Agenda 08/22/2023 Item #11A (Economic Development Agreement for the US Headquarters of Dialum Glass)08/22/2023
EXECUTIVE SUMMARY
Recommendation to approve an Economic Development Agreement for a proposed advanced manufacturing
and processing facility for the US headquarters of Dialum Glass within the Town of Ave Maria Innovation
Zone in the amount of $1,500,000.
OBJECTIVE: To approve an Economic Development Agreement with Dialum Glass.
CONSIDERATIONS: Dialum Glass (“Dialum”) is one of the largest suppliers of architectural glass in South
America and the Southeastern United States. They are currently headquartered in Santiago, Chile. The demand for
Dialum’s architectural glass using propriety technologies and processes has experienced significant growth over the
last decade prompting Dialum to establish a dedicated US facility. Over the last 18 months, Dialum has narrowed
down its search to several locations in the US. They are evaluating two locations in Florida with a ten-acre site
located within the Ave Maria Innovation Zone being the preferred location in Florida.
Dialum is a Targeted Industry, as defined by Enterprise Florida for the State of Florida, as NAICS Code 327 -
Nonmetallic Mineral Products Manufacturing.
On June 23, 2015, the Board of County Commissioners adopted resolution 2015-133 creating the Ave Maria
Innovation Zone. The purpose of the Ave Maria Innovation Zone is to attract and retain qualified targeted industry
business to the County. Dialum is proposing to construct a 90,000 square -foot state-of-the-art processing facility
and add approximately 80-100 local jobs. The ten-acre site has been tentatively site planned to accommodate an
additional expansion for a total of approximately 200,000 square feet.
Dialum is seeking a $1.5 million grant payable only after it constructs the facility. The initial capital investment is
estimated at $20-$25 million, including the new building and equipment. The proposed Agreement provides for
payment over 5 years, with $500,000 payable after the certificate of occupancy is issued and the remaining balance
disbursed equally over the subsequent four years. The payments are subject to Dialum being in good standing, with
the facility open, and property taxes current.
The Innovation Zone is seeing increased interest based on the lack of light industrial space available in the urban
area and the increased residential development in the Rural Land Stewardship Area (RLSA). The Innovation Zone
concept is a tool used by the Board to incentivize jobs and appropriate businesses. In the recent approval of
villages, the need for commercial, industrial, and other job-producing businesses was highlighted as a key need in
the RLSA. Additionally, innovation zone funds and other incentives have been recently used by the Board to
successfully bring a resort hotel, logistics facility, and manufacturing to various parts of the county in the urban
area. Creating jobs in the RLSA and in and around the Immokalee urban area are high priories of the RLSA and
Immokalee Area Master Plan.
FISCAL IMPACT: The proposed economic development incentive payment is $1,500,000. The payment
schedule is $500,000 when the facility is completed and issued a Certificate of Occupancy followed by annual
payments of $250,000 over the next 4 years.
The Ave Maria Innovation Zone Trust Fund (1030) generates an annual revenue stream of approximately $185,900
per year and presently has an available balance of $900,000. Barring unforeseen reductions in taxable value or tax
rate the Trust Fund will have sufficient cash flow to support the planned incentive payment schedule.
GROWTH MANAGEMENT IMPACT: This request is consistent with Objective 3 of the Economic Element of
the Collier County Growth Management Plan which states: “Collier County will support programs which are
designed to promote and encourage the recruitment of new industry as well as the expansion and retention of
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existing industries in order to diversify the County’s economic base.”
LEGAL CONSIDERATIONS: This item has been reviewed by the Count Attorney, is approved as to form
and legality, and requires majority vote for approval. -JAK
RECOMMENDATION: To approve an Economic Development agreement for a proposed advanced
manufacturing and processing facility for the US headquarters of Dialum Glass within the Town of Ave Maria
Innovation Zone in the amount of $1,500,000.
Prepared by: Sarah Harrington, Interim Director, Economic Development and Housing
and Amy Patterson, County Manager
ATTACHMENT(S)
1. Economic Development Agreement - Dialum final (PDF)
2. Target-Industry-Update-2022 (PDF)
3. 327 - NAICS Code Description - NAICS Association - www.naics.com (PDF)
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08/22/2023
COLLIER COUNTY
Board of County Commissioners
Item Number: 11.A
Doc ID: 26412
Item Summary: *** This item to be heard at 9:30 AM. *** Recommendation to approve an Economic
Development Agreement for a proposed advanced manufacturing and processing facility for the US headquarters of
Dialum Glass within the Town of Ave Maria Innovation Zone in the amount of $1,500,000. (Amy Patterson,
County Manager)
Meeting Date: 08/22/2023
Prepared by:
Title: Management Analyst II – County Manager's Office
Name: Geoffrey Willig
08/16/2023 3:08 PM
Submitted by:
Title: Deputy County Manager – County Manager's Office
Name: Amy Patterson
08/16/2023 3:08 PM
Approved By:
Review:
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 08/16/2023 3:10 PM
County Manager's Office Amy Patterson Level 4 County Manager Review Completed 08/16/2023 3:47 PM
Board of County Commissioners Geoffrey Willig Meeting Pending 08/22/2023 9:00 AM
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UPDATE 2022
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TABLE OF CONTENT
EXECUTIVE SUMMARY ........................................................
TARGET INDUSTRIES BY NAICS CODE ...............................
TARGET INDUSTRY DEFINITION .........................................
ECONOMIC OVERVIEW ......................................................
TARGET INDUSTRY OVERVIEW ...........................................
MANUFACTURING .................................................................
CORPORATE HEADQUARTERS .............................................
GLOBAL LOGISTICS AND TRADE .........................................
FINANCIAL AND PROFESSIONAL SERVICES ........................
INFORMATION TECHNOLOGY .............................................
AVIATION AND AEROSPACE .................................................
DEFENSE AND HOMELAND SECURITY ................................
LIFE SCIENCES .......................................................................
CLEAN TECHNOLOGY ..........................................................
RESEARCH AND DEVELOPMENT .........................................
APPENDIX A ........................................................................
3
4
5
7
15
16
18
19
21
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25
27
28
30
31
32
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As required by Section 288.106, Florida Statutes, at least every three years the Florida Department of Economic
Opportunity (DEO), in consultation with Enterprise Florida, Inc. (EFI), shall review and, as appropriate, revise the
list of Florida’s target industries (the “Target Industry list”). The last review was completed in 2019 for use from
2020 through 2022.
The Target Industry List is used by many state and local economic development programs, and it identifies
industries and sectors that have the potential to generate significant returns on investment for statewide
growth, recruitment, and retention efforts. A target industry must possess one or more of the following six
statutory characteristics: future growth, stability, high wage, market and resource independence, industrial base
diversification, and positive economic impact.
Based on recommendations by EFI and consultation with stakeholders, DEO has retained all sectors presently
included in the Target Industry List, which encompasses: Corporate Headquarters, Research & Development,
Manufacturing, Global Logistics & Trade, Financial & Professional Services, Information Technology, Aviation &
Aerospace, Defense & Homeland Security, Life Sciences, and Clean Technology.
However, it is also clear that greater weight should be given to existing statutory provisions in Section
288.106 (2)(q)1.,5. and 6., Florida Statutes, which identify “special considerations” for elevating target industries.
1. Specifically, with the incredible and unique economic success Florida has experienced in recent years
there comes to consider both “industries that strengthen” and “facilitate” the development of “clusters”
and “hubs” for target industries. For example, workforce housing related industries are industries that are
becoming increasingly vital to target industries’ relocations and expansions.
2. Moreover, there are increasing demands on industries that are necessary to repatriate target industries to
the United States, especially in Florida, as is often viewed as the geographically ideal gateway between the
United States, South America, Europe and now even Asia. For example, logistics industries that increase
the capacity of our port, rail, road and intermodal systems are value-adds to economic development
considerations.
The attached study examines the performance of each of Florida’s target industries. The study uses the North
American Industry Classification System (NAICS) to define the industries and sectors under consideration.
Through evaluation of employment and economic trends, this update illustrates the state’s continued success on
the economic development stage, and provides a powerful demonstration that good leadership, good policy,
and good implementation can provide clear pathways for individuals and businesses to grow and thrive.
EXECUTIVE SUMMARY
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TARGET INDUSTRIES BY NAICS CODE
Retail activities, utilities, mining and other extraction or processing businesses, and activities regulated by the
Division of Hotels and Restaurants within the Department of Business and Professional Regulation, are statutorily
excluded from consideration. All projects are evaluated on an individual basis, and therefore operating in a
target industry does not automatically indicate eligibility.
MANUFACTURING (31-33)
Food Manufacturing (311)
Beverage Manufacturing (312)
Textile Mills (313)
Textile Product Mills (314)
Apparel Manufacturing (315)
Leather and Allied Product Manufacturing (316)
Wood Product Manufacturing (321)
Paper Manufacturing (322)
Printing and Related Support Activities (323)
Petroleum and Coal Products Manufacturing (324)
Chemical Manufacturing (325)
Plastics and Rubber Products Manufacturing (326)
Nonmetallic Mineral Product Manufacturing (327)
Primary Metal Manufacturing (331)
Fabricated Metal Product Manufacturing (332)
Machinery Manufacturing (333)
Computer and Electronic Product Manufacturing (334)
Electrical Equipment, Appliance, and Component
Manufacturing (335)
Transportation Equipment Manufacturing (336)
Furniture and Related Product Manufacturing (337)
Miscellaneous Manufacturing (339)
GLOBAL LOGISTICS & TRADE
Wholesale Trade (42)
Merchant Wholesalers, Durable Goods (423)
Merchant Wholesalers, Nondurable Goods (424)
Wholesale Electronic Markets and Agents and
Brokers (425)
Transportation and Warehousing (48-49)
FINANCE & INSURANCE
Credit Intermediation and Related Activities (522)
Securities, Commodity Contracts, and Other Financial
Investments and Related Activities (523)
Insurance Carriers and Related Activities (524)
Funds, Trusts, and Other Financial Vehicles (525)
INFORMATION TECHNOLOGY
Publishing Industries (except Internet) (511)
Motion Picture & Sound Recording Industries (512)
Telecommunications (517)
Data Processing, Hosting & Related Services (518)
Other Information Services (519)
PROFESSIONAL, SCIENTIFIC & TECHNICAL
SERVICES (54)
CORPORATE HEADQUARTERS
Management of Companies and Enterprises (55)
OTHER
Educational Services (611430, 611512 and 611710)
Medical & Diagnostic Laboratories (621)
Space Research & Technology (927)
ADMINISTRATIVE & SUPPORT SERVICES
(561; Excludes 5611 and 5614 unless otherwise
permitted in 288.106 F.S.)
