Florida: Propelling Economic Growth
November 1, 2025
By Anne Cosgrove
From the September/October 2024 Issue, Business Facilities
lorida continues to be a model for the nation with data continuously pointing to economic stability and strength. Florida’s unemployment rate was 2.8% in September 2023, marking 35 consecutive months below the national unemployment rate of 3.8% and 16 consecutive months as the lowest among the nation’s 10 largest states. Florida’s private sector employment grew by 2.5% (+214,500 jobs) over the year in September 2023, faster than the national rate of 2% over the same time period. Florida has outperformed the nation in over-the-year private sector job growth for 30 consecutive months in August 2023.
Florida has led the U.S. nation in new business formations for four consecutive years, with more than 2.6 million new businesses created in the state since 2019.
Space Industry Ecosystem
Established in 2006, Space Florida is accelerating the growth of aerospace and aerospace-related industries across the state through targeted business retention, expansion, and diversification efforts. As the state’s aerospace finance and development authority, Space Florida provides business financing opportunities for the aerospace industry, manages infrastructure investment in the spaceport system, and facilitates research and development, workforce, education, and capital programs. In FY 2022-2023, Space Florida recruited, retained, and expanded 15 space and aerospace-related companies along with nearly 5,000 jobs across the state.
In July, Governor Ron DeSantis signed Senate Bill 968 into law, which designated Homestead Air Reserve Base and Tyndall Air Force Base as the two newest Florida spaceport territories. A spaceport territory is an aerospace hub that creates an ecosystem for companies. The designation enhances the use of the Space Florida toolkit, which includes the Florida Department of Transportation’s Spaceport Improvement Program, enabling companies to access funding from this program for development and infrastructure improvements.
Rob Long, President and CEO, Space Florida, said, “This legislative change, effective July 1, 2024, reflects our commitment to establishing Florida as the premier global and interplanetary capital for aerospace commerce. Through investment into these strategic locations, we will continue to bolster the aerospace ecosystem across the entire state of Florida by bringing companies together and providing access to essential resources, shared knowledge, and innovative ideas. We are excited about the opportunities this designation will bring and look forward to the continued growth and success of Florida’s aerospace sector.”