A new report by Florida TaxWatch, the state’s independent, nonpartisan, nonprofit taxpayer research institute & government watchdog, finds that the growth of high-tech manufacturing is beneficial to Florida and that investing in the industry now can put us ahead of competitor states in enticing companies to the state.
Florida TaxWatch analyzed the potential impact of The Bluffs, a project being developed in Pensacola that aims to be the nation’s premier industrial campus. TaxWatch data found that the new direct employment associated with The Bluffs would be an estimated 6,000 jobs, with an additional 9,000 jobs created indirectly, and that the full development of the project could result in $1.1 billion in additional Gross State Product for Florida’s economy.
“Today’s global economy is becoming increasingly high-tech and in order for Florida to continue to be competitive, it must invest in high-tech manufacturing hubs,” said Florida TaxWatch President and CEO Dominic M. Calabro. “Projects like The Bluffs provide Floridians with high-wage jobs and will significantly benefit the state’s economy. Continuous investments by businesses and the state will go a long way in securing long-term growth of the high-tech manufacturing sector and make Florida the destination for those in the industry.”
“High-tech manufacturing is a major job creator in the Panhandle and developments like The Bluffs will continue to drive Florida into the 21st century global economy,” said Senator Doug Broxson. “Growing The Bluffs into a premier industrial campus is crucial in increasing our competiveness and diversifying our economy.”
“The Bluffs will become a significant job creator for the Pensacola area and further diversify the area’s growing high-tech manufacturing sector. I’m pleased that Florida TaxWatch’s latest report analyzes the positive economic impact of this project and I look forward to The Bluffs development into one of the nation’s premier industrial campus,” said Representative Clay Ingram.
“High-wage, competitive jobs are critical in today’s global economy and Florida needs to position itself as a top destination for high-tech manufacturing,” said Representative Frank White. “The Bluffs is just one of many developments that will allow the private sector to create jobs, grow our economy and move Florida forward.”
The report recommends that the state invests public funds into infrastructure in order to facilitate the growth of high-tech manufacturing hubs; while continuing to work with private entities to ensure that long-term growth potential is met and ensure the state beats out other states vying for these high-tech manufacturing companies.