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TARGET INDUSTRY DEFINITION
Section 288.106 (2)(q), Florida Statutes, sets forth the criteria for an industry or sector to be included in
the Target Industry List. “Target industry business” is defined as a corporate headquarters business or any
business that is engaged in one of the target industries identified pursuant to the following criteria developed
by DEO in consultation with EFI:
1. Future growth - Industry forecasts should indicate strong expectation for future growth in both
employment and output, according to the most recent available data. Special consideration should
be given to businesses that export goods to, or provide services in, international markets and
businesses that replace domestic and international imports of goods or services.
2. Stability - The industry should not be subject to periodic layoffs, whether due to seasonality or sensitivity
to volatile economic variables such as weather. The industry should also be relatively resistant to
recession, so that the demand for products of this industry is not typically subject to decline during an
economic downturn.
3. High wage - The industry should pay relatively high wages compared to the statewide or local prevailing
private sector wage.
4. Market and resource independent - The location of industry businesses should not be dependent on
Florida markets or resources as indicated by industry analysis, except for businesses in the renewable
energy industry.
5. Industrial base diversification and strengthening - The industry should contribute toward expanding
or diversifying the state’s or area’s economic base, as indicated by analysis of employment and output
shares compared to national and regional trends. Special consideration should be given to industries
that strengthen regional economies by adding value to basic products or building regional industrial
clusters as indicated by industry analysis. Special consideration should also be given to the
development of strong industrial clusters that include defense and homeland security businesses.
6. Positive economic impact - The industry is expected to have strong positive economic impacts on or
benefits to the state or regional economies. Special consideration should be given to industries that
facilitate the development of the state as a hub for domestic and global trade and logistics.
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The term does not include any business engaged in retail industry activities; any electrical utility company
as defined in Section 366.02(2), Florida Statutes; any phosphate or other solid minerals severance, mining,
or processing operation; any oil or gas exploration or production operation; or any business subject to
regulation by the Division of Hotels and Restaurants within the Department of Business and Professional
Regulation. Any business within NAICS code 5611 or 5614, administrative services and business support
services, respectively, may be considered a target industry business only after the local governing body and
EFI, make a determination that the community where the business may locate has conditions affecting the
fiscal and economic viability of the local community or area. The determination includes, but is not limited to,
factors such as low per capita income, high unemployment, high underemployment, and a lack of year-round
stable employment opportunities, and such conditions may be improved by the location of such a business
to the community. By at least January 1 of every 3rd year, beginning January 1, 2011, DEO, in consultation
with EFI, economic development organizations, the State University System, local governments, employee
and employer organizations, market analysts, and economists, shall review and, as appropriate, revise the list
of such target industries and submit the list to the Governor, the President of the Senate, and the Speaker of
the House of Representatives.
TARGET INDUSTRY DEFINITION
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ECONOMIC OVERVIEW
GDPFlorida’s GDP is $1,303,944,600,000 ($1.3T) as of the 1st quarter of 2022.1 This represents an increase
of $207.3 billion (18.9% increase) since the previous target industry update.2
Table 1, shows Florida’s Gross Domestic Product (GDP).
Florida’s GDP has realized steady annual growth of approximately 5% since emerging from the Great
Recession. Florida’s GDP growth experienced a brief contraction in 2020, the state’s contraction of 0.9%,
compared to the 1.5% contraction nationally, proved that Florida’s open-for-business policies were the best
path forward to rapid economic recovery. 2021 saw the largest year-over-year growth in more than a decade
as the state continued to lead the country in economic growth with a 10.9% increase, outpacing the nation
by 0.8%.3
1 U.S. Bureau of Economic Analysis, Gross Domestic Product: All Industry Total in Florida [FLNQGSP], retrieved from FRED, Federal Reserve Bank of St.
Louis; https://fred.stlouisfed.org/series/FLNQGSP, September 22, 2022.
2 Ibid
3 IbidTable 1Gross Domestic Product: All Industry Total in Florida
1,400,000
1,300,000
1,200,000
1,100,000
1,000,000
900,000
800,000Million of DollarsQ1 2015
Shaded areas indicate U.S. recessions.Source: U.S. Bureau of Economic Analysis fred.stlouisfed.org
Q3 2015 Q1 2016 Q3 2016 Q1 2017 Q3 2017 Q1 2018 Q3 2018 Q1 2019 Q31 2019 Q1 2020 Q3 20205 Q1 2021 Q3 2021 Q1 2022
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FLORIDA’S GROSS DOMESTIC PRODUCT, BY INDUSTRY, 2021
Industry GDP ($ millions)Share of Total
Financial Activities (including Real Estate)311,103 25.4%
Professional and Business Services 164,758 13.4%
Government 120,357 9.8%
Educational Services, Health Care, and Social Assistance 110,710 9.0%
Retail Trade 93,915 7.7%
Wholesale Trade 86,741 7.1%
Leisure and Hospitality 69,357 5.7%
Manufacturing 64,264 5.2%
Construction 66,778 5.4%
Transportation and Utilities 52,985 4.3%
Information 47,393 3.9%
Other Services 28,488 2.3%
Natural Resources and Mining 9,451 0.8%
Source: Bureau of Economic Analysis, GDP and Personal Income
Source: Bureau of Economic Analysis
Table 3, contains information on Florida’s GDP, broken down by industry, for calendar year 2021.
Since the last review of the Target Industry List the increased share of total GDP generated from Financial
Activities increased by 2.9%, more than any sector. The largest decrease in share of total GDP came from
Government, which decreased by 1.1%.4Table 34 Bureau of Economic AnalysisTable 2Table 2, shows Florida’s year-over-year rate of GDP growth.
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Source: JobsEQ, derived from the Bureau of Economic Analysis
Table 4, above, compares Florida’s GDP against the nationwide GDP with respect to its target industries grouped in accordance
with the NAICS identified on page 3 and all industries.
In 2021, target industries contributed 35.8% to the state’s total economic output, or more than $438.9 billion
of Florida’s total GDP of more than $1.2 trillion. Importantly, target industry GDP growth consistently outpaced
Florida’s overall economy in each year measured, and remained roughly steady at approximately 35% of
total GDP. While the GDP growth of the state’s target industries has outperformed the nation (1-year percent
change in GDP), it is nearly 9% less than the nation when considering target industry GDP numbers as a
percent of total GDP.
TARGET INDUSTRIES TOTAL - ALL INDUSTRIES
Year GDP 1 Year %
Change in GDP
GDP 1 Year %
Change in GDP
Target Industry
as % of Total
Florida
2018 $374,880,060,000 6.8%$1,057,862,300,000 5.5%35.4%
2019 $397,312,930,000 6.0%$1,116,435,400,000 5.5%35.6%
2020 $390,649,358,000 -1.7%$1,106,035,500,000 -0.9%35.3%
2021 $438,933,333,000 12.4%$1,226,297,500,000 10.9%35.8%
USA
2018 $9,030,266,066,000 6.3%$20,526,601,645,000 5.4%44.0%
2019 $9,404,055,362,000 4.1%$21,372,382,656,000 4.1%44.0%
2020 $9,263,789,518,000 -1.5%$20,893,372,862,000 -2.2%44.3%
2021 $10,257,578,729,000 10.7%$22,996,086,400,000 10.1%33.6%
FLORIDA’S GDP AGAINST THE NATIONWIDE GDP WITH RESPECT TO ITS TARGET
INDUSTRIES AND ALL INDUSTRIES
Table 4TARGET INDUSTRY GDP
Understanding the share of economic activity and contribution created by target industries vs. non-target
industries will signal the economic diversity and thus anticipated resiliency of a geographical region. For the
purposes of this review, economic activity and contribution will be considered through GDP, job creation, and
average wage. Target industries are aggregated by NAICS coes, which can be found in the appendix of this
report. Most data has been compiled using JobsEQ, an economic development data aggregator which relies
heavily upon public data sources such as the Bureaus of Labor Statistics and Economic Analysis within the
United States Department of Labor.
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EMPLOYMENT
Table 5, contains employment data for Florida’s target industry and non-target industry jobs. Employment data for target industry
jobs represents associated with the NAICS codes identified on page 3.
Target industries support nearly three million Florida jobs, representing 30.2% of all jobs in the state. This
is an increase of roughly 500,000 jobs and a 3% share of all jobs since 2015. The increase in share of target
industry jobs is encouraging, however does lag national target industry job share of 34%.
Table 6, contains Florida’s employment growth trends and compares target industries against all industries.
Target industries have generally experienced faster than average job growth, outpacing total job growth in
each year since 2015, peaking in 2021 with year-over-year job growth of 7.7%. In 2020, target industry jobs
demonstrated significant resiliency through the pandemic, only decreasing by 1.2% as compared to a 4.8%
decrease in all jobs.
FLORIDA EMPLOYMENT GROWTH TRENDS – TARGET VS. ALL INDUSTRIES
Target Industries Total - All Industries
Time 1 Year % Change in Employment 1 Year % Change in Employment
2015 4.0%3.6%
2016 3.5%3.0%
2017 3.3%2.4%
2018 3.0%2.4%
2019 3.1%1.8%
2020 -1.2%-4.8%
2021 7.7%5.1%
Source: JobsEQ, derived from the Bureau of Labor Statistics, (p) Q1 2022
Source: JobsEQ, derived from the Bureau of Labor Statistics, (p) Q1 2022Table 5Table 6FLORIDA TARGET VS. NON-TARGET INDSTRY JOBS
Year Target industry Jobs “Non-target” Industry Jobs Total - All Jobs % Target Industry
Jobs
2015 2,436,104 6,433,644 8,869,748 27.5%
2016 2,521,013 6,617,517 9,138,531 27.6%
2017 2,603,983 6,757,113 9,361,095 27.8%
2018 2,681,237 6,906,413 9,587,650 28.0%
2019 2,765,618 6,995,244 9,760,862 28.3%
2020 2,733,113 6,560,173 9,293,287 29.4%
2021 2,944,015 6,820,012 9,764,027 30.2%
Professional, Scientific, and Technical Services (770,688 jobs), Transportation and Warehousing (502,005
jobs), and Employment Services (243,402 jobs) make up the top three job creation sectors within the target
industries. The fastest growing sectors for job growth over the last three years are Funds and Trusts (53.7%),
Transportation and Warehousing (22.8%), and Information Services (21.1%).
