An economic impact report found that the Florida Institute of Technology (Florida Tech) generates an annual economic impact of $1.6 billion, supporting 12,144 jobs and contributing $512.6 million in wages, with future projections indicating job growth in engineering and aerospace sectors on the Space Coast.
The Florida Institute of Technology (Florida Tech) generates an annual economic impact of $1.6 billion, according to a report published last week by the Regional Economic Consulting (REC) Group.
Per the document, Florida Tech’s activities support 12,144 jobs in Florida, contributing $512.6 million in wages. Each graduating class adds $1.1 billion to the economy over 30 years, with each student contributing over $163,000 annually. Moreover, the university’s operations, combined with student and alumni spending, generate $60 million in state and local taxes each year.
Future projections indicate that industries employing Florida Tech graduates will need over 300,000 jobs by 2033, with the Space Coast’s engineering and aerospace sectors expecting a 112 percent job growth.
“We have long known that Florida Tech provides the best and brightest graduates to important economic sectors in Florida and beyond,” said Florida Tech President John Nicklow. “Now we know that in carrying out that essential function we also contribute substantially to the overall economy. This is exciting news, and we are proud of the many positive ways we impact the region and state.”
The REC Group’s analysis includes direct impacts such as university spending on operations and capital projects, student spending on tuition, lodging, and alumni earnings. Indirect and induced impacts reflect the broader economic effects, like increased demand for goods and services.
For the 2022-23 fiscal year, Florida Tech’s operational spending was $195.6 million, with an additional $9.2 million in capital expenditures. Off-campus student spending added $38 million to the local economy. Alumni who stay in Florida contribute $914.7 million in lifetime earnings.
The dynamic impact analysis shows that student spending and alumni earnings create 12,114 jobs and generate $512.6 million in earnings. The total economic output from Florida Tech is $1.6 billion, encompassing university operations, student expenditures, and alumni contributions.
“I have always believed in the profound impact Florida Tech has on the Space Coast,” said Lynda L. Weatherman, president and CEO of the Economic Development Commission of Florida’s Space Coast. “This analysis and economic study definitively prove the significant and far-reaching influence of our local university, highlighting its critical role in driving economic growth, fostering innovation, and strengthening our community.”
The report also highlighted Florida’s growth in venture capital investments, with the state ranking sixth nationally with $8.8 billion invested.