As global supply chains and trade flows continue to rapidly change in a post-pandemic setting, Florida is poised to lead the way in manufacturing, logistics and trade growth, according to a new report from the Florida Chamber Foundation.
The business advocacy group unveiled the Florida Trade & Logistics 2030 Study during Thursday’s Florida Transportation, Growth and Infrastructure Solution Summit in Jacksonville. In the report, the Florida Chamber noted that the Sunshine State continues to move the needle in terms of economic growth, adding that the state has the available capacity to move and make more goods throughout the economy. The Florida Chamber highlighted that globally competitive trade, logistics, and manufacturing sectors will diversify Florida’s economy and bring new jobs, income and investment to the state to help meet the nearly four million new residents expected to call Florida home in 2030.
The study also forecasted that the state can propel its economy — which is equivalent to Mexico as the 15h largest economy in the world — to one of the top 10 worldwide by the year 2030.
“Purposely expanding manufacturing, logistics, trade, and rural economic growth aligns with Governor DeSantis’ continued leadership in this space and will help grow Florida to the 10th largest global economy by 2030,” said Florida Chamber of Commerce President & CEO Mark Wilson. “We have a generational opportunity to get this right.”
A deeper dive into the report shows that more than 1 million people were employed in trade, logistics and manufacturing jobs statewide in 2020 — the fourth-highest total in the country. The sector, which boasts over 52,000 businesses in Florida, produces more than $57 billion in GDP. Manufacturing jobs also pay 19 percent more than the state’s average annual wage.
“The trade and logistics industry is quickly evolving, and the strength and well-being of Florida’s manufacturing economy is inextricably connected to its success,” said FloridaMakes CEO Kevin Carr.
The study also included a series of strategies and recommendations to keep Florida’s GDP on track to meet its 2030 blueprint. Some of the key goals outlined in the report include creating 300,000 new jobs in the sector, closing essential workforce gaps, strengthening the talent pipeline, and creating a chief manufacturing officer within the state government to advocate for manufacturing opportunities and policies.
“Trade, logistics, and manufacturing are critically important targeted industry sectors for us in Florida. Investing in these sectors sends a beacon to the world that Florida is open and ready and able to accept your business,” said TJ Villamil, Senior Vice President of International Trade & Development for Enterprise Florida.
Today, the Florida Chamber Foundation released our Trade & Logistics 2030 Study.
— Florida By The Numbers (@FloridaBTN) April 28, 2022