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UNEMPLOYMENT RATE – FLORIDA VS. USA
ANNUALIZED UNEMPLOYMENT RATE
YEAR FLORIDA USA
2017 4.3%4.4%
2018 3.7%3.9%
2019 3.2%3.7%
2020 8.3%8.1%
2021 4.6%5.4%
Nov-22 2.6%3.7%
Florida’s unemployment rate is typically lower than the national average. The last three years were further
evidence of this trend, with the state’s unemployment rate lower than the country pre-pandemic; 3.2% in
Florida vs. 3.7% nationally. The state did temporarily spike higher than the national average in 2020 due to the
pandemic impact on the hospitality and tourism sectors. However, strong policies and data-driven decisions
to keep Florida open quickly led Florida to outperform the nation in unemployment, with most current data
showing Florida with a 2.6% unemployment rate vs. 3.7% nationally.
As of November 2022, Florida’s unemployment rate dropped to 2.6%, the lowest among the nation’s top ten
largest states and 1.1% lower than the nation’s. November 2022 marks 24 consecutive months that Florida’s
unemployment rate has remained below the nation’s. Florida also continues to exceed the national job growth
rate for the 20th consecutive month in November 2022. Florida’s total private sector employment increased by
5.2% (+420,700 jobs) over the year, faster than the national private sector jobs growth rate of 3.6% over the
same time period. As of November 2022, Florida employers have added jobs for 31 consecutive months.
Tables 7, show Florida’s unemployment rate compared against the national rate.Table 7Source: U.S. Bureau of Labor Statistics
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AVERAGE WAGE – FL VS. USA – 2015-2021
YEAR FLORIDA ANNUAL
INCREASE
UNITED STATES ANNUAL
INCREASE
2015 $46,260 -$52,942 -
2016 $47,035 1.68%$53,621 1.28%
2017 $48,455 3.02%$55,390 3.30%
2018 $50,094 3.38%$57,266 3.39%
2019 $51,741 3.29%$59,209 3.39%
2020 $55,868 7.98%$64,021 8.13%
2021 $60,276 7.89%$67,610 5.61%
*Source: Bureau of Labor Statistics, data pulled December 2022, **JobsEQ, Bureau of Labor Statistics, data pulled October 2022
Table 9, shows average wage data for Florida against the nation.
Since 2015, the average wage in Florida has increased more than $14,000, surpassing $60,000 in 2021 with
robust annual growth of nearly 8% in the last two years. State wage growth has been largely in line with national
growth, with 2021 standing out as Florida’s wage growth outperformed that of the nation by 2.28% (7.89%
growth in Florida vs. 5.61% for the U.S.).
AVERAGE WAGE – FLORIDA – TARGET VS. ALL INDUSTRY – 2015-2021
FLORIDA WAGES - TARGET INDUSTRIES VS. ALL INDUSTRY
Target Industry All Industries
Year Average Annual
Wage**
Annual Growth Average Annual
Wage*
Annual Growth
2015 $64,912 -$46,260 -
2016 $65,417 0.78%$47,035 1.68%
2017 $67,540 3.25%$48,455 3.02%
2018 $69,700 3.20%$50,094 3.38%
2019 $71,937 3.21%$51,741 3.29%
2020 $75,959 5.59%$55,868 7.98%
2021 $82,281 8.32%$60,276 7.89%
Source: JobsEQ, Bureau of Labor Statistics, data pulled October 2022
AVERAGE WAGE
Table 8, contains average wage data for Florida’s target industries, compared against all industries. Data for target industry jobs
represents associated with the NAICS codes identified on page 3.
The average annual wage of all jobs, in target industries in Florida is $82,281, more than $25,000 above the
average wage of the overall Florida economy. While the growth rate of wages for target industry jobs has
largely aligned with all jobs, it is notable that target industries are less affected by the increases in minimum
wage, which is a large driver of total wage growth.Table 8Table 911.A.b
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Florida’s per capita income growth has outperformed the nation in five of the last seven years. The 2021 per
capita income in Florida is $62,270, which indicates the largest year-over-year growth of per capita income since
1981. One contributing factor to this growth is the relocation of significant wealth from around the country, as
Florida has ranked as the top geography for domestic wealth relocation for the last two years.
PER CAPITA INCOME
Source: U.S. Bureau of Economic Analysis and Federal Reserve Bank of St. Louis, Per Capita Personal Income in Florida [FLPCPI], retrieved from FRED, Federal Reserve Bank of St. Louis;
https://fred.stlouisfed.org/series/FLPCPI, October 20, 2022
FLORIDA VS. UNITED STATES IN PER CAPITA INCOME
Florida United State
Year Per Capita Income Annual Growth Per Capita Income Annual Growth
2015 $45,659 4.92%$48,694 3.92%
2016 $46,454 1.74%$49,588 1.84%
2017 $49,055 5.60%$51,519 3.89%
2018 $51,520 5.02%$53,783 4.39%
2019 $54,560 5.90%$56,236 4.56%
2020 $57,292 5.01%$59,779 6.30%
2021 $62,270 8.69%$64,100 7.23%
2015
2016
2017
2018
2019
2020
2021 +$
+$
+$
+$
+$
+$
$Table 10Table 10, contains data on Florida’s per capita income against the overall per capita income of the nation.
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TARGET INDUSTRY JOBS IN FLORIDA
INDUSTRY NAICS JOBS 3-YEAR FORECAST JOBS GROWTH RATE
3-YEAR FORECAST JOBS GROWTH DEMAND
Professional, Scientific, and Technical Service 54 770,688 5.4%41,095
Transportation and Warehousing 48 502,005 4.6%22,557
Employment Services 5613 243.402 6.1%14,416
Insurance Carriers and Related Activities 524 208,582 4.6%9,525
Merchant Wholesalers, Durable Goods 423 205,219 3.2%6,565
Credit Intermediation and Related Activities 522 180,619 2.0%3,520
Merchant Wholesalers, Nondurable Goods 424 151,922 2.9%4,252
Management of Companies and Enterprises 55 117,600 3.2%3,756
Securities, Commodity Contracts, and Other Financial
Investments and Related Activities 523 60,109 3.3%1,984
Transportation Equipment Manufacturing 336 52,855 1.7%891
Telecommunications 517 47,490 -1.3%-639
Fabricated Metal Product Manufacturing 332 45,352 3.7%1,640
Computer and Electronic Product Manufacturing 334 44,724 2.2%971
Food Manufacturing 311 38,300 4.4%1,643
Publishing Industries (except Internet)511 36,054 4.7%1,680
Machinery Manufacturing 333 32,498 3.9%1,254
Medical and Diagnostic Laboratories 6215 28,326 8.3%2,318
Chemical Manufacturing 325 27,874 3.1%854
Wholesale Electronic Markets, Agents and Brokers 425 26,854 3.0%819
Data Processing, Hosting, and Related Services 518 25,839 5.1%1,293
Nonmetallic Mineral Products Manufacturing 327 23,925 1.8%431
Printing and Related Support Services 323 17,057 -4.0%-670
Motion Picture and Sound Recording Industries 512 16,962 20.0%3,265
Wood Product Manufacturing 321 15,974 4.8%748
Facilities Support Services 5612 15,539 3.1%484
Furniture and Related Product Manufacturing 337 15,140 3.2%478
Plastic and Rubber Product Manufacturing 326 14,626 0.7%98
Other Information Services 519 13,077 8.6%1,084
Beverage Manufacturing 3121 11,849 5.8%675
Educational Support Services 611710 11,142 8.3%915
Electrical Equipment, Appliance, and Component
Manufacturing 335 10,266 5.0%502
Paper Manufacturing 322 8,426 -0.8%-70
Professional and Management Development Training 611430 6,765 4.3%286
Primary Metal Manufacturing 331 5,450 2.5%130
Apparel Manufacturing 315 4,358 -9.9%-425
Textile Product Mills 314 4,314 -1.5%-64
Flight Training 611512 3,220 4.9%155
Petroleum and Coal Products Manufacturing 324 3,186 3.5%114
Space Research and Technology 927 2,180 2.3%50
Funds, Trust, and Other Financial Vehicles 525 2,176 3.8%84
Leather and Allied Product Manufacturing 316 1,349 -5.9%-77
Textile Mills 313 1,159 -3.1%-35
Source: JobsEQ, derive from the Bureau of Labor Statistics, (p) Q1 2022
Table 11, below, contains the 3-year job demand forecast for Florida’s target industries.Table 1111.A.b
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In addition to identifying sectors eligible for state economic development programs, the Target Industry List
guides statewide, regional, and local agencies, organizations, and economic development partners around
the state as they implement programs and policies geared toward economic growth and resiliency. For
example, CareerSource Florida is one statewide organization that utilizes the Target Industry List to inform its
use of sector strategies in supporting Florida’s workforce development efforts. Sector strategies are regional,
industry-focused approaches to building a skilled workforce, and are an effective way to align public and
private resources to address the talent needs of employers. Evidence from states employing this approach
shows that sector strategies can simultaneously improve employment opportunities for job seekers and
enhance the competitiveness of industries. Effective sector strategies rely on strong sector partnerships,
sometimes referred to as industry partnerships, workforce collaboratives, or regional skills alliances.
In an effort to avoid duplicate counting, the following correspond to the NAICS code groupings on
page 3.
METHODOLOGY
Employment, establishment, and wage data is largely derived from government agencies, including the
Bureau of Labor Statistics, while other sources are included to provide discussion on specific industry clusters
throughout the state. When possible, Q4 2021 or Q1 2022 data is used.
This review adopts the following definitions for use in the Target Industry List:
• Sector: A high-level establishment grouping identified by two-digit NAICS coding; inclusive of Corporate
Headquarters, Research and Development, Manufacturing, and Logistics and Trade for the purpose of
this review. • Sub-sector: A mid-level establishment grouping identified by three-digit NAICS coding. • Target Industry: A sub-sector considered by the state of Florida to be consistent with the criteria listed
above. • Industry: A specific establishment grouping identified by four- to six-digit NAICs coding.
