As global supply chains change, Florida may be the big winner, according to a new report from the Florida Chamber Foundation.
the 2030 Florida Trade and Logistics Study shows that Florida has the ability to move around and manufacture more goods, and the positive impacts of this would boost the state’s economy by bringing new jobs, revenue, and investment to the state.
The study covers a pillar of the Chamber’s roadmap to lift Florida’s economy to 10th in the world, if measured as a country.
“The deliberate expansion of manufacturing, logistics, trade and rural economic growth aligns with Governor DeSantis’ continued leadership in this area and will help make Florida the 10th largest economy in the world by 2030,” said the President and CEO of the Florida Chamber of Commerce. Marc Wilson. “We have a generational opportunity to get it right.”
Global supply chains and trade flows are rapidly transforming and their vulnerabilities have surfaced over the past two years due to the pandemic, extreme weather events and geopolitical instability. According to the report, this makes maintaining strong manufacturing and logistics sectors in the state all the more important for Florida consumers and businesses, as well as for the state’s economic growth.
“Many of Florida’s peer states are focused on these opportunities, but competition in these sectors is increasingly global,” said Doug Davidsonmarket executive at Bank of America and chair of the study.
Commerce, logistics, and manufacturing are already essential parts of Florida’s economy, even in rural and inland parts of the state. As of 2020, they accounted for more than one million jobs statewide — the fourth-highest total in the nation.
The Florida Trade & Logistics 2030 study outlines several strategies and recommendations to grow these sectors, such as establishing a statewide targeted manufacturing initiative; fill critical workforce gaps and build a talent pipeline; strengthening trade gateways and corridors; the creation of a comprehensive site development program with an emphasis on rural areas; revamping Florida’s economic development toolkit; and take advantage of rural economic development tools to double the GDP of these regions.