According to the US Bureau of Labor Statistics Florida has an active workforce of almost 10.6 million people as of May 2022. This represents one of the largest workforces in the US. The number of employed people in Florida sits at around 10.3 million people. This means that the unemployment rate is only 3%. This number has steadily decreased in recent months as it was as high as 3.5% in December of 2021. Additionally, the cast majority of all those employed in Florida work in a non-agricultural setting and the unemployment rate for non-farm workers is 5.3%. This has dropped from 6.1% in December of 2021.
Florida is a state which is ripe for business and has many successful industries operating within it. This article will break down the top performing industries in Florida in 2022 to provide a greater understanding of the economy of the state and how its industries are performing.
Life Sciences
Florida has a significant industry in Life Sciences and the sector is constantly growing and innovating. Florida ranked number one in the US for innovation in life sciences ahead of the other competition including California which is a hotbed for innovation. There are over one thousand pharmaceutical companies, biotech and medical device companies in the state. Additionally, Florida is home to a foundation which has over 45,000 health care establishments as part of its membership. This includes 700 hospitals. The life sciences industry in Florida is seen as a national leader for both research and innovation.
Aerospace and Aviation
Florida is the home of two active spaceports in the US which are Cape Canaveral Spaceport and the Cecil Field Spaceport. The state is also the nation’s leader in the private space industry with 8 of the 17 licenses permitting a company to send a rocket into space being held by Florida. The state of Virginia comes in second with four private launch sites. Additionally, Florida is home to over 2000 companies which operate in the air and space industry. This statistics makes Florida one of the largest marketplaces in the nation for these industries.
Security
Security is always important and it is no different in modern times. Florida has some of the strongest security companies in the US which range from cybersecurity companies to companies which secure ports of entry. These companies bolster the state’s defense and its homeland security to make sure it is on top form. Nearly every single one of the US’s leading national security and defense contractors are based in Florida.
Manufacturing
Innovations in various industries such as the biotech industry are manufactured in Florida and not overseas. Florida is home to more than 18,000 manufacturing companies which employ over 300,000 people. This makes Florida one of the top 10 states in the nation for domestic manufacturing. The Florida manufacturing industry produces all kinds of goods which range from food to parts for airplanes and spaceships.
Information Technology
A greater level of security will arise out of a greater level of information technology. Florida has been on the cutting edge of the technology industry since the conception of the personal computer in Boca Raton. The IT industry in Florida has grown and diversified greatly over the years. There are several other ub industries which Florida has also seen success in such as mobile technology, photonics, communications equipment and the digital media industry. The state of Florida has over 4,200 companies which employ nearly 11,000 people and these employees develop video games, mobile applications and theme park applications along with the best in the world.
These industries may be of interest to budding entrepreneurs who are thinking about starting their own companies. One of the most popular types of business which small business owners chose to go for is the S corporation. For more information, consider this resource on Florida’s corp filing requirements.
Final Thoughts
Florida is a state with a bustling economy that spans many industries and types of trade and commerce. Some of the state’s best performing industries have been included as well as more information regarding why Florida is so ahead of the curve in this regard. This means that Florida is one of the nation’s leaders in a number of industries which include aerospace engineering and the Life Sciences industry.
