By Kimberley Alvarez, Publisher, Expansion Solutions Magazine
Affordable land, labor, and capital are just some of the reasons many of the nation’s leading corporations have been flocking to Florida. Its streamlined regulatory environment, pro-business tax policies, and competitive cost of doing business keeps Florida consistently ranked as a top state for doing business.
Business owners can rely on the expertise of government and economic development leaders who work together to make sure the economic atmosphere in Florida continues to be favorable to all types and sizes of companies, including some of the world’s most prestigious corporations.
Florida compares favorably to other hi-tech states, especially as it relates to talent. The diverse workforce is the third largest in the United States and it provides a highly qualified and educated labor pool from one of the nation’s best education systems. Florida’s workforce comprises over 11 million people and is supported by the continuous investment in education and customized industrial training of its citizens while creating future generations of talent. These skilled and innovative workers have what it takes to push businesses to new levels of success.
There are many other comparisons that favor Florida over other states. Florida’s huge market and business friendly climate can help companies reach their growth and expansion business goals in less time, for less money, and with much more ease. Land is much more affordable. And the state provides a more predictable and quicker permitting process for significant economic development projects without sacrificing environmental standards. Florida’s zero percent personal income tax is another huge drawl for those who are looking for the financial flexibility to build and invest in the business of their dreams while keeping more of what they earn to spend on their family and their future.
Actions Speak Louder than Words
Great Economic Development offices aid businesses in a number of ways. They not only attract new businesses to their area by offering financing, programs, infrastructure, and resources, but they also offer expertise and ongoing advice to their existing companies to ensure success. Below are just three examples highlighting the tireless efforts of Economic Development Offices in Florida who are making a difference in their business community and to the livelihoods of their residents. They are not only bringing in more jobs and new companies to their areas, but they are making sure all the businesses and workers have every resource available for success.
Supporting Established Businesses in Pinellas County
The importance of helping established companies grow and succeed within the community and finding solutions to overcome obstacles cannot be understated. Pinellas County Economic Development (PCED) understands this and its relationship with local manufacturer, Hydro-Dyne Engineering, is a case and point. Through the years, PCED has assisted Hydro-Dyne in achieving their goals by continually nurturing their relationship with the company. Over that time, Hydro-Dyne has dramatically expanded its manufacturing of screening and grit removal equipment for municipal and industrial water and wastewater facilities, adding quality jobs and capital to the Pinellas County economy. PCED has taken action to help with financing by aiding Hydro-Dyne in securing an Industrial Revenue Bond (IRB) to finance a portion of its facility, and the company used the remaining proceeds from the bond sale to finance renovations to the building (IRB’s are issued by local governments on behalf of qualified manufacturers and 501 (c) 3 non-profit organizations and offer tax-free, below-market-rate, long-term financing of land, buildings and equipment).
PCED has also leveraged its connections to quickly find solutions and resources to help guard against disruptions in production and revenue and to assist with recent staffing challenges.
The ability to be a single point of contact for many different types of business support is what sets PCED apart as a leader in economic development. PCED Director Dr. Cynthia Johnson asserts… “We want Pinellas County businesses to know that we are here for them… our staff will make every effort to find solutions and make connections to resolve whatever challenges the company is facing. They don’t need to go it alone: we are here to help.”
Polk County Bringing in Talent and Business
Polk County, in Central Florida, ranks 10th for talent attraction. Access to a good labor pool and skilled workforce is key. This, combined with a business-friendly tax climate, low operational expenditures, and access to more than ten million consumers within a 100-mile radius, it is no wonder companies have been choosing to do business in Polk County.
In November 2023, Advanced Drainage Systems (ADS) is announced that they would be building an innovative advanced pipe manufacturing facility in Lake Wales that will provide 200 jobs at salaries that are approximately 15 percent above average annual wage within the city.
“Polk County’s central location made the decision to build the third ADS manufacturing plant in Florida easy,” said Brian King, the company’s executive vice president of marketing and sustainability.
“Florida is an important market for us,” he said. “Polk County is in the center of the state, and from here we can serve the entire state. We have two existing manufacturing plants, in Sebring and Winter Garden, and this is in the middle of those two.”
King said there were two other reasons to locate in Lake Wales, which included access to a rail line. “Rail is an easier way to bring materials into the facility, so a rail spur was key. The history of Lake Wales and the railroad was important.” Access to a good labor pool and skilled talent was another deciding factor.
Significant Investment in Construction of New Interchange in Indian River County
In August 2023, the Indian River County Chamber of Commerce announced that the Florida Department of Transportation (FDOT) will be constructing a long-awaited interchange at I-95 and Oslo Road in South Indian River County. The properties adjacent to the interchange, east of I-95, are slated for industrial development. The Chamber and Board of Directors have included this project on its agenda for more than two decades. The project was a collaborative effort. It has taken many years of planning, design and work by FDOT engineers, work by many staff members and took a lot of community involvement to get make this project a reality. A groundbreaking ceremony was held to commemorate this monumental event.
“This new interchange will open up the south end of our county for new industry,” explains Helene Caseltine, Economic Development Director for the Indian River Chamber. She added, “Many parcels within and adjacent to this area are designated for industrial use, which will accommodate more manufacturing and related uses. It will make transportation of supplies and finished goods much easier for new and existing businesses in south county, plus provide a quicker route for workers traveling to and from their jobs.”
Construction cost is estimated to be $95.78 million, funded by FDOT and US-DOT. The project completion date is anticipated for Summer 2027.
