Nearly 10 Percent of Florida’s GDP is Tied to the Military Economy
By: Tracey Lowe
Florida’s military and defense industry is a key driver in the state’s economic growth, resulting in an estimated $73 billion impact and 758,000 jobs for Floridians. Current projections for overall economic growth show maintaining the industry’s current share could grow the total impact to $100 billion per year by 2030.
As a top five recipient of U.S. Department of Defense contract awards and home to one of the nation’s largest defense and homeland security sectors, Florida’s military economy is thriving. With 20 major military installations and three unified combatant commands located strategically throughout the state, and nearly 18,000 private sector defense companies, the need for high-tech and STEM-trained talent will continue to rise.
“Florida’s military and defense industry represents a huge growth opportunity within the state,” said Leslie Hielema, Vice President, Orlando Center, Florida Institute of Technology. “By training tomorrow’s innovation workforce for careers in aviation/aerospace, logistics, modeling, simulation and other fields, we can better diversify the state’s economy and improve economic prosperity.”
Graphic from Enterprise Florida, Inc. FY2013-14 Annual Report