Looking for some good news? Florida’s manufacturing industry continues to recover steadily from the depths of the Great Recession.
You will be allowed to think that the nation will make nothing. Lamentation is as widespread as misleading.
Florida’s economy is more than a lawsuit induced by Disney, Sandy Beach and Road Rage. It’s not just about building luxury towers. The state has a thriving financial and healthcare industry and remains the county’s winter product. Scream loudly at the farmers!
Condition also makes things. There are so many, from boats to medicines, plane parts, and food flavorings.
The Great Recession flattened Florida. It felt like the state was being drawn into the financial black hole. Even after the recession officially ended, the economy staggered like a punch-drank fighter. The manufacturer was a huge hit. Employment in the sector has dropped by more than a quarter, and productivity has been cratered.
However, unlike many other states, Florida manufacturers have recovered. The industry is growing. In fact, Florida is one of only a handful of states with more manufacturing jobs than they did 20 years ago, according to the U.S. Bureau of Labor Statistics. During that period, only Texas added manufacturing jobs. This is a solid victory for Florida, especially given the challenges of employment automation and offshoring twins in other countries.
Florida has added manufacturing jobs in 44 months of the past 48 months. The run helped solidify the state among the top ten manufacturing industries. The upward trajectory could push the state higher in rankings over the next decade.
The Florida Chamber of Commerce has set a goal of putting Florida in the top five. State Secretary of Commerce J. Alex Kelly said if the state focuses, “it’s very likely that this goal will be achieved.”
Currently, around 436,600 Floridians work in the manufacturing industry. For comparison, 657,000 have been adopted for construction, an industry far more relevant to Florida. If that helps, about 10 times more people work in Florida manufacturing because they work directly in coal mines across the country.
Spend your days with Hayes
Subscribe to our free Stephenly newsletter
Columnist Stephanie Hayes shares thoughts, feelings and interesting business with you every Monday.
You’re all signed up!
Want more free weekly newsletters in your inbox? Let’s get started.
Check out all options
Florida has bigger industries, including tourism, healthcare and financial services. The government is also employing more people. However, the state’s latest Florida manufacturing report shows that on average manufacturing employment pays around $74,647 a year. This was 17% higher than the average for all industries.
Manufacturing jobs also have hidden powers. Each maintains six or more other jobs. This is according to a study by the Institute of Economic Policy, a multiplier that is much higher than many of Florida’s other major industries. In other words, new manufacturing jobs have more ripple effects than new tourism jobs.
Of course, that also works the other way around. Losing manufacturing jobs can destroy your community. The decline in manufacturing in the 1960s and 1970s disrupted many rusty belt cities. Economic multipliers always contain some squishiness, but the knock-on effect is another reason to nourish Florida’s growing manufacturing sector.
At this point, some of you are asking, “But what about President Trump’s tariffs?”
Good question. First of all, I will be wary of those who will surely tell you how trade battles will unfold over the next few years. President Trump has a heart-changing history. Today’s tariffs are not next month’s tariffs. It becomes moving targets and uncertainty.
Like most industries, manufacturers generally do not like uncertainty. Instead of hiring foreign companies, some small US manufacturers benefit from relying on companies to manufacture their products. However, many of these early winners remain cautious about hiring or overexpanding production until they know that additional businesses are not just temporary windfalls.
Some Florida manufacturers rely on imports such as minerals from China and Indian textiles to manufacture their products. If they can’t find US-based suppliers with similarly priced material, their costs will rise. These extra costs are often passed on to the consumer.
And, as we’ve probably heard, many countries are retaliating with their own tariffs on US goods. Examples include aircraft parts and medical devices, many of which are made in Pinellas County.
In the short term, expect bumpy paths.
know. know. I charged this column as good news. So think about it like this. Florida’s manufacturing sector is in a solid position. It is a better starting point for weathering difficult times.