The employment and wage numbers to follow are calculated according to a specially defined grouping of
NAICS. For example, Financial & Professional Services are organized by the NAICS identified below. For a
complete list of the clusters and their NAICS codes, please see Appendix A.
TARGET INDUSTRY OVERVIEW
FINANCIAL & PROFESSIONAL SERVICES TOTAL
Sub-sector Description Sub-sector NAICS
Credit Intermediation and Related Activities 522
Securities, Commodity Contracts, and Other Financial Investments
and Related Activities 523
Insurance Carriers and Related Activities 524
Funds, Trusts, and Other Financial Vehicles 525
Professional, Scientific, and Technical Services 541
11.A.b
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MANUFACTURING
SNAPSHOT – 2022 UPDATE VS. 2019 UPDATE
• $60.3 billion to Florida GDP
• $55.1 billion at time of last update – increase of $5.3 billion
• 9.5% increase
• 23,154 Manufacturing Establishments
• 20,493 at time of last update – increase of 2,661
• 12.98% increase
• 411,744 Jobs
• 393,403 at time of last update – increase of 18,341
• 4.66% increase
• $69,923 Average Wage
• $61,192 at time of last update – increase of $8,731
• 14.27% increase
• 2025 Forecast
• 10,467 more manufacturing jobs
• 0.8% annual job growth
INDUSTRY OVERVIEW
The Manufacturing sector includes companies that process raw materials or assemble component parts into
new products using either a mechanical, physical, or chemical process.
National employment growth for the manufacturing sector is expected to increase annually by 0.2% to 16.5
million workers, and the number of manufacturing establishments are projected to increase from 785,274
in 2022 to 853,535 in 2028.5 The major products in the manufacturing sector include food and beverage;
petroleum, coal, chemicals, plastics, and rubbers; transportation and machinery equipment; metal and
mineral production; computer, electronic and electric products; wood and paper products; textiles, apparel,
and leather products. To some degree, the Florida manufacturing sector mirrors the national trends of major
manufacturing products. In the last five years, companies have made significant capital investments and
created jobs in the marine, food and beverage, and metal and mineral production sectors. Where Florida
deviates from the national manufacturing segment is the diversity in the subsectors of the manufacturing
sector.
Manufacturing intersects with all Target Industries, including Life Sciences, Aviation & Aerospace, Defense &
Homeland Security, Information Technology, and Cleantech.
MARINE MANUFACTURING
Florida surpasses all other states in boat building, accounting for 19.1% of establishments in 2022.6 Florida’s
unique coastline includes a chain of barrier islands with inlets and shallow creeks which require small ocean
vessels. Florida also has a strong commercial fishing industry. However, boat builders have been shifting
focus to concentrate on game fishing which requires more inputs and provides better returns for boat
manufacturers. Although marine manufacturing is prevalent throughout Florida, Central and South Florida
continue to be hubs for the marine industry. South Florida is internationally considered the capital for yachts
and sport fishing craft while Central Florida is home to several large production boat manufacturers.
The boat manufacturing industry may face challenges in future years. Increases in interest rates, fuel costs,
and declining consumer confidence may generally temper growth in the coming years. Further, while Florida
+9.5%
+12.98%
+14.27%
+0.8%
$55.1 Billion +$5.3 Billion
+4.66%
20,493 +2,661
393,403 +18,341
$61,192 +$8,731
+10,467
11.A.b
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has the second longest coast in the United States – with 8,436 miles of shoreline – many marine builders
have fully built-out existing on-water sites, and historically preferred boat building locations in Central and
South Florida are becoming cost prohibitive for relocating businesses to consider.
TEXTILES, NON-WOVEN, AND ADVANCED MATERIALS
Between 1997 and 2009, nearly 650 textile plants closed in the U.S. Despite these alarming statistics, a new
wave of growth and technology advancement, and thus opportunity, is building in the American South.
As a result, textiles, nonwovens, and advanced material manufacturers are seeing a significant increase in
demand. According to Straits Research Nonwovens Market Forecast Report, the growth rate for nonwovens
is forecast to rise 6.7% annually through 2028.
International companies have new opportunities to invest in facilities within North America to offset supply
chain challenges and higher shipping costs. In recent years, carbon fiber, textile, and nonwoven textile
companies announced more than $2 billion in manufacturing investments in Tennessee, South Carolina,
North Carolina, and Georgia.
WOOD PRODUCTS
Forestry play a significant economic role in Florida. The Florida Forestry Association’s economic impact
study found that state’s forest industry contributes $25 billion to Florida’s economy. As of January 2018, the
Institute of Food and Agricultural Services (IFAS) reports the Florida’s forestry industry employs 36,055 in
full-time and part-time jobs. Per Jobs EQ, there were 722 wood product manufacturing establishments in
Florida, an increase from 578 establishments ten years earlier. More importantly, the Florida average wage
per worker was $60,329, $4,601 above the sector’s national average.
The timber industry experienced a full recovery fueled by renewed housing starts, continuing Asian demand
for softwood logs and lumber and expanding domestic and foreign bio-energy consumption, among
other factors. The U.S. paper industry has been running a trade surplus in recent years, with about 20%
of production exported in 2013. World paper consumption is expanding approximately 2.1% a year and
continues to experience growth in the containerboard and tissue sectors. North Florida is particularly poised
to take advantage of the upswing, given it contains the overwhelming majority of the state’s forestlands, 96%
of its tree plantations and most of the primary wood-using mills, earning it the moniker of “wood basket.”
PROJECT ACTIVITY
Since the last update, EFI has worked with 203 manufacturing opportunities considering the state,
successfully facilitating 48 relocation/expansions, with an anticipated 3,310 new jobs and $1.1 billion in
capital investment.
Adopted changes to the manufacturing target industry designation
As recommended by EFI, DEO has adopted no changes to the Manufacturing sector on the Target Industry List.
Snapshot Source: JobsEQ® - Data as of 2022Q2
5 IBIS World, page 15
6 IBIS World, page 24
11.A.b
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CORPORATE HEADQUARTERS
SNAPSHOT – 2022 UPDATE VS. 2019 UPDATE
• $20.0 billion to Florida GDP
• $16.6 billion at time of last update – increase of $3.4 billion
• 20.5% increase
• 6,755 Corporate Headquarter Establishments
• 4,930 at time of last update – increase of 1,825
• 37.01% increase
• 116,001 Jobs
• 109,984 at time of last update – increase of 6,017
• 5.5% increase
• $136,475 Average Wage
• $112,071 at time of last update – increase of $24,404
• 21.78% increase
• 2025 Forecast
• 3,746 more headquarters jobs
• 1.1% annual job growth
INDUSTRY OVERVIEW
The growth of the Corporate Headquarters sector has only accelerated since the last update, demonstrating
more than 20% GDP growth, 37% growth in number of headquarters establishments, and nearly 22% wage
increases. While this positive growth has been trending for some time, it was fueled by the pandemic, as
businesses took note of the state’s response as Florida remained open for business.
PROJECT ACTIVITY
Since the last update, EFI has worked with 65 corporate headquarters opportunities, successfully facilitating
24 relocations/expansions, with an anticipated 6,253 new jobs and $1.5 billion in capital investment.
Adopted changes to the Corporate Headquarters target industry designation
As recommended by EFI, DEO has adopted no changes to the Corporate Headquarters sector on the Target Industry List.
+20.5%
+37.01%
+21.78%
+1.1%
$16.6 Billion +$3.4 Billion
+5.5%
4,930 +1,825
109,984 +6,017
$112,071 +$24,404
+3,746
Snapshot Source: JobsEQ® - Data as of 2022Q2
11.A.b
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GLOBAL LOGISTICS AND TRADE
SNAPSHOT – 2022 UPDATE VS. 2019 UPDATE
• $122.3 billion to Florida GDP
• $113.1 billion at time of last update – increase of $9.2 billion
• 8.13% increase
• 65,382 Global Logistics and Trade Establishments
• 58,545 at time of last update – increase of 6,837
• 11.7% increase
• 862,950 Jobs
• 758,851 at time of last update – increase of 104,099
• 13.7% increase
• $70,046 Average Wage
• $62,879 at time of last update – increase of $7,582
• 12.1% increase
• 2025 Forecast
• 34,250 more Global Logistics and Trade jobs
• 4.4% annual job growth
INDUSTRY OVERVIEW
The Global Logistics and Trade industry in Florida is primarily identified as wholesale trade, transportation
and warehousing, and logistics services. Companies in the logistics and distribution sector are critically
important to Florida’s supply chain for manufacturing and information industries. Further, the performance of
the manufacturing and information technology industries – and Florida’s economy as a whole – is closely tied
to the effectiveness of the supply chain. Florida’s economy has grown significantly in the past few decades
due to its positioning as a global trading gateway and hub, and its geography is well positioned to capture
trade flows and support higher-paying jobs for Floridians. According to the Florida Chamber Foundation’s
latest Trade and Logistics study, Florida’s private sector is seeking to double goods exports and triple service
exports by 2030.
In 2022, Florida’s Wholesale Trade (NAICS 42) and Transportation and Warehousing (NAICS 48) sectors
employed a combined 862,950 Floridians across 65,400 establishments and paid wages 18% greater than
the industry average.7 This employment level is a result of 4% growth over the period (+153,800) since the
last Target Industry Update.8
The Transportation and Warehousing sector supports virtually every other industry. Florida experienced an
increase of 21.5% in two-way trade in 2021 – a 25.7% increase in merchandise exports and 18.2% growth in
merchandise imports. Further, consumer spending in Florida grew 15.6% between 2020 and 2021, highest
in the Southeast, and 3rd highest in the U.S.
