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Florida TaxWatch Economic Commentary
Northwest Florida's opportunities for growth
A look at the region's economy
 Panama City Beach |
Tourism
Florida’s northwest region has welcomed increased numbers of visitors that have accompanied the increased tourism marketing approved by the Florida Legislature, and carried out by Visit Florida. This increase in marketing has helped produce record tourism numbers for the state, and has increased sales tax receipts for both the state of Florida and local governments.7 Although northwest Florida enjoys substantial tourism revenues, attempts to add to the number and diversity of tourists coming to the area can enhance local and state revenues.
Recently, the Florida Department of State has been promoting 12 shipwreck sites in the Florida Panhandle, jointly referred to as the Panhandle Shipwreck Trail, with their “Beyond the Beaches” campaign. The trail was developed in 2012 by the Florida’s Bureau of Archeological Research with 22 local dive shops and charter boat captains, in an effort to stimulate tourism in the BP-affected Gulf Region. The $225,000 trail promotion is being paid for by a BP tourism grant. Over 800 divers have already purchased the $5 passport from participating partners.8
Recovery from the BP Oil Spill
In the aftermath of the 2010 oil spill, BP has provided funds for long-term research through the Gulf of Mexico Research Initiative (GoMRI). Ten Florida universities and research institutes have been involved in the initiative.9 In addition, a $30 million fund was created by the Oil Spill Economic Recovery Act passed by the 2011 Florida Legislature to support eight Florida coastal counties most affected by the oil spill: Escambia, Santa Rosa, Okaloosa, Walton, Bay, Gulf, Franklin, and Wakulla. The funds were distributed in equal allocations of $10 million for three years, beginning in 2012. The funds are administered by the Office of Economic Development and Engagement of the University of West Florida, and have been allocated to high-impact projects in the 8-county region. Recent economic development projects awarded money from this program include the Navy Federal Credit Union, which is creating a campus for 10,000 employees by the year 2020.10 Other awards announced include private-sector companies Bit-Wizards, iSirona, Grayton Beer Company, MarJam Supply Company, Global Business solutions, and Priton.
Conclusion
Northwest Florida is a great place to live and raise a family, boasting an extensive and growing infrastructure, some of the country’s most important military assets (both in terms of facilities and personnel), and excellent cooperation between its economic development professionals and the public and private sectors.
7 Florida TaxWatch. “Unpacking the Benefits of Tourism: Quantifying the Jobs Created by Increased Florida Tourism.” August 2014.
8 USA Today. “Florida Panhandle Shipwreck Trail beckons divers”.
9 Florida TaxWatch Center for Competitive Florida. “Florida’s Gulf Research Cooperation.” April 2013.
10 Pensacola News Journal.
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