Helping Florida Grow into the 10th Largest Global Economy by 2030
As global supply chains change, Florida can be the big winner. A brand-new research report indicates Florida has the available capacity to move more goods, make more goods, and multiply these impacts throughout the economy. Globally competitive trade, logistics and manufacturing sectors will diversify Florida’s economy, bringing new jobs, income and investment into the state. Florida can propel its economy to one of the top 10 worldwide, and today, with the Florida Chamber Foundation’s Florida Trade & Logistics 2030 Study launch, Florida continues to move the needle toward its continued economic growth.
“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.”
Global supply chains and trade flows are transforming rapidly. The experiences of the past two years — from the global pandemic to extreme weather events to geopolitical instability in multiple locations –highlighted the vulnerabilities in the global supply chain and the importance of maintaining strong manufacturing and logistics sectors to support Florida consumers and businesses while driving economic growth.
“Many of Florida’s peer states are focusing on these opportunities, but the competition in these sectors increasingly is global,” said Florida Trade & Logistics 2030 Study Project Chair Doug Davidson, Market Executive with Bank of America.
Trade, logistics and manufacturing are essential elements of Florida’s economy and offer opportunities for every region of Florida, including rural and inland regions poised for economic revitalization. In 2020, they accounted for more than 1 million jobs statewide — the fourth highest total in the country. As Florida looks to 2030, the state has a wide array of opportunities to build on the strengths of these sectors and address the challenges they face. Florida Trade & Logistics 2030 presents a series of strategies and recommendations to position these sectors for success and to achieve the ambitious, but attainable, goal of making Florida a top 10 global economy. Some key strategies and recommendations include:
- Reaffirm the statewide priority for trade, logistics and manufacturing
- Establish a statewide, focused manufacturing initiative
- Close essential workforce gaps and strengthen the talent pipeline
- Continue to strengthen trade gateways and corridors
- Establish a comprehensive site development program with emphasis on rural areas
- Continue redesigning Florida’s economic development toolkit
- Strategically leverage rural economic development to double the percentage of GDP from rural Florida
“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.
Visit www.FLChamber.com/TL2030 to view the Florida Trade & Logistics 2030 Study.