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Vision
To create a new Florida economy based on knowledge and innovation.
Florida's Economy Today
Florida’s economy is built upon the three-legged stool of agriculture, tourism, and growth. While those sectors have helped to build the state that we know, it is obvious that we need to do more to create the future that we desire. While they are and will remain vital to Florida’s economy, the existing three-legged stool needs a fourth leg that creates a more stable economic foundation and the capacity to thrive in the coming decades.
The St. Petersburg Times ran a July 17, 2009, article written by John Hall, executive director of the nonprofit Florida Center for Fiscal and Economic Policy in Tallahassee, which conducts independent research on state fiscal and economic issues. In its first examination of key economic indicators, the Florida Center for Fiscal and Economic Policy found that per-person income growth in Florida has fallen to 45th in the country. The income gap between the most affluent Floridians and those on the middle and bottom rungs of the economic ladder is among the biggest in the United States — and is widening. Then there's this double whammy: Florida suffers one of the nation's highest unemployment rates, and even for individuals who are employed almost half of the jobs pay wages too low for many families to get by.
In addition:
- The state ranks 47th in the rate of growth in gross state product — the value of goods and services produced.
- The number of people in poverty is up.
- About one in 10 residents receive food stamps.
- Foreclosures have quadrupled over the past three years.
What Is The Knowledge And Innovation Economy?
The heart of the knowledge and innovation economy is built on the high-technology, high-wage jobs needed in the fields of science, technology, engineering and mathematics (or “STEM”); however, the areas of medicine, finance, insurance, professional services, health care and education are also vital to this new economy.
The global driver of economic prosperity centers around the knowledge, innovation, and talent that is produced by strong public universities from this point forward. Even in a knowledge and innovation economy we cannot rely on random acts of greatness if Florida is to build an economy that provides the kind of jobs that lead to a robust quality of life. We must ensure that the entire system of public universities is strong and vibrant. There is global competition in this era of knowledge and innovation, competition that has created urgency to establishing our state as a major player on the world stage.
Building this new economy requires new talent, so we must increase the percentage of Floridians who have baccalaureate and advanced degrees in these areas. The average income is $46,277 for people with a bachelor’s degree and $61,014 for those with an advanced degree.
