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Economic yearbook 2010
Northwest Fla. Yearbook 2010
A flurry of activity and a boost from the military.
Panama City/Bay County
May’s scheduled takeoff of the $318-million Northwest Florida Beaches International Airport and the recent landing of sought-after Southwest Airlines to serve it are seen as certain economic uplift — giving Bay County affordable global connectivity along with industrial land with airport access. St. Joe Co., which donated the 4,000-acre airport site amid 71,000 acres of greenfield, is working on a first-phase, 1,000-acre development for commercial and office space, expecting to have infrastructure work under way by year-end, says Kevin Johnson, St. Joe vice president for economic development. St. Joe will encourage aerospace, aviation and defense companies to expand or relocate near the airport.
 Northwest Florida Beaches International Airport is scheduled to be completed next month. |
Business to Watch
» Coast Water Efficient Technology, recently relocated to Panama City from California, projects creating 230 jobs within three years at its new manufacturing, assembly and distribution facility for water-efficient plumbing products. President Robert Easter expects the company will have close to 100 jobs in Panama City by year-end.
Fort Walton/Okaloosa County
Defense spending is muscle in Okaloosa’s economy, accounting for nearly 48% of gross regional product and fueling close to $1 billion in military construction from 2009-11. Buildup includes the initial training center for the Air Force’s new F-35 Joint Strike Fighter plane, an Eglin Air Force Base cantonment for the Army’s 7th Special Forces Group and new housing and administrative quarters at Hurlburt Field. The influx of military personnel and families to follow will total about 11,000.
Business to Watch
» Fort Walton Machining grew its workforce last year by 24%, adding 32 workers, and by the end of January had added 15 more to meet growing demand, says President Tim McDonald. The company also added a metal-finishing division. Its core competency: Shaping raw materials to finished products, mainly for defense aerospace, and crafting components for air framers.
 Fort Walton Machining, which shapes raw materials into finished products, has been adding workers. |
