Receiving Funding
Meanwhile, Gov. DeSantis awarded funds for workforce development and infrastructure improvements through the Florida Job Growth Grant Fund (JGGF) and the Rural Infrastructure Fund (RIF). Recent awards were made to Citrus County, Cross City, and Cedar Key for projects that will complete critical infrastructure for those locations.
“Today’s award will help to attract high-demand, high-wage jobs and businesses to the Nature Coast community,” said the governor at the announcement. “This strategic investment will benefit the businesses, job seekers, and local economies of Citrus County, Cross City, and Cedar Key.”
“I’m grateful for Governor DeSantis’ investment in these catalytic projects for Citrus, Dixie and Levy Counties,” said Secretary of Commerce J. Alex Kelly. “The Governor’s awarding of these funds will help elevate Citrus, Dixie, and Levy County leaders’ vision for bringing high-wage, high-demand jobs to their communities.”
Citrus County is one of the recipients to receive an award through the Florida Job Growth Grant Fund. Located on Florida’s west coast 75 miles north of Tampa, Citrus County was awarded $2.8 million for infrastructure improvements. The project will entail building a wastewater line that will serve Holder Industrial Park in the county, a 551-acre industrial park.
Autonomous Vehicle Moves
In Jacksonville, autonomous vehicle manufacturer, HOLON, is building its first production plant for its fully-electric, autonomous movers in Jacksonville. The German-based company is a subsidiary of global automotive supplier BENTELER Group, and the reportedly $100 million investment will be Florida’s first automotive vehicle manufacturing operation. The approximately 500,000-square-foot facility is expected to complete in 2026.
HOLON’s mover will be made available in the U.S. through Benteler Mobility in collaboration with Beep, Inc., a provider of autonomous shared mobility solutions. Benteler Mobility will offer services for the purchase and implementation of the vehicles, while Beep, an Orlando-based company, will provide the services and software to deploy, manage and operate the vehicles.
Said Jacksonville Mayor Donna Deegan, “ complements the Jacksonville Transportation Authority’s innovative work in this space and the University of Florida’s downtown campus that will offer artificial intelligence degrees in the future.”
“Manufacturing has been the missing piece,” JAXUSA Partnership President Aundra Wallace said. “JTA is a national leader with autonomous vehicles and has built strategic partnerships across the industry. HOLON’s investment brings the production element to a robust innovation ecosystem in place, and we expect only growth from here on out.”
