‘Project Sunrise’ Report Looks to Make Florida the ‘It’ State

TAMPA—The non-profit public policy advocacy organization the Florida Council of 100 released an 85-page report this week that details the opportunities and challenges facing the Florida economy in the decades ahead that could help the Sunshine State buttress its economy against future economic downturns.

The Project Sunrise report detailed six key policy and economic goals:

1) make Florida the place where talent thrives by developing the state’s talent pipeline and better match talent supply with economic demand;

2) strategically reposition Florida’s image and reputation as the place to thrive and shape the national narrative on Florida using a comprehensive re-branding strategy focused on instilling the idea that Florida is the place to thrive;

3) rethinking the structure and role of the state’s economic development organizations to maximize effectiveness based on best practices;

4) growing the pie and maximize ROI by applying public funding in a way that maximizes economic impact and increases available funds without raising taxes;

5) promoting Florida as the capital of innovation: one of the most desirable, predictable, and highest yielding opportunities for capital investment in the world and

6) establishing goals and policies that lead to Florida being recognized as the healthiest place to live in the world, including leveraging the state’s existing strengths and assets to create a high-performing, high-talent health care sector, healthy communities, and a health innovation sector that competes at the global scale.

“Given Florida’s maturity as a worldwide economic powerhouse in recent years, we have a unique opportunity to lead and chart a path to help Florida become that ‘It’ State—the place where dynamic and exciting innovations lead the way,” says Chris Corr, Florida Council of 100 Chair. “With this framework, Florida can apply the proper mix of talents, efforts, and resources to drive the state’s economy to thrive, en route to an improved quality of life for our citizens.”

The report notes Florida is currently one of the most economically competitive states and a “global powerhouse.” The state has the fastest projected GDP and population growth in the nation; has low unemployment and positive job growth; boasts a highly ranked business climate and has a low tax burden, including the No. 4 overall tax climate and No. 1 individual tax climate.

“Florida has so much going for it, blessed both by nature and the exceptional people who call this state home. But we cannot sit back and assume things will always be good,” says Will Weatherford, an FC100 board member and a leader in the report’s development. “Project Sunrise will show us the way to develop an economic base that will sustain us for years to come.”

The report calls for the state and business community to work toward transforming the state: into a diversified economy that easily withstands economic shocks; a world-renowned business climate that attracts top talent and companies; an economy that uses emerging technologies providing high salaries via growth in high-wage job and sectors among a number of recommendations.

Specific policy objectives in the report also include: retaining and engaging Florida’s top talent through retention incentives; aggressively promote Florida’s identity globally as a hemispheric hub for trade and investment; putting the “private” back in private-public partnerships; reorganizing and rebrand Enterprise Florida, Inc. to pursue a more focused mandate; making targeted infrastructure investments to catalyze certain regions and/or sectors and improving the predictability of the regulatory process related to capital investment.

Project Sunrise also included some specific improvements that could be implemented at some of the state’s key economic hubs:

South Florida

Project Sunrise recommends a business marketing effort to complement VISIT FLORIDA’s tourism marketing that would involve “a world-class marketing engine to execute data-driven branding strategies and position South Florida as a global hub for commerce.”

Orlando

The report states that the Orlando area should provide greater support for R&D and innovation by increasing access to capital and providing greater support to startup enterprises.

“The tourism-rich Orlando area is especially challenged by its lack of tradeable sectors. Reliance on industries such as real estate, construction, and retail trade increases the area’s vulnerability to economic downturns. On the other hand, growing clusters in information, professional services, and wholesale trade represent sectors that the area can build on,” the report states.

Tampa Bay

The report calls for Tampa Bay to leverage the existing university and college system to increase the output of high-caliber talent; attracting more outside talent; increasing the labor force participation rate by creating career pathways for unemployed and under-employed residents and creating incentives to retain talented workers in the region.

While the Tampa Bay economy is diverse, the region’s educational institutions “could better align their degree programs with the current and future needs of the region’s employers,” according to the report.

 Jacksonville

Project Sunrise notes that Jacksonville “should take advantage of labor force trends and increase its focus on growing industries in tradeable sectors, such as health, to build resiliency against periods of decline in the economy.”