The Statewide Impact of Florida’s Military Economy is More Than $70 Billion
By: Tracey Lowe
With the Florida Chamber Foundation’s Military, Defense and Veterans Opportunities Summit just two days away, this week’s special edition Did You Know? features an industry analysis on the military and defense industries. Read below for highlights from the analysis and click here to access the full length report.
Florida’s military industry is robust, formidable and impactful. Installations from Pensacola to Jacksonville and down to Key West place Florida among the most strategically important states for the U.S. armed forces. In fact, every business in Florida is within 100 miles of a military installation. With billions of dollars in economic activity, hundreds of thousands of jobs and an infrastructure that supports it all, Florida’s future is intertwined with its military and defense industry.
With nine percent of Florida’s economy tied to military and defense, maintaining and expanding this industry is imperative to our state’s future prosperity. Current projections for overall economic growth show maintaining the industry’s current share would bring the total impact from $70 billion to more than $100 billion per year by 2030. However, military drawdown, sequestration, federal budget cuts, and the changing scope of our armed forces over time pose a potential challenge to Florida’s military infrastructure moving forward. Projections indicate Florida’s veteran population will grow to 1.9 million by 2030, up from 1.5 million. Career readiness, healthcare delivery, training and infrastructure initiatives need to be able to address the unique nature of educating, training, employing and caring for this group of citizens. Our state’s ability to rise to the challenge will solidify our position as the most veteran-friendly state in the U.S.
Three Ways You Can Help Secure Florida’s Future
- Register onsite for the Military, Defense & Veterans Opportunities Summit this Wednesday, August 13 at the Hyatt Regency Orlando – International Airport located at 9300 Jeff Fuqua Blvd., Orlando, FL 32827. The event will bring together leaders from Florida’s military and defense industry, economic development experts, policymakers and the business community to look at ways to grow and protect this vital industry.
- Join us at the 2014 Future of Florida Forum, September 29 – October 1. Join state business leaders, industry experts and elected officials as they discuss and explore how to secure Florida’s future. This year’s program features top level executives and identifies connection points and partnerships that will make Florida a state with vibrant communities, high-wage jobs and endless opportunities for global competitiveness. Register today and be part of the conversations that will help Florida stand out as the premier place to live, learn, work and raise a family.
- Become a Florida Chamber Foundation Trustee and help provide a strategic direction for Florida’s future, to 2030 and beyond.
About the Florida Scorecard Did You Know:
The Florida Scorecard, located at www.TheFloridaScorecard.com, presents metrics across Florida’s economy. Each week, the Florida Chamber Foundation produces a Scorecard Did You Know that takes an in-depth look at one specific statistic.