The state’s Wholesale Trade sector is forecast to add 19,594 jobs over the next five years (1.0% growth) while
the Transportation and Warehousing sector is expected to add 38,172 jobs (1.5% growth). After significant
recovery in 2021 and 2022 following slowed revenue due to the pandemic, the Wholesale Trade sector
nationally is projected to grow at an annualized rate of 2.2% from 2022 to 2027.9
+8.13%
+11.7%
+13.7%
+12.1%
+4.4%
$113.1 Billion +$9.2 Billion
58,545 +6,837
758,815 +104,099
$62,879 +$7,582
+34,250
11.A.b
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As was seen during the pandemic, most sectors are vulnerable to movements in global trade as is business
and consumer confidence. This was underscored in the sudden inability to source and move goods that had
moved freely in the past. It also highlighted that the Transportation and Warehousing sector in particular
supports virtually every other industry. And while the world saw significant declines in international trade in
2020, Florida experienced an increase of 21.5% in two-way trade in 2021 – a 25.7% increase in merchandise
exports and 18.2% growth in merchandise imports. Further, consumer spending in Florida grew 15.6%
between 2020 and 2021, highest in the Southeast, and 3rd highest in the U.S.10 International trade and
consumer spending are indicators that give insight into this sector’s stability and growth.
Florida-origin exports are the value of overseas shipments that originate in Florida (indicating that the product
was grown, mined, made, or processed at a Florida location prior to export). Florida-origin exports are
solely for merchandise and do not include services exports, which are only tabulated at the U.S. level. Both
Florida-origin and Services exports have been an economic success story for the state, as Florida maintains
a “top ten” placement among competitor states.11,12 In 2020, Florida companies accounted for 20% of all
U.S. exporters, second highest in the country.13 That can be seen as a reflection of the state’s important role
in shipping both Florida and U.S. goods globally.
PROJECT ACTIVITY
Since the last update, EFI has worked with 66 Global Logistics and Trade opportunities, successfully
facilitating 21 relocations/expansions, with an anticipated 5,730 new jobs and $1.4 billion in capital
investment.
Adopted changes to the Global Logistics and Trade Target Industry designation
As recommended by EFI, DEO has adopted no changes to the Global Logistics and Trade on the Target Industry List.
VALUE OF FLORIDA EXPORTS AND IMPORTS
Value in $U.S. (Billions)% Change vs. Previous Year U.S. Rank
Total Trade with the World (2021) $164.1 21.5% N/A
Merchandise Exports $74.7 25.7% N/A
Merchandise Imports $89.4 18.2% N/A
Florida-Origin Exports (2021)$55.5 21.3% 7th
Services Exports (2019)$43.3 0.9% 4th
Snapshot Source: JobsEQ® - Data as of 2022Q2
7 Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2022
8 Ibid.
9 IBISWorld, “Wholesale Trade in the US Industry Report”
10 Bureau of Economic Analysis, Personal Consumption Expenditures by State, 2021
11 Census Bureau, Foreign Trade Division and WISERTrade, 2021
12 Coalition of Services Industries, 2019
13 Census Bureau, Dept. of Commerce, “A Profile of U.S. Importing and Exporting Companies, 2019-2020”
Source: Census Bureau, Foreign Trade Division, Bureau of Economic Analysis (BEA).
11.A.b
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FINANCIAL AND PROFESSIONAL SERVICES
SNAPSHOT – 2022 UPDATE VS. 2019 UPDATE
• $178 billion to Florida GDP
• $142.3 billion at time of last update – increase of $35.7 billion
• 25.1% increase
• 175,130 Financial and Professional Services Establishments
• 140,788 at time of last update – increase of 34,342
• 24.4% increase
• 1,204,329 Jobs
• 1,068,437 at time of last update – increase of 135,892
• 12.7% increase
• $98,748 Average Wage
• $80,601 at time of last update – increase of $18,147
• 22.5% increase
• 2025 Forecast
• 18,518 more Financial and Professional Services jobs
• 3.8% annual job growth
INDUSTRY OVERVIEW
The Financial Services cluster includes Credit Intermediation, Securities and other Financial Investments,
Insurance Carriers, Funds, Trusts and other financial vehicles. The Professional Services cluster is made up of
the sub-sector identified as Professional, Scientific and Technical Services. Florida’s Professional and Business
Service sectors continue to grow at a high rate due to the state’s favorable business environment, and as of
2021, Florida ranks second in the nation.14
Many of the nation’s leading financial and insurance services companies have significant operations in
Florida due to its tax climate and access to international markets. Florida boasts the third largest finance and
insurance cluster in the U.S. with significant growth of 9.2% in 2022 versus 5.7% in the U.S.15
FINANCIAL SERVICES AND INSURANCE
With more than 200,000 establishments employing 1.5 million Floridians in the sector, Florida is the second
largest hub for companies within the Professional, Scientific and Technical Services sector. The revenue
growth rate for Florida stands at 6.2% in 2022, compared to 5.3% in the U.S. Of the industries included
within the Professional Services NAICS, the largest in Florida include Management Consulting Services,
Legal Services, Engineering Services and Accounting Services.
As of Q1 of 2022, there were 96 banks in Florida with over $247 Billion in assets, which constitutes an
increase of $47 billion from 2019.16 There are 4,630 insurance-related entities operating in Florida writing
over $189 billion in premiums.17 Insurance industry jobs in Florida have grown by 5% since 2021 to 203,997.18
The Financial Investment Regulatory Authority (FINRA) ranks Florida second in the nation in the number of
branches and third in the total number of firms.
MANAGEMENT CONSULTING SERVICES
Development of Professional and Scientific Services has been driven by a GDP growth in Florida that is 360%
over the national average. Consequently, Florida enjoyed a tremendous growth in the number of firms to
131,000, an increase of over 30,000, while employing over 750,000 staff as of Q1 2022.19
+25.1%
+24.4%
+12.7%
+22.5%
+3.8%
$142.3 Billion +$35.7 Billion
140,788 +34,342
1,068,437 +135,892
$80,601 +$18,147
+18,518
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LEGAL SERVICES
As with many of the Professional Services industries, Legal services remain in demand when GDP and
economic activity are high. The number of Legal Services firms has grown to 45,897 which is second in the
nation with an annualized growth rate of 1.36% and a revenue of $28.7 billion. Florida Legal firms employ
over 114,000 Floridians with annual wages that have grown by 5.64%.
ENGINEERING SERVICES
The geographic spread of establishments in the Engineering Services industry corresponds with the
distribution of economic activity and population. With more than 12,547 Engineering Services companies,
Florida ranks third in the nation. According to a July of 2022 published statistics, these Florida Engineering
businesses employ more than 64,000 people with an average wage of $64,242.20
ACCOUNTING SERVICES
With 8,839 Accounting Services establishments, Florida is second in the nation and is the Southeast’s
largest state with an estimated 8.3% of business locations in 2022, growing at annualized rate of 1.2%. The
Accounting establishments employ 46,467 people with wages reaching $2.7 billion and is projected to grow
at annualized rate of 0.6% to $7.1 billion.21
PROJECT ACTIVITY
Since the last update, EFI has worked with 80 Financial and Professional Services opportunities,
successfully facilitating 40 relocations/expansions, with an anticipated 6,626 new jobs and $439 million in
capital investment.
Adopted changes to the Financial and Professional Services target Industry designation
As recommended by EFI, DEO has adopted no changes to the financial and professional services sector identified in the Target
Industry List.
In the 2010 Target Industry Update, it was noted that most of the projects within the 56 NAICS Code were eliminated from
eligibility due to change in statute. Section 288.106 of the Florida Statute excludes NAICS Codes 5611 (Office Administrative
Services) and 5614 (Business Support Services) from Target Industry status unless specific conditions are satisfied to allow for
inclusion.
Snapshot Source: JobsEQ® - Data as of 2022Q2
14 US Bureau of Labor Statistics
15 IBIS World
16 FDIC – Florida State Profile
17 National Association of Insurance Commissioners, State Insurance Regulation: Key Facts and Market Trends Florida 2020
18 U.S. Department of Commerce, Bureau of Economic Analysis, SAEMP27N Full-Time and Part-Time Wage and Salary Employment by NAICS Industry, 11/22/21
19 JOBSeq
20 IBIS World
21 IBIS World
Financial & Professional Services Total
Sub-sector Description Sub-sector NAICS
Credit Intermediation and Related Activities 522
Securities, Commodity Contracts, and Other Financial Investments and Related Activities 523
Insurance Carriers and Related Activities 524
Funds, Trusts, and Other Financial Vehicles 525
Professional, Scientific, and Technical Services 541
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INFORMATION TECHNOLOGY
SNAPSHOT – 2022 UPDATE VS. 2019 UPDATE
• $42.7 billion to Florida GDP
• $34.9 billion at time of last update – increase of $7 billion
• 22.1% increase
• 16,597 Information Technology Establishments
• 10,851 at time of last update – increase of 5,746
• 53% increase
• 138,258 Jobs
• 134,183 at time of last update – increase of 4,075
• 3% increase
• $101,945 Average Wage
• $78,969 at time of last update – increase of $22,976
• 29.1% increase
• 2025 Forecast
• 7,342 more Informational Technology jobs
• 1.7% annual job growth
INDUSTRY OVERVIEW
The technology and innovation sector will see tremendous growth now and through the next decade, based
on a continued trend of innovation focus in business spending despite continued nationwide economic
uncertainty.
Florida remains a hotspot for tech businesses. Four key areas provide lucrative opportunities for the state to
maintain its hold while climbing the list in other areas: computer system design and software development
– including in the areas of finance and insurance – Artificial Intelligence, robotics and semiconductors will
remain signature verticals for EFI’s business development strategies.
Information Technology intersects with the Target Industry of Professional Services.
COMPUTER SYSTEMS DESIGN
Computer systems design accounts for the largest share of overall tech employment in the state with 29%
of all jobs (37,134 employed), with software publishing in second at a 6.3% share with 8,157 employed.
Both areas are projected to grow exponentially as demand for Application Programming Interfaces (API),
cloud-based computing and various other software continues. FinTech and InsureTech, still somewhat new
verticals, rely heavily on Artificial Intelligence and security systems and thus open multiple upstream and
downstream business potential. Multiple universities including the University of Florida and Florida Atlantic
University have invested millions in research and innovation space for AI ventures, with the University of
South Florida’s FinTech Center is one of many niche centers aimed at tapping into that market.
+22.1%
+53%
+29.1%
+1.7%
$34.9 Billion +$7 Billion
10,851 +5,746
134,183 +4,075
$78,969 +$22,976
+7,342
+3%
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ROBOTICS
Robotics is projected to grow 24% nationwide by 2026, with an estimated economic impact of $26.25 billion.
