One of the state’s larger employers is expanding it operations and will add hundreds of high paying jobs to Florida’s economy.

Lockheed Martin announced it will break ground Wednesday on its new Research and Development II building on the property of its Missiles & Fire Control facility in Orlando. The expansion will add 500 jobs with an average wage of $87,064.

The company’s expansion will also invest more than $50 million in their Orlando facility.

“Lockheed Martin is already a major job creator for our state, and our commitment to cutting taxes and making Florida business-friendly is making it easier for this global business to continue to create thousands of opportunities for Florida families,” said Gov. Rick Scott in a written statement.

The company currently employs over 14,000 Floridians at 73 locations in the state. Based in  Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 100,000 people worldwide.

“With this expansion, Lockheed Martin is further solidifying its already robust presence in Florida and supporting our business growth,” said Frank St. John, Lockheed Martin Missiles and Fire Control executive vice president. “The Research & Development II building underscores our customer commitments to provide the most modern facilities for our talented workforce to produce critical capabilities for the U.S. and allies for years to come.”

The company is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

“More than 60 years ago, Lockheed Martin opened its first location in Central Florida, planting the roots that have transformed Orlando into the innovative city it is today and solidifying Central Florida as the world’s epicenter for modeling, simulation and training,” said Orlando Mayor Buddy Dyer.