As global supply chains change, Florida can be the big winner, according to a new report from the Florida Chamber Foundation.
The Florida Trade & Logistics 2030 Study shows Florida has the ability to move and make more goods, and the positive impacts of doing so would boost the state economy by bringing new jobs, income and investment into the state.
The study covers one pillar of the Chamber’s roadmap to growing Florida’s economy to the 10th largest in the world, if measured as a country.
“Purposely expanding manufacturing, logistics, trade, and rural economic growth aligns with Gov. DeSantis’ continued leadership in this space and will help grow Florida to the 10th largest global economy by 2030,” said Florida Chamber of Commerce President and CEO Mark Wilson. “We have a generational opportunity to get this right.”
Global supply chains and trade flows are transforming rapidly and their vulnerabilities have been on display over the past two years due to the pandemic, extreme weather events and geopolitical instability. According to the report, that makes maintaining strong manufacturing and logistics sectors in-state all the more important for Florida consumers and businesses as well as the state’s economic growth.
“Many of Florida’s peer states are focusing on these opportunities, but the competition in these sectors increasingly is global,” said Doug Davidson, a market executive with Bank of America and the chair of the study.
Trade, logistics and manufacturing are already essential elements of Florida’s economy, even in rural and inland regions of the state. In 2020, they accounted for more than 1 million jobs statewide — the fourth-highest total in the country.
The Florida Trade & Logistics 2030 Study outlines several strategies and recommendations geared toward growing these sectors, such as establishing a statewide, focused manufacturing initiative; closing essential workforce gaps and building a talent pipeline; strengthening trade gateways and corridors; creating a comprehensive site development program emphasizing rural areas; redesigning Florida’s economic development toolkit; and leveraging rural economic development tools to double the GDP in those regions.