Robotics hits multiple target industries in Florida – life sciences, innovation and technology, aerospace and
aviation, and manufacturing to name a few – and the state has some critical infrastructure. The Institute for
Human and Machine Cognition in Ocala is conducting groundbreaking robotics research and its widespread
uses, such as exoskeletons for human mobility assistance. Eventually this technology has the potential to be
used in virtually every industry in some capacity, especially where workforce is lacking, or work conditions
are dangerous.
SEMICONDUCTOR MANUFACTURING
Lastly, with continued federal investment in semiconductor chips, Florida is poised to potentially capture
much this growth as newer and established companies look to expand production and distribution. Existing
assets such as NeoCity in Osceola County have abundant acreage for tenants in the field. According to BEA,
Florida’s semiconductor manufacturing industry GDP exceeded $3.7 billion dollars in 2021. Globally, the
overall industry is expected to generate a trillion dollars in revenue by the end of the decade.
According to the Semiconductor Industry Association, the industry supported 1.85 million Information
Technology jobs in 2020, with 277,000 direct domestic jobs. For each direct job, 5.7 indirect jobs are created
by the industry. The report ranked Florida sixth in the nation in semiconductor employment with 12,900
employed, a 5% share of the entire U.S. industry.
PROJECT ACTIVITY
Since the last update, EFI has worked with 127 Information Technology opportunities, successfully facilitating
13 relocations/expansions, with an anticipated 1,837 new jobs and $397 million in capital investment.
Adopted changes to the Information Technology target Industry designation
As recommended by EFI, DEO has adopted no changes to the Information Technology sector on the Target Industry List.
11.A.b
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AVIATION AND AEROSPACE
SNAPSHOT – 2022 UPDATE VS. 2019 UPDATE
• $13.5 billion to Florida GDP in 2021
• $22.6 billion at time of last update – decrease of over $9 billion
• 40% decrease
• 2,743 Aviation and Aerospace Establishments
• 2,426 at time of last update – increase of 317
• 13% increase
• 123,905 Jobs
• 121,564 at time of last update – increase of 2,341
• 1.9% increase
• $96,690 Average Wage
• $86,411 at time of last update – increase of $10,279
• 11.9% increase
• 2025 Forecast
• 6,518 more Aviation and Aerospace jobs
• 1.7% annual job growth
INDUSTRY OVERVIEW
Home to the renowned Kennedy Space Center, Cecil Spaceport and Cape Canaveral Air Force Station,
Florida’s aviation and aerospace industry is the world’s gateway to space. As the birthplace of commercial
aviation, Florida has 130 public-use airports and 20 commercial airports to seamlessly move goods and people
around the globe. Florida has positioned itself as a major hub for flight training, MRO and the manufacturing
of aircraft, engines, and components. Opportunities for the state in the near future are the manufacturing
of electric vertical takeoff and landing (eVTOLs) aircraft and unmanned aerial vehicles (UAV’s), continuing
MRO growth and satellite manufacturing. With industry contribution totaling $13.5 billion to Florida’s GDP
in 2021, aviation and aerospace will continue being one of the state’s strongest target industries.
The target industry data for Aviation & Aerospace intersects with data from Manufacturing, Defense &
Homeland Security, and Global Logistics & Trade.
ELECTRIC VERTICAL TAKEOFF AND LANDING AIRCRAFT MANUFACTURING
The electric vertical takeoff and landing (eVTOL) aircraft uses electric power to take off, hover, and land
vertically. This technology came about thanks to major advances in electric propulsion and the growing need
for new vehicles to transport cargo and people faster than ever before. Manufacturers are working to have
eVTOLs in the air by as early as 2024, and widely available by 2030.22 Prototypes are being developed by
aircraft companies such as Boeing, Airbus, Embraer, Honda, Toyota, Hyundai, and NASA. There is room for
potential growth within this segment in Florida, with 20 commercial airports and more than 130 public-use
airports.
+13%
+11.9%
+1.7%
$13.5 Billion -$9 billion
2,426 +317
121,564 +2,341
$86,411 +$10,279
+6,518
-40%
+1.9%
11.A.b
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UNMANNED AERIAL VEHICLE MANUFACTURING (FOR COMMERCIAL USES)
An unmanned aerial vehicle (UAV), or drone, is an aircraft without any human pilot, crew, or passengers on
board. The market for contactless parcel delivery has grown significantly in the past few years. As drone
technology continues to improve it makes last-mile fulfillment of food and goods significantly faster, more
cost effective, more sustainable, and more eco-friendly while helping unclog congested roads. Programs in
the U.S. are already in place by major companies like Amazon, UPS, FedEx, and Walmart. As of early 2022,
it is estimated that more than 2,000 drone deliveries are occurring each day worldwide. The growth rate
is accelerating every week, and projections are close to 1.5 million deliveries in 2022, up from just under
half a million in 2021.23 Opportunity presents itself as manufacturing facilities and maintenance, repair, and
overhaul facilities will be needed to maintain drone fleets as mass delivery operations becomes more of a
reality.
MAINTENANCE REPAIR AND OVERHAUL (MRO)
Companies in this industry provide support services to air transportation operators, such as aircraft inspection
and testing, ferrying aircraft between departure gates and taxiways, aircraft maintenance and repair and
aircraft and parts overhaul. Over the next ten years, approximately 11,000 aircraft retirements are expected.24
This presents a multifaceted opportunity as the retired aircraft may be used for spare parts by MROs, and it
will naturally cause newer aircraft to be brought in, which will require more advanced and highly technical
MRO services. In response to advanced air mobility trends, MRO players are anticipated to diversify and
expand their services to cover testing for everything from electric aircraft prototypes to unmanned aircraft.
MRO continues to be a great opportunity as Florida has the highest MRO concentration in the nation, as well
as the highest revenue at $6 billion.25
PROJECT ACTIVITY
Since the last update, EFI has worked with 69 Aviation and Aerospace opportunities, successfully facilitating
30 relocations/expansions, with an anticipated 10,460 new jobs and $2.05 billion in capital investment.
Adopted changes to the Aviation and Aerospace target Industry designation
As recommended by EFI, DEO has adopted no changes to the Aviation and Aerospace sector on the Target Industry List.
22 McKinsey & Company. “The future of air mobility: Electric aircraft and flying taxis.” 2022.
23 McKinsey & Company. “Drone delivery: More lift than you think.” March 15, 2022.
24 IATA (International Air Transport Association). “Helping Aircraft Decommissioning.” 2022
25 IBIS World. “Aircraft Maintenance, Repair & Overhaul in the U.S “June 2022.
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DEFENSE AND HOMELAND SECURITY
INDUSTRY OVERVIEW
With 21 military installations, over 23,000 companies and over 250,000 employees, Florida is home to one of
the nation’s largest defense and homeland security industries. Virtually every major defense contractor from the
U.S. and abroad has significant operations in Florida proving that there are major benefits of being within close
proximity of key procurement offices, research operations, testing units, and training commands for all branches
of the military. Opportunities for the state in the near future are the manufacturing of unmanned aerial vehicles
(UAV’s) for military applications, as well as, the manufacturing of hypersonic weapons.
As with Aviation & Aerospace, the target industry data for Defense and Homeland Security intersects with data
from Manufacturing.
UNMANNED AERIAL VEHICLE MANUFACTURING (FOR MILITARY APPLICATIONS)
Industry operators manufacture and design unmanned aerial vehicles (UAVs) or drones for primary military
applications: armed attack, surveillance, communications, and research. UAVs can be either autonomous or
remote-controlled and are used in situations where the use of a human pilot is undesirable or dangerous. As the
military shifts priorities to modernization, research and development could be an opportunity for industry growth.
Despite limited overall funding, the industry has continued to receive US military funding for key development
and production programs such as the Global Hawk, stealth combat and surveillance drones, aircraft carrier-
launched UAVs and many other initiatives, including top-secret projects.26 Additionally the Ukrainian battlefield
is functioning as a testing ground for emerging drone technologies; the world may look back upon the war as the
beginning of a new era in multimodal tactics.27
HYPERSONICS
The United States has actively pursued the development of hypersonic weapons - maneuvering weapons that fly
at speeds of at least Mach 5 - as a part of its conventional prompt global strike program since the early 2000s.28
Development efforts are in two categories: hypersonic glide vehicles - which are launched from a rocket before
gliding to a target, and hypersonic cruise missiles -which are powered by high-speed, air-breathing engines
during flight. As global conflicts with Russia and China escalate, the race to develop hypersonic weapons and
defense systems becomes increasingly more important. The Pentagon’s FY2023 budget request for hypersonic
research is $4.7 billion - up from $3.8 billion in the FY2022 request.29 Major players in the hypersonics market
are Lockheed Martin, Raytheon Technologies, Northrop Grumman, and Boeing to name a few; one thing they all
have in common are strong ties to Florida which would present expansion opportunities in the defense market.
PROJECT ACTIVITY
Since the last update, EFI has worked with 16 Defense and Homeland Security opportunities, successfully
facilitating four relocations/expansions, with an anticipated 333 new jobs and $77.7 million in capital investment.
Adopted changes to the Defense and Homeland Security Industry Designation
As recommended by EFI, DEO has adopted no changes to the Defense and
Homeland Security sector on the Target Industry List.
26 IBIS World. “Unmanned Aerial Vehicle (UAV) Manufacturing.” 2022.
27 PWC. “Global Aerospace and Defense Annual Industry Performance and Outlook.” 2022.
28 Congressional Research Service. “Hypersonic Weapons: Background and Issues for Congress.” July 20, 2022.
29 Congressional Research Service. “Hypersonic Weapons: Background and Issues for Congress.” July 20, 2022.
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LIFE SCIENCES
SNAPSHOT – 2022 UPDATE VS. 2019 UPDATE (INCLUDES HEALTH SERVICES)
• $102 billion to Florida GDP in 2021
• $96 billion at time of last update – increase of over $4 million
• 6.9% increase
• 60,514 Life Science Establishments
• 53,239 at time of last update – increase of 7,275
• 13.6% increase
• 983,450 Jobs
• 956,259 at time of last update – increase of 27,191
• 2.8% increase
• $83,053 Average Wage
• $72,576 at time of last update – increase of $10,477
• 14.4% increase
• 2025 Forecast
• 56,697 more Life Science jobs
• 1.8% annual job growth
INDUSTRY OVERVIEW
The state of Florida offers Life Sciences companies and R&D centers a broad range of industry expertise. Florida
is home to the nation’s second-largest medical device manufacturing industry, second-largest pharmaceuticals
manufacturing industry and the fifth-largest biotech R&D industry. Major players in the field that have already
taken up residence in Florida include Johnson & Johnson, Bausch + Lomb, Bristol-Myers Squibb, Medtronic,
Arthrex, and the Mayo Clinic.
