Florida’s Economic Outlook: July 2023
Each month, economic expert Jerry D. Parrish, Ph.D. shares his insights on Florida’s current economic outlook with Deep Blue Investment Advisors.
“Florida had 34.5% of the nation’s net manufacturing job growth from 2018 to 2022.”
Florida is known more for its beaches and theme parks than anything else, but there is a strong and growing manufacturing presence here. According to the latest annual numbers from the U.S. Bureau of Labor Statistics, there are 408,290 manufacturing jobs in Florida. Those jobs range from basic manufacturing to more advanced manufacturing of medical devices, aircraft, electrical equipment, satellites, and spacecraft. Those manufacturing jobs provide substantial amounts of tax revenues for the state of Florida and the counties where they are located.
Florida Manufacturing Jobs Are on the Rise
Between 2018 and 2022, there were 21 states that lost manufacturing jobs. Florida grew its manufacturing jobs by 36,700 – a 9.9 percent increase. Compare that to the U.S. growth rate of only 0.8 percent. Florida had 34.5 percent of the nation’s net manufacturing job growth during that time period.
The map below shows the number of manufacturing jobs in each Florida county. Hamilton County’s manufacturing job numbers are not shown in the data due to privacy concerns.
Miami-Dade Leads Florida Counties in Manufacturing Jobs
People are often surprised when they find out that Miami-Dade County has more manufacturing jobs than any other county in Florida. They are also surprised that many of the counties with the most manufacturing jobs are also the most highly populated. The counties that follow Miami-Dade in manufacturing jobs numbers are Orange, Pinellas, Brevard, Hillsborough, Broward, and Duval Counties. However, manufacturing is also important in Florida’s rural areas. Some counties in Florida have as much as 30 percent of their private-sector jobs in manufacturing.
Higher Pay Could Explain Job Growth
Another interesting thing is the average pay for manufacturing jobs. In most cases, manufacturing pays more than the average job. Florida’s average annual wage in manufacturing was $74,590 – more than 18 percent higher than the $63,645 average for all private-sector jobs in Florida. The below map shows the average manufacturing wage by county in 2022.
The highest average manufacturing wage is in Brevard County at $102,772. St. Johns County comes in next at $87,463, with Palm Beach and Orange Counties are also above $80,000. Another 11 Florida counties have average manufacturing wages higher than $70,000.
Economic Outlook is written by Jerry D. Parrish, Ph.D. Dr. Parrish is the Chief Economist and Direct of State and Local Policy Analysis at the Institute of Government at Florida State University.
The Economic Outlook is provided to you for informational purposes only. Deep Blue Investment Advisors (“Deep Blue”) makes no representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained here. The report is prepared by an independent party believed to be reliable. No representation is made as to the accuracy or completeness. The report is not meant as a solicitation of any investment. To the extent permitted by applicable law, no member of the Deep Blue Team and/or Florida Fixed Income Trust or any officer, employee, or associate accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents, including for negligence. The information set forth herein is intended only for the person or entity to which it is addressed. The views expressed within this report constitute the author’s perspective at the dime of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, and economic trends are based upon current opinion as of the date of issue and are also subject to change.