Space Florida: $5.9 Billion Economic Impact on Florida’s Economy
Today, Space Florida announced that since 2007, the total economic impact of the state’s aerospace finance and development authority reached $5.9 billion.
Over the next 5 years, Space Florida’s total economic impact is expected to be more than $5.3 billion, with an average annual impact of $1.1 billion.
Lieutenant Governor Jeanette Nuñez, Chair, Space Florida Board of Directors, said, “Space Florida has fundamentally changed the image and brand of Florida as an aerospace state. In Florida, we have an environment where commercial aerospace can thrive, where national defense is a priority, where top-tier educational institutions educate our aerospace workforce, and where we keep on making history. Space Florida has opened the door for the aerospace industry to extend its reach to nearly every sector in Florida, making it an essential part of our state’s economy.”
Frank DiBello, President and CEO, said, “Space Florida has made our state the ground node for the growth of an in-space and low earth orbit economy. Our capital projects coupled with our work to foster innovation, research and development, and support a talented workforce have diversified and deepened the industry, creating a robust and competitive aerospace ecosystem in Florida. From our unmatched financial tools and unrivaled experience to an unbeatable location, Space Florida is where aerospace companies get everything they need to see their new ideas take off. No other state-no other entity-does it like Space Florida.”
Total Economic Impact and Impact on Key Sectors since 2007
Space Florida’s average annual impacts have been steadily increasing since 2007, totaling $5.9 billion in economic impact on the state. Part of that $5.9 billion impact includes:
$2.8 billion in GDP throughout Florida
$1.7 billion in household income
$548 million in federal, state, and local fiscal revenues
Space Florida has been responsible for a steady increase in annual impact since its inception. From 2007 to 2011, the state’s aerospace economic impact averaged $172 million annually, $487 million from 2012 to 2016, and $520 million from 2017 to 2022.
While Space Florida’s total economic impact is distributed throughout a variety of the state’s top industries that support aerospace, the largest impacted sector was within knowledge-based services (more than $2.5 billion or 44%), followed by manufacturing (nearly $1.3 billion or 21%), construction (almost $1.2 billion or 20%), wholesale trade and transportation (more than $412 million or 7%), and retail, visitor-related, government and others (8%).
It’s projected that over the next 5 years, manufacturing (37%) will surpass knowledge-based services (23%) as the sector most benefitting from Space Florida.
Impact on Workforce
Space Florida’s impact extends to the entire aerospace workforce, with Space Florida projects supporting nearly 20% of Florida’s estimated aerospace workforce. Of these jobs supported, 45% are in the knowledge-based services industry sector, 25% are in construction, and 11% in manufacturing. The remaining is spread throughout various industry sectors.
As the state continues to play a leading role in space exploration, its impact on the economy is felt throughout Florida, with many businesses benefiting from the industry’s presence. Space Florida has positioned the state to be the dominate launch site in America and the partnerships the organization has forged have paid huge dividends.
DiBello concluded, “We’ve come from a time of having less than 10 launches a year to a cadence in 2022 of 57 launches, and an aerospace ecosystem where we expect to launch rockets built in Florida, from right here in the state. Space Florida has successfully turned the page to today’s revitalized aerospace industry and economy. The increased launch cadence is encouraging, but our future is much more than just the fire and smoke of a launch. Our vision is to use our advantage in launch to secure for Florida the value, jobs, and innovation of the development of commercial activity in space. From in-space energy production, manufacturing, research, tourism, and the still as yet unimagined, we want Florida leading it.”
The Washington Economics Group® (WEG®) was retained in Spring 2022 by Space Florida to conduct an independent economic impact study of the organization’s activities.
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Media Contact
Anna Alexopoulos Farrar
afarrar@spaceflorida.gov
954.647.7059
About Space Florida
Space Florida is where leading aerospace companies get everything they need to see their new ideas take off. As that state’s aerospace finance and development authority, Space Florida brings a mix of unrivaled experience, unmatched financial tools, and unbeatable location to the table by providing critical business financing opportunities for the aerospace industry, managing infrastructure investment in the state’s spaceport system, and facilitating research and development, workforce, education, and investment programs.