PHARMACEUTICAL MANUFACTURING
The prescription drug industry is being driven forward by the rising number of drug approvals, especially in the
orphan and oncology drug areas. Barriers for exponential growth in the industry include uncertainty in drug
pricing, patent expirations, cost of clinical development, increased competition in the anti-rheumatics, and low
research and development investments as a proportion of sales.
Brand-name pharmaceutical manufacturers are predicted to have a slower growth in revenue going into the next
year. IBIS World reports that revenue growth will decrease from a predicted 4.5% to a 2.6%.30 This decrease is
due to a lower demand in non-essential medication, with consumers being less likely to travel for medication
that is not vital to their health. Mitigating world supply chain disruptions, specifically in the active pharmaceutical
ingredients industry is keeping trade alive.
The generics industry is expanding at a steady pace due to efforts to minimize medication costs and increased
access to health insurance. While patent expirations have benefited industry revenue, they have also induced
brand-name manufacturers to cut costs, including R&D spending which ultimately decreases the total number
of new pharmaceutical products coming off the pipelines, threatening the long-term viability of generics.
In response, generic manufacturers are exploring new product lines, such as biosimilars which is shrinking
the spending gap for R&D between brand- name manufacturers and generic manufacturers. In addition, the
generics industry is expanding into new emerging markets where consumers can only afford generics and the
cost to market entry is low. Healthcare reform will further benefit the industry through expanded insurance
coverage for prescription drugs, an improved generic drug approval process and an established approval
pathway for biosimilars. The use of generic drugs helps lower costs for employers, insurance companies,
governments, and ultimately patients.
+6.9%
13.6%
14.4%
+1.8%
2.8%
$96 Billion +$4 Million
53,239 7,275
956,259 27,191
$72,576 $10,477
+56,697
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MEDICAL DEVICE MANUFACTURING
“The global medical device market was valued at $425.5 billion in 2018 and is expected to reach $612.7 billion
by 2025…. The United States leads the medical device market globally.”31 Technological advances, the legislative
expansion of healthcare access and the improving economy have stimulated demand for medical devices in the
past five years, and the aging U.S. population has further contributed to revenue growth.
The future of the domestic industry is two-fold as over the past five years the trend to outsource has continued
due to unpredictable regulations and increased operational costs. It is critical to encourage medical device
manufacturing to ensure supply chain strength and the ability to provide for domestic healthcare needs. Despite
outsourcing, the industry has continued to increase its employment numbers, a trend which is likely to continue
with increased revenue.
BIOTECHNOLOGY
The biotechnology industry relies on research and development to advance various products and enter new
market segments. In the next year, the industry is well positioned to grow with the number of industry operators
rising, and continuous government funding for the industry. In order to lower costs and advance product lines,
major companies will continue to acquire small companies with patents for new products. While pharmaceuticals
remain the largest sub-sector, biopharmaceuticals are likely to grow as a share of the overall industry. Over the
next five years, industry revenue is projected to increase at an annualized rate of 2.9% to $124.8 billion.32
Life sciences companies will likely continue to take advantage of emerging technologies such as artificial
intelligence (AI), robotic process automation (RPA), and predictive analytics to speed innovation, enable precision
medicine, support the development of new therapies, and address productivity challenges.
PROJECT ACTIVITY
Since the last update, EFI has worked with 86 Life Sciences opportunities, successfully facilitating 31 relocations/
expansions, with an anticipated 4,153 new jobs and $584 million in capital investment.
Adopted changes to the Life Sciences Industry designation
As recommended by EFI, DEO has adopted no changes to the Life Sciences sector on the Target Industry List.
30 IBIS World. “Unmanned Aerial Vehicle (UAV) Manufacturing” 2022.
31 IBIS World
32 Deloitte, 2020 Global Life Science Outlook Report
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CLEAN TECHNOLOGY
INDUSTRY OVERVIEW
Clean Technology (Cleantech) encompasses the investment asset class, technology, and business sectors which
include clean energy, and environmental and sustainable products and services. Florida is the 7th state for an
overall size of the clean economy, a sector that provides the opportunity for workers at all levels of income and
skills distribution.
Florida boasts one of the nation’s largest markets for cleantech goods and services, with over 11,700 establishments.33
According to figures presented at the Global Cleantech Summit the world market for clean technology is expanding
and will continue to expand for the next three years. Demand for Cleantech can potentially grow due to electric
power consumption growth, volatility, and increase in the price of natural gas and steaming coal. The battery
manufacturing industry is also experiencing significant growth, with a growth rate of 5.9% from 2017 to 2022.34
In particular, the solar industry has an opportunity to grow in the United States. Historically, low-cost solar cell and
panel imports from Asian countries have prevented American-produced panels from capturing the solar market.
The U.S. International Trade Commission has proposed a remedy of sanctions that will help U.S.-produced solar
panels stay competitive in the short-run. In addition, the solar investment tax credit has been extended through
2032. This creates a favorable window of opportunity for foreign solar manufacturers to relocate to the U.S.
EFI has seen a sense of urgency from solar manufacturers to locate in the U.S. due to these policy changes and
the recent tariff levied on foreign manufactured panels entering the U.S. market. Within the last year, EFI has been
involved in multiple site visits from leading solar module and panel manufacturers for this reason. According to the
Interstate Renewable Energy Council’s 2021 Solar Job Census, Florida ranks second nationally in solar jobs and
with operators seeking skilled employees for manufacturing, installation, operations, and maintenance. In 2022,
semiconductor and related device manufacturing alone employed 17,809 Florida workers with an annual average
wage of $109,039.
PROJECT ACTIVITY
Since the last update, EFI has worked with 38 Clean Technology opportunities, successfully facilitating seven
relocations/expansions, with an anticipated 952 new jobs and $129 million in capital investment.
Adopted changes to the Clean Technology Industry designation
As recommended by EFI, DEO has adopted no changes to the Clean Technology sector on the Target Industry List.
33 Jobs EQ
34 IBIS World
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RESEARCH AND DEVELOPMENT
INDUSTRY OVERVIEW
Research and Development (R&D) spending covers investments made by universities, industries, and public and
private institutions to develop new products, devise new applications, and advance Florida’s stock of knowledge
and manufacturing capacity. The State of Florida’s R&D expenditures, the fourth largest among the states,
are primarily in health, environmental and natural resources, and agriculture.35 The state’s total R&D spending
is significant, reaching $11.3 billion in 2019 which placed it 14th among the states.36 Higher education
expenditures totaled $2.4 billion in 2020, ranking 12th among the states.37 Industry expenditures on R&D will
have to match the academic and state levels to solidify Florida’s position as a leader in R&D.
The State University System’s Board of Governors has focused on R&D activities and expenditures over the
past year. Florida’s State University System (SUS) is ranked fifth in the country for public institution research
expenditures resulting from efforts to increase research expenditures by 30% since 2013.38 Further, the SUS has
seen a 13% increase in such expenditures over the last five years.39 Looking forward, the Board of Governors
has increased the R&D goal in their strategic plan to a total of $3 billion annual expenditures by 2025.40
Florida’s R&D community is associated with and bolstered by the Life Sciences industry within the state.
Scientific Research & Development is a $3.8 billion industry in Florida.41 R&D wages reflect a higher education
requirement than that of occupations in other industries. The national average annual wage for companies
operating under the Scientific Research and Development Services industry (NAICS 5417) was $116,290 in
2021.42
PROJECT ACTIVITY
Since the last Target Industry Update, Enterprise Florida has not competed for projects with primary focus
solely on Research & Development. However, as with Manufacturing and Corporate Headquarters, Research
& Development intersects with all Target Industries, and increasingly Enterprise Florida is partnering with the
Florida Department of Education, technical colleges, state colleges and state universities to collaboratively
compete for relocations/expansions. By their nature, those collaborations with partners in education infuse
postsecondary institutions’ workforce education and sometimes even research missions into economic
development projects. Moreover, Enterprise Florida and the Florida Department of Economic Opportunity
are more frequently collaborating with their small business and early stage venture capital tools to engage
Florida-based companies that may not yet be inducible for large scale projects but offer high-reward R&D
opportunities.
Adopted changes to the Research and Development Target Industry designation
As recommended by Enterprise Florida, DEO has adopted no changes to the Research and Development sector on the
Target Industry List.
