Keep it local
A new report from Florida TaxWatch, Diversifying Florida’s Economy Through Local Economic Development, will help local communities determine the best opportunities for economic expansion using an impact analysis of common economic development projects.
Florida has countless opportunities for economic growth and local communities should carefully examine the options to ensure that they are focusing on target-rich opportunities for expansion. This report helps our state and local economies understand these opportunities and pursue the best possibilities for future diversified growth.
The report shows that all economic development strategies are not created equal. Although each local community must address its individual economic needs, the report shows that targeting certain areas of economic growth produce a higher return on investment.
The multi-year econometric model used to assess the impact of the additional jobs and retirees identifies that an additional 1,000 jobs in the manufacturing sector will create an estimated 28,241 private non-farm jobs and increase the state’s GDP by $3.831 billion. Adding 1,000 jobs in logistics would create 21,228 jobs and increase the GDP by $1.834 billion while increasing the number of retirees by 1,000 results in 5,303 jobs and a GDP increase of $383 million. Each of these scenarios also increases Floridians’ disposable income and contributes to population growth.
The report provides Florida’s local governments with baseline information on economic development projects but does not attempt to replace local impact studies.