Fla. rates average for economic development; But Orlando's recent successes could improve region's "innovation assets."
BYLINE: Dan Ping
Florida may reign supreme on athletic fields, but the state's overall economy and economic development efforts are just average.
So says the Corporation for Enterprise Development, which released its 20th annual Development Report Card for the States.
The report, which measures 67 economic and social indicators, shows that Florida is No. 1 in in the nation in air quality, No. 3 in industrial diversity and No. 4 in long-term and No. 3 in employment growth.
However, the Sunshine State drops to middle-of-the-pack status due to a large number of business failures and a lack of "innovation assets" -- things such as the number of scientists here or the amount of research being done in the state.
Improving our assets
Still, local leaders point out that some weaknesses identified in the statewide report are becoming strengths -- at least in metro Orlando.
For example, Florida is No. 48 in the nation based on the number of Ph.D.s, scientists and engineers in the work force, with a mere 1.96 per 1,000 employees. That's compared with 9.08 scientists and engineers per 1,000 workers in No.1-ranked New Mexico. Florida also ranks in the bottom third of the nation for research and development by academic, federal and private entities.
But recent success in getting approval for a new medical school for the University of Central Florida, as well as convincing the Burnham Institute for Medical Research to build a satellite lab here will improve the region's "innovation assets," says Jennifer Wakefield, spokeswoman for the Metro Orlando Economic Development Commission (EDC).
"Medical research will become an important part of our local economy, but we also are making gains in the digital media, simulation, and aviation and aerospace industries," adds Wakefield.
Entrepreneurial excellence
Among the strengths the report identified was the state's entrepreneurial energy.
"Central Florida seems to have an abundance of entrepreneurs," says Bob Shephard, district director for SCORE (Service Corps of Retired Executives), a nonprofit organization that assists entrepreneurs.
He attributes that partly to the area's tropical climate, which attracts a large number of people to move here every year. "Like Martin Luther King, these people have a dream and they want to pursue it," says Shephard.
He also credits efforts by groups such as the EDC and myregion.org to lure in new jobs and businesses to the area, which, in turn, create opportunities for entrepreneurs. That's because companies moving to Central Florida need support services such as couriers, janitors, dry cleaners and restaurants, he says.
What the grades mean
The report card grades each state in three major areas: business vitality, performance and development capacity.
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Business vitality measures traditional economic development areas, such as new business openings and job growth.
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The performance grade ranks employment, earnings and quality-of-life data.
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Development capacity analyzes a state's potential for future development, considering what long-term investments have been made in infrastructure and the available financial and educational resources.