35 National Science Foundation, Science and Engineering State Profiles
36 Ibid
37 Ibid
38 Ibid
39 Ibid
40 Florida Board of Governors 2025 System Strategic Plan (amended November 2022)
41 IBISWorld, “Scientific Research & Development in Florida,” IBISWorld
42 Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2021
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APPENDIX A
INDUSTRY GROUPINGS AND CORRESPONDING NAICS CODES
AVIATION & AEROSPACE
DESCRIPTION NAICS CODE
AVIATION
Air Transportation, of which:481
Scheduled Passenger Air Transportation 481111
Scheduled Freight Air Transportation 481112
Nonscheduled Chartered Passenger Air Transportation 481211
Nonscheduled Chartered Freight Air Transportation 481212
Other Nonscheduled Air Transportation 481219
Support Activities for Air Transportation, of which:4881
Air Traffic Control 488111
Other Airport Operations 488119
Other Support Activities for Air Transportation 488190
Flight Training 611512
AEROSPACE
Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and
Instrument Manufacturing
334511
Aerospace Product and Parts Manufacturing, of which:3364
Aircraft Manufacturing 336411
Aircraft Engine and Engine Parts Manufacturing 336412
Other Aircraft Parts and Auxiliary Equipment Manufacturing 336413
Guided Missile and Space Vehicle Manufacturing 336414
Propulsion Units and Parts, Guided Missile and Space Vehicle Manufacturing 336415
Other Guided Missile and Space Vehicle Parts and Auxiliary Equipment Manufacturing 336419
Satellite Communications 517410
Space Research and Technology 927
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CLEANTECH
DESCRIPTION NAICS CODE
ENERGY
Solar, including:
Semiconductor and Related Device Manufacturing 334413
Heating Equipment (Except Warm Air Furnaces) Manufacturing 333414
Current-Carrying Wiring Device Manufacturing 335931
Plastics Material and Resin Manufacturing 325211
Unlaminated Plastics Film and Sheet Manufacturing 326113
Biofuels, including:
Ethyl Alcohol Manufacturing 325193
All other Basic Organic Chemical Manufacturing 325199
Air and Gas Compressor Manufacturing 333912
Turbine and Turbine Generator Set Units Manufacturing 333611
Industrial Process Furnace and Oven Manufacturing 333994
Sawmills 321113
Starch and Vegetable Fats and Oils Manufacturing 31122
Storage, including:
Industrial Gas Manufacturing 325120
Storage Battery Manufacturing 335911
Smart Grid, including:
Instrument Manufacturing for Measuring and Testing Electricity and Electrical Signals 334515
Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables 334513
Other Measuring and Controlling Device Manufacturing 334519
Power, Distribution and Specialty Transformer Manufacturing 335311
EFFICIENCY
Advanced Materials, including:
Automatic Environmental Control Manufacturing 334512
Electric Bulb and Part Manufacturing 335110
Other Industrial Machinery Manufacturing 333249
Other Codes:
Engineering Services 541330
Other Scientific and Technical Consulting Services 54169
Research and Development 54171
ENVIRONMENT
Water, including:
Other Commercial and Service Industry Machinery Manufacturing 333318
Air and Environment, including:
Environmental Consulting Services 541620
Testing Laboratories 541380
Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing 333413
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DEFENSE AND HOMELAND SECURITY
DESCRIPTION NAICS CODE
AIRCRAFT, MISSILES, AND ORDNANCE
Aircraft Manufacturing 336411
Aircraft Engine and Engine Parts Manufacturing 336412
Other Aircraft Parts and Auxiliary Equipment Manufacturing 336413
Guided Missile and Space Vehicle Manufacturing 336414
Guided Missile and Space Vehicle Propulsion Unit and Propulsion Unit Parts Manufacturing 336415
Other Guided Missile and Space Vehicle Parts and Auxiliary Equipment Manufacturing 336419
Military Armored Vehicle, Tank and Tank Component Manufacturing 336992
Ammunitions (Except Small Arms) Manufacturing 332993
Small Arms, Ordnance, and Ordnance Accessories Manufacturing 332994
DEFENSE ELECTRONICS AND EQUIPMENT
Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing 334220
Other Communications Equipment Manufacturing 334290
Semiconductor and Related Device Manufacturing 334413
Printed Circuit Assembly Manufacturing 334418
Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument
Manufacturing
334511
PHOTONICS AND OPTICS SUBTOTAL
Portion of Industry Identified by NAICS, of which:
Optical Instrument and Lens Manufacturing 333314
Photographic and Photocopying Equipment Manufacturing 333316
MODELING, SIMULATION, AND TRAINING SUBTOTAL
Engineering Services 541330
Custom Computer Programming Services 541511
Computer Systems Design Services 541512
R&D in the Physical, Engineering, and Life Sciences 54171
SHIPBUILDING AND REPAIR
Shipbuilding and Repair 336611
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FINANCIAL & PROFESSIONAL SERVICES
DESCRIPTION NAICS CODE
FINANCIAL SERVICES
Credit Intermediation and Related Activities, of which:522
Depository Credit Intermediation 5221
Nondepository Credit Intermediation 5222
Activities Related to Credit Intermediation 5223
Securities, Commodity Contracts, and Other Financial Investments and Related Activities,
of which:
523
Securities and Commodity Contracts 5231
Intermediation and Brokerage Securities and Commodity Exchanges 5232
Other Financial Investment Activities 5239 5239
Insurance Carriers and Related Activities 524
Funds, Trusts, and Other Financial Vehicles 525
PROFESSIONAL SERVICES
Professional, Scientific, and Technical Services, of which:541
Legal Services 5411
Accounting, Tax Preparation, Bookkeeping, and Payroll Services Architectural, Engineering,
and Related Services
5412
Architectural, Engineering, and Related Services 5413
Specialized Design Services 5414
Management, Scientific, and Tech Consulting Services 5416
Scientific R&D Services 5417
Advertising and Related Services 5418 5418
Other Professional, Scientific and Tech Services 5419
CORPORATE HEADQUARTERS
Managing Offices 551114
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INFORMATION TECHNOLOGY
DESCRIPTION NAICS CODE
SOFTWARE AND COMPUTER SYSTEMS
Software and Computer Programming, of which:
Software Publishers 513210
Custom Computer Programming Services 541511
Computer System Design and Support, of which:
Computer System Design 541512
Computer Facilities Management Services 541513
Other Computer Related Services 541519
Computer Training 611420
PHOTONICS/OPTICS
Portion of Industry Identified by NAICS, of which:
Optical Instrument and Lens Manufacturing 333314
Photographic and Photocopying Equipment Manufacturing 333316
DIGITAL MEDIA
Digital Media Components, of which:
Magnetic and Optical Recording Media Manufacturing 334613
Software and Other Prerecorded Compact Disc, Tape, and Record Reproducing 334614
Digital Media Services, of which:
Sound Recording Studios 512240
Motion Picture and Video Production 512110
Teleproduction and Other Post Production 512191
Other Motion Picture and Video Industries 512199
Graphic Design Services 541430
COMMUNICATIONS
Communications Equipment Manufacturing, of which:
Telephone Apparatus Manufacturing 334210
Radio and TV Broadcasting and Wireless Communications Equipment Manufacturing 334220
Other Communications Equipment Manufacturing 334290
Audio and Video Equipment Manufacturing 334310
Switchgear and Switchboard Apparatus Manufacturing 335313
Fiber Optic Cable Manufacturing 335921
Other Communication and Energy Wire Manufacturing 335929
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Communications Services, of which:
Internet Publishing and Broadcasting and Web Search Portals 519130
Data Processing, Hosting and Related Services 518210
Wired Telecom Carriers 517111
Wireless Telecom Carriers 517112
Satellite Communications 517410
All Other Telecommunications 517810
COMPUTER PRODUCTS, MICRO ELECTRONICS, AND PRECISION DEVICE MANUFACTURING
Computer and Peripheral Equipment, of which:
Electronic Computer Manufacturing 334111
Computer Storage Device Manufacturing 334112
Computer Terminal Manufacturing and Other Computer Peripheral Equip. Manufacturing 334118
Semiconductor and Related Devices, of which:
Semiconductor and Related Device Manufacturing 334413
Semiconductor Machinery Manufacturing 333242
Microelectronic Components, of which:
Bare Printed Circuit Board Manufacturing 334412
Capacitor, Resistor, Coil, Transformer, and Other Inductor Manufacturing 333416
Electronic Connector Manufacturing 334417
Printed Circuit Assembly (Electronic Assembly) Manufacturing 334418
Other Electronic Component Manufacturing 334419
Measuring, Precision, and Process Simulation Components, of which:
Search, Detection, and Navigations Instruments 334511
Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance
Use
334512
Instrument and Related Products Manufacturing for Measuring, Displaying, and Controlling
Industrial Process Variables
334513
Totalizing Fluid Meter and Counting Device Manufacturing 334514
Instrument Manufacturing for Measuring and Testing Electricity and Electrical Signals 334515
Other Measuring and Controlling Device Manufacturing 334519
Relay and Industrial Control Manufacturing 335314
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LIFE SCIENCES
DESCRIPTION NAICS CODE
BIOTECHNOLOGY
Research and Development in Biotechnology 541714
PHARMACEUTICAL AND MEDICINE MANUFACTURING
Medicinal and Botanical Manufacturing 325411
Pharmaceutical Preparation Manufacturing 325412
In-Vitro Diagnostic Substance Manufacturing 325413
Biological Product Manufacturing 325414
MEDICAL DEVICES
Electromedical and Electrotherapeutic Apparatus Manufacturing 334510
Analytical Laboratory Instrument Manufacturing 334516
Irradiation Apparatus Manufacturing 334517
Surgical and Medical Instrument Manufacturing 339112
Surgical Appliance and Supplies Manufacturing 339113
Ophthalmic Goods Manufacturing 339115
LOGISTICS & DISTRIBUTION
DESCRIPTION NAICS CODE
LOGISTICS AND DISTRIBUTION
Wholesale Trade Agents and Brokers 425120
Freight Transportation Arrangement 488510
Packing and Crating 488991
General Warehousing and Storage 493110
Refrigerated Warehousing and Storage 493120
Other Warehousing and Storage 493190
Process, Physical Distribution, and Logistics Consulting Services 541614
Packaging and Labeling Services 561910
TRANSPORTATION AND WHOLESALE TRADE
Transportation and Warehousing 48-49
Wholesale Trade 42
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MANUFACTURING (31-33)
DESCRIPTION NAICS CODE
DURABLE GOODS SUBTOTAL
Wood Product Manufacturing 321
Nonmetallic Mineral Product Manufacturing 327
Primary Metal Manufacturing 331
Fabricated Metal Product Manufacturing 332
Machinery Manufacturing 333
Computer and Electronic Product Manufacturing 334
Electrical Equipment and Appliance Manufacturing 335
Transportation Equipment Manufacturing 336
Furniture and Related Product Manufacturing 337
Medical Equipment and Miscellaneous Manufacturing 339
NONDURABLE GOODS SUBTOTAL
Food Manufacturing 311
Beverage and Tobacco Product Manufacturing 312
Textile Mills 313
Textile Product Mills 314
Apparel Manufacturing 315
Leather and Allied Product Manufacturing 316
Paper Manufacturing 322
Printing and Related Support Activities 323
Petroleum and Coal Products Manufacturing 324
Chemical Manufacturing 325
Plastics and Rubber Products Manufacturing 326
RESEARCH & DEVELOPMENT
DESCRIPTION NAICS CODE
Scientific Research and Development Services 5417
Space Research and Technology 927
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MIAMI
201 Alhambra Circle, Suite 610
Coral Gables, Florida 33134
+1-305-808-3660
ORLANDO
800 North Magnolia Avenue, Suite 1100
Orlando, Florida 32803
+1-407-956-5600
TALLAHASSEE
101 North Monroe Street, Suite 1000
Tallahassee, Florida 32301
+1-850-298-6620
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