November 13, 2019

In Good Company

Florida's Top Industries

| 10/16/2019

Many states compete to attract new business, but few can match the scale and scope of Florida’s industry assets. Boasting competitive costs, a large and well-trained workforce, superior global connectivity and ready proximity to wide-ranging markets, Florida has a proven record of success in these key industries:

Financial & Professional Services

3rd largest insurance industry in the U.S.

4th largest financial services industry in the U.S.

A diversified economic structure has fueled Florida’s ability to become a true global player in the provision of high value-added services in finance, insurance, engineering, accounting and consulting

Information Technology

1st high-tech employment in the Southeast

3rd most fiber miles among states (61,000+)

Since birthing the IBM PC in Boca Raton nearly four decades ago, Florida has remained at the forefront of IT innovation. With more than 27,000 high-tech companies in residence, this state’s IT strengths are wide ranging — from computer systems design to modeling, simulation and training.

Clean Technology

1st state in annual biomass production

2nd state for solar jobs

Recognizing the undeniable link between sustainability and the economy, Floridians are hard at work finding ways to build a leading clean technology hub by harnessing two of this state’s greatest assets — sunshine and ocean currents.

Defense & Homeland Security

2nd for space and defense systems manufacturing

5thfor Department of Defense contract awards

As home to 20 major military installations, three unified combat commands and some 17,900 defense-related companies, Florida’s military and defense industry exerts an $84.9 billion annual economic impact statewide. From satellites to encryption technologies, Florida companies are at the leading edge of all major military and government markets.

Manufacturing

3rd best state for future job growth through 2019

3rd best state for workforce diversity

Florida’s 19,000+ manufacturers produce a wide variety of goods, including aerospace products and parts, boats, batteries, communications equipment, food and beverages, plastics, pharmaceuticals, semiconductors and textiles.

Moving a manufacturing plant from New Jersey to Seminole was a huge task, but well worth it. We feel very welcome in Pinellas County. We’ve hired 80 well-qualified employees in the factory and our offices. We find the weather and the community very hospitable, taxes less painful and the sunsets magical. My only regret is that we didn’t move to Florida many years earlier.

Rahul Shukla
CEO, S.S. White Technologies

Aviation & Aerospace

2nd in aviation & aerospace establishments

2nd for aerospace products & parts manufacturing

$7.2 bil. in exports annually by aviation and aerospace businesses

Long recognized as the world’s premier gateway to space, Florida remains the undisputed air traffic hub for the Western Hemisphere, a major center for flight training and MRO and home to dozens of aircraft and aviation/aerospace component manufacturers. And now, having celebrated the 50th anniversary of the first lunar landing, NASA and a host of commercial partners are looking to the future: a return to the moon by 2024 and an eventual mission to Mars.

Looking to the future, this storied Florida space community will be the center of gravity for Boeing’s space programs as we continue to build our company’s leadership beyond gravity. The time is right for us to locate our space headquarters where so much of our space history was made over the past six decades and where so much history awaits.

Leanne Caret
President & CEO, Boeing Defense, Space & Security

 

Life Sciences

2nd largest medical device manufacturing industry in the U.S.

3rd most clinical trials initiated among states

$1.4 bil. spent annually by Florida universities for life sciences R&D

Cutting-edge breakthroughs in medical treatment, pharmaceutical development and biotech research happen almost every day in Florida thanks to the presence of such industry leaders as Actavis, Arthrex, Bristol-Myers Squibb, Johnson & Johnson and Medtronic and a university system committed to pursuing life sciences R&D.

We are extremely excited to continue to expand our presence and create more jobs across a wide range of professions in South Florida. It all comes down to our people. The talented, local workforce has contributed to both our company and clients' successes. We look forward to a bright future!

Daniel Cane
CEO and Co-Founder, Modernizing Medicine

 

Logisitics & Distribution

1st for air cargo with Latin America and the Caribbean

2nd largest Foreign Trade Zone network in the U.S.

3rd largest cluster of logistics and distribution establishments in the U.S.

As a leading international trade center and home to an extensive multimodal transportation system, Florida excels at moving people, products and services anywhere fast. Most key global shipping lines and airline alliances (including specialized cargo operators), 3PLs and VALs have a presence in Florida.



Corporate Headquarters

1st best tax climate in the Southeast

4th best tax climate nationwide

2nd best state for business

0% personal income tax

Corporate headquarters are naturally drawn to Florida for its highly favorable business climate, which includes a low corporate tax burden, no personal income tax and modern infrastructure. More than 300 international companies have established a presence here.

 

Tags: Business Florida, Competitive Assets

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