Florida is an economic powerhouse, and a study released in July by TheFloridaScorecard.org for 2023 confirms it. According to the research, if Florida were an independent country, it would be ranked the sixteenth largest economy in the world by gross domestic product (GDP). This represents a change from Floridaís previous GDP ranking as the 15th largest economy in the world. While on the surface this may seem concerning, Floridaís latest annual GDP stands at $1.58 trillion, which is actually an increase of over $140.4 billion.
Some of the highlights of the state’s economic development news are outlined below.
Advanced Manufacturing Research and Development Institute Establishing Facility in Pensacola
In May, FloridaWest EDA and Pensacola Escambia Promotion and Development Commission (PEDC) announced that LIFT, an advanced materials manufacturing innovation institute, selected Pensacola to establish its latest technology accelerator and talent development showcase facility. Headquartered in Detroit, LIFT operates as a technology accelerator, working at the intersection of materials science, manufacturing processes, systems engineering and talent development to move technologies from concept to commercialization, while preparing the advanced manufacturing workforce of tomorrow.
The $21 million project is being made possible through economic development partnerships and collaboration with Pensacola State College, Space Florida and Triumph Gulf Coast, to establish a Florida satellite of the LIFT advanced manufacturing institute. As part of the agreement, LIFT will employ 36 people in the facility over the next five years with an average wage of $113,000 and generate an estimated $32 million in new federal and industry research.
AgroLiquid Becomes First Tenant of North Florida Mega Industrial Park in Columbia County
In May, AgroLiquid was announced as the first company to move into the North Florida Mega Industrial Park. Through Bancroft Performance Investments, AgroLiquid purchased about 20 acres at the park from Weyerhaeuser for $1.3 million. Columbia County leaders and residents gathered at the site to break ground for the new facility for AgroLiquid, a Michigan-based company that produces liquid fertilizer. The industrial site is 2,622 acres located on Southeast Tyre Road and US Highway 90 in Lake City. AgroLiquid plans to construct a liquid fertilizer facility at the site and is set to start fully operating in 2025.
Florida Chamber Safety Council Launches Heat Safety Program
In July, the Florida Chamber Safety Council, a program of the Florida Chamber Leadership Cabinet on Safety, Health and Sustainability, launched an online resource that houses essential information and solutions aimed at assisting Florida employers in doubling down on their commitment to heat safety in the workplace. This cutting-edge platform, curated by nationally recognized safety, health and industry experts, showcases a diverse range of tools specifically designed for businesses whose employees are exposed to extreme indoor and outdoor heat conditions. The new platform is a comprehensive toolkit of resources, including heat stress prevention strategies, real-time weather monitoring applications, continuing education and training opportunities. Learn more at www.flchambersafety.com/heat-stress-prevention.
Florida Chamber Foundation Releases Florida Workforce Needs Study 2.0
The Florida Chamber Foundation’s Florida 2030 Blueprint established a unifying goal of growing Florida to the 10th largest economy in the world by 2030. Within the Six Pillars Framework outlined in the Blueprint, the “Talent Supply and Education” pillar stands as the first area to address to achieve the bold vision. In response to the pressing workforce crisis faced in Florida and throughout the nation, the Florida Chamber Foundation released the highly anticipated Florida Workforce Needs Study 2.0. This study serves as a sequel to the Florida Workforce Needs Study 1.0, diving deeper into the challenges faced by Florida job creators in their quest to find the right talent match. The study builds upon the Chamber Foundation’s ongoing efforts to analyze and proactively address the skills gaps and opportunities present in the Florida labor market. The full report is available at www.flchamber.com/floridaworkforceneedsstudy2.
Aviation Company AURA AERO Inc. Announces New Facility in Daytona Beach
In July, aviation company AURA AERO Inc. announced the opening of its first U.S. facility within Embry-Riddle and the decision to locate a 500,000-square-foot manufacturing and assembly plant in Florida. AURA AERO is a designer and manufacturer of aircraft headquartered in Toulouse, France. This decision follows the company’s move last year to create a partnership with Embry-Riddle Aeronautical University at the University’s Research Park in Daytona Beach, which is now open. The new manufacturing facility is expected to create 1,030 jobs with an average wage of $73,695 and has a projected capital investment of $172.5 million. AURA AERO is opening the plant to move closer to its customer base in the U.S., and Florida beat Texas, Alabama, Ohio and Georgia for the factory. The plant will manufacture and assemble hybrid electric regional aircraft (ERA) with the goal of producing 100 ERAs per year. It is expected to be operational in 2028 and will start assembling aircraft in Q4 of 2028.
Performance Food Group to Acquire Riviera Beach Cheney Bros. Inc.
In August, Performance Food Group Co. (PFGC) announced that it had entered into a definitive agreement with Cheney Bros., Inc., pursuant to which PFG will acquire Cheney Brothers for $2.1 billion in cash. Cheney Bros. is an independent broadline foodservice distributor based in Riviera Beach, Florida and owned by the Cheney family and Clayton Dubilier & Rice. The acquisition is expected to create a stronger presence in the Southeast region and provide additional distribution capacity. Cheney Brothers generates approximately $3.2 billion in annual revenue. In June, Cheney Brothers held a grand opening for a 360,000-square-foot distribution center that already employs about 270 people.
FloridaCommerce Announces Funding to Support Small Businesses Impacted by Hurricane Debby
In August, FloridaCommerce announced approval of more than $1.5 million in funding through the Florida Small Business Emergency Bridge Loan Program to small businesses impacted by Hurricane Debby. To date, 42 businesses have been approved to receive these funds to bridge the gap while they wait on other funding, such as insurance, with more applications being approved every day. Eligible small businesses impacted by Hurricane Debby may apply for loans of up to $50,000 through the program, and loans of up to $100,000 are available for agriculture and aquaculture small businesses. Loans approved through the Emergency Bridge Loan Program are intended to “bridge the gap” between the time a disaster impacts a business and when the business has secured longer-term recovery funding, such as federally or commercially available loans, insurance claims or other resources.
Governor’s Office Awards $8 Million to Support Roadway and Transit Infrastructure in Miami
In August, Governor Ron DeSantis announced the state has awarded $8 million to Miami-Dade County through the Florida Job Growth Grant Fund (JGGF) to support roadway infrastructure at Miami Freedom Park. The JGGF award will help expand business opportunities in the park and create more than 1,800 jobs. The JGGF will fund transit infrastructure to provide increased access and capacity to businesses wanting to move into the park. The Florida Job Growth Grant Fund is an economic development program designed to promote public infrastructure and workforce training across the state. Proposals are reviewed by FloridaCommerce and are chosen by Governor DeSantis to meet the demands for workforce training or infrastructure needs in communities around the state. T&ID