Florida. Innovation Hub of the Americas
E-mail Lou Caporruso for more information
Today, Florida serves as a hemispheric hub for international banking and finance, education, transportation, telecommunications, and cross-border trade and investment. In fact, Florida has consistently been among the top U.S. states in attracting foreign direct investment, and is host to nearly 2000 companies from other countries – including some 300 regional corporate headquarters of multinational firms. The state also has one of the largest concentrations of international banks, consulates, and bi-national chambers of commerce in the United States. And in its role of trade gateway, Florida is unique: for many years running, it has held a commanding share of U.S. trade with Latin American and Caribbean nations, as well as between those regions and the rest of the world.
- Population 16,713,149 (2002)
- Labor Force 8,084,462 (2002)
- Total Employment 7,642,161 (2002)
- Unemployment Rate 5.5% (2002)
- Gross State Product (billions) $491.5 (2001)
- Total Personal Income (billions) $474.6 (2001)
- Per Capita Personal Income $28,947 (2001)
Knowledge & Innovation: Total Degrees Conferred 119,100 (2000)
- Total R&D Expenditures (millions) $4,663 (2000)
- Utility Patents Issued 2,649 (2001)
- Venture Capital Invested (millions) $356.8 (2002)
Today, Florida’s key industries are continuing to develop new state-of-the-art technologies. Innovative organizations in the following industries are molding the future, and continue to make Florida a key player in the New Economy:
Information Technology
17,815 Companies, 282,233 employees, $52,813 Average Annual Wage with total payroll of 14,905.4 (millions of dollars) Some of Florida’s key IT industries include:
- IT Products & Information Services
- Software Development Modeling, Simulation & Training
- Photonics, Lasers & Optics
- Microelectronics
- Telecommunications
Life Sciences
The state has 32,127 companies employing 605,680 employees with an average salary of $40,566 and total payroll of $24,570.2 (millions) Key Life Science industries include:
- Pharmaceutical and Medicine Manufacturing
- Medical Device Manufacturing
- Biotechnology
Health Care Aviation and Aerospace
The State has 1,569 companies in this sector representing 94,003 employees with an average salary of $46,326 and total payroll of $4,354.8 (millions)
Florida’s global leadership in the aviation and aerospace industry can be attributed to:
- NASA and the Cape Canaveral Spaceport
- U.S. Air Force and Florida’s many military bases
- Supporting aviation and aerospace companies
Homeland Security & Defense
The defense industry helped spawn the aviation/aerospace industry. There are 21 military bases located throughout the states. Combined with hundreds of defense related companies and organizations in the state military installations have a $30 Billion impact on Florida each year.
Professional & Financial Services
Florida has a more service-intensive economy than the United States as a whole, with more than 70% of its total economic output (and over 80% of its private-sector output) coming from service-producing sectors, which have in recent years accounted for a large share of total job growth in the state This sector account for 85,505 companies, 750,564 employees with an average salary of $50,284 and total payroll of $37,741.4 (millions)
Plastics
More than 800 Florida plastics and related firms employ nearly 20,000 workers in three major industry sub-sectors: products, manufacturing and special industry machinery. The plastics industry has more than $5 Billion in annual sales.
For detailed information about these key industries, please visit www.eflorida.com.
Doing Business in the State/Infrastructure
Florida has one of the most extensive infrastructures in the United States, with 14 deep-water ports, 20 commercial airports (14 of which offer international service), 14 freight railroad systems including 16 bulk transfer facilities, which permit the transfer of bulk materials between rail and truck. and 4 major highway systems that offer businesses extensive access to both US and international markets.
It is one of the nation’s busiest states in terms of air cargo, and three Florida airports (Miami International, Orlando International, and Fort Lauderdale/Hollywood International) rank among the world’s top 100 in terms of cargo volume, with Miami International Airport being the nation’s busiest and the world’s second busiest international air cargo hub. Between 1990 and 2010, Florida’s international air cargo is expected to double.
The launching of satellites into space is now an established transportation industry. Florida foresaw this commercialization and created the Florida Space Authority and also made space transportation part of the State’s official multi-modal transportation system – allowing state and federal transportation funds to be used for infrastructure at Cape Canaveral. With a growing variety of launch vehicles and over 50 years of experience, the Cape Canaveral Spaceport can support nearly every type of space mission. Kennedy Space Center is designated by NASA as a Center of Excellence in launch and payload processing systems. Kennedy’s primary responsibilities are in acquisition and management of Expendable Launch Vehicle launch services, payload carriers, payload processing, and support.
Florida has a gross state product of $497 billion. Ranked independently, Florida would rank as the world’s 15th largest market economy, and the 8th largest in the Americas.
Florida’s tax system is one of the most advantageous in the US, with a low 5.5% corporate income tax, no state personal income tax, no property tax on business inventory and no state-level property tax. The state also offers competitive incentive packages to qualified companies.
For additional information on Florida as a business location, please visit the following websites:
www.eflorida.com (Enterprise Florida website)
www.myflorida.com (State of Florida website)
www.dos.state.fl.us (Florida Department of State Website)
www.workforceflorida.com (Workforce Florida website)
www.businessflorida.com (Business Florida publication)
www.floridasmallbusiness.com (Small Florida Business publication)
