Experiencing a unique economic shift, the manufacturing impact in Florida’s economy surpassed the contribution to the Gross Domestic Product (GDP) of many other strong industries that Florida is usually known for, including– tourism, agriculture, and transportation.
In Case You Missed It: Florida’s Manufacturing Boom
Manufacturing Growth
The Florida Department of Commerce 2023 Manufacturing report revealed a 67.8% growth contributing substantially to Florida’s GDP, rising from $43.5 billion in 2014 to $73 billion in 2022. This shift ranks Florida eighth in the United States for manufacturing employment, with a workforce of 422,800 individuals in the industrial field.
An advantage of the manufacturing sector growing in Florida is that many of these positions are not being outsourced. Based on the report’s highlight, for every 100 direct manufacturing jobs in the manufacture of durable goods, another 744.1 indirect jobs are sustained. A flourishing sector ensures that each position created within the industry generates supplementary jobs in other related industries, amplifying the positive ripple effects further strengthening Florida’s economy and community resilience.
Semiconductor Industry’s Role
Semiconductors are essential components of nearly all electronic devices. Also called microchips, they power a wide range of the devices that are essential to function our day-to-day lives. At present, Florida is ranked third in the country for semiconductor facilities and fifth for jobs in this industry. With this stance, it is positioning Florida as a future leader in technical innovation due to the expansion of high-tech manufacturing, especially in the semiconductor industry. Governor Ron DeSantis has spearheaded initiatives to back this sector with significant funds for infrastructure and workforce growth. In 2023, over $56 million was assigned by the Florida Job Growth Grant Fund for economic growth, enhancing worker education and semiconductor production.
“Every day Florida is building on the significant momentum Governor DeSantis has created through key workforce development and infrastructure investments that strengthen Florida’s talent pipeline and communities,” said Florida Secretary of Commerce J. Alex Kelly.
The purpose of these investments is to guarantee the long-term economic stability by generating high-paying employment and a strong talent pipeline. The growth of the semiconductor sector contributes to both direct and countless indirect jobs, strengthening Florida’s economic base.
UF | Florida Semiconductor Institutes Role in Florida
The Florida Semiconductor Institute (FSI) plays a pivotal role in this initiative. In 2024, Governor DeSantis committed $80 million to FSI to facilitate its growth. The institution hopes to further its goals of creating a trained workforce, promoting semiconductor technology innovation, and drawing high-tech companies to the state with the newly allocated funds. According to the 2023 Manufacturing Report, these were the sectors where notable advancements were made. FSI aims to continue this progress to ensure a bright future for the sunshine state.
“Industries like semiconductor manufacturing and advanced packaging support our national security and create economic opportunities in our state,” said Governor Ron DeSantis. “The investments we are making today ensure that our students have access to high-wage, high-demand jobs without going into debt, while supporting sustainable economic development in Florida.”
A Bright Future for the Sunshine State
The strategic emphasis on manufacturing and semiconductors has not only diversified Florida’s economy but also positioned the state as a future leader in high-tech manufacturing. This shift marks a significant milestone in Florida’s economic development strategy. The possibilities for growth and innovation in the semiconductor field are huge as they become increasingly important in everyday life.