A Central Florida technology research center could help launch the state's high-tech manufacturing industry and ignite economic growth, says Florida TaxWatch, an independent fiscal watchdog group. The development of the Florida Advanced Manufacturing Research Center (FAMRC) through the International Consortium for Advanced Manufacturing Research (ICAMR) will help create, develop and support high-tech Florida companies producing smart sensor technologies for high-tech manufacturing goods. ICAMR is a public-private partnership comprised of economic development entities, higher education institutes and technology firms; FAMRC is a state of the art manufacturing hub and incubator opening in Orlando in 2017.
"Increasing investments in Florida's manufacturing sectors have resulted in billions of dollars added to the state economy through high-wage jobs and high-value exports," Dominic M. Calabro, President and CEO of Florida TaxWatch, the state's nonpartisan, nonprofit public policy research institute, said. "Strategic infrastructure investments like the Florida Advanced Research Manufacturing Center will further diversify Florida's economy, support job creation and enhance the value of our state's existing industries."
Smart sensor technology, which is incorporated into high-tech manufacturing products, is a more than $80 billion industry expected to double in value by 2020. By locating the research center in Florida, the state expects to attract other manufacturing companies that rely on the sensors, resulting in new jobs and capital.
Florida's existing manufacturing sector already creates high-skill, high-wage jobs, but high-tech companies pay higher average salaries, which can be more than 228 percent greater than the average private sector Florida job. These positions are generally more stable and less susceptible to recessionary periods.
Full report: "Could Florida Be The Next High-Tech Hub?"
This TaxWatch Briefing by Jennifer Linares, MS, Economist & Research Analyst, and Steven T. Petty, Ph.D., Chief Economist.
Robert Weissert, Sr. VP for Research & General Counsel
Steven T. Petty, Ph.D., Chief Economist
Chris Barry, Director of Publications
Michelle A. Robinson, Chairman of the Board of Trustees, Florida TaxWatch
Dominic M. Calabro, President & CEO
Florida TaxWatch Research Institute, Inc.
Copyright © Florida TaxWatch, May 2015