Enterprise Florida funding cuts let others outshine Sunshine State

Mention “South Florida” in a corporate boardroom in any major city around the world, and executives are quick to praise our region as a modern-day global metropolis capable of accommodating the needs of companies of all sizes.

This transformation has not occurred by accident. Rather, it is the culmination of decades aimed at attracting international banks and financial institutions, attracting corporate headquarters, strengthening our educational system and marketing the virtues of our community around the world.

Much of this progress has come at the hands of South Florida’s economic development agencies and their counterpart at the statewide level, Enterprise Florida. At any moment, these organizations are engaged in luring new companies to our region – and convincing existing business to remain in place.

As someone on the front lines interacting with companies weighing a move to South Florida (or, in some cases, a departure to another market) on a daily basis, I have seen firsthand how Enterprise Florida and its local agencies can tip the scale in our region’s favor.

That’s why the Legislature’s vote this week to defund Enterprise Florida is a major setback for our state’s economy. The passage of this bill sends the message that Florida is not open for business, when the opposite is true.

In 2016 alone, JLL worked with economic development agencies at a local, regional and state level on behalf of clients in a range of industries. These efforts resulted in the creation of more than 1,500 jobs across that are driving South Florida’s economy and over $150 million in capital investment benefiting our local economy.

Economic development is a high stakes process, with other cities, states and even nations competing for the same companies each day.

It’s also a zero-sum game. A company that chooses to bypass South Florida in favor of another market, say Texas or Georgia, brings its jobs, local spending and resulting economic impact with it, leaving our community empty handed. Fortunately, our local economic development agencies have proven an ability to punch above their weight class.

The Greater Fort Lauderdale Alliance helped create more than 2,600 jobs from 2015 through 2016, nearly double the number of positions created the year prior.

In the past year, The Beacon Council assisted 43 companies with relocation and expansion projects in Miami-Dade, adding more than 1,700 new jobs and over $188 million in new capital investment.

And in the past five years, Palm Beach County’s Business Development board has assisted companies responsible for creating more than 12,500 jobs.

Incentive programs offered by our economic development agencies garner significant attention, but the resources and programs made possible through Enterprise Florida and its partners go far beyond incentives.

From international scouting missions and marketing campaigns in key industries, to in-depth research and networking programs that help companies integrate in our region, Enterprise Florida and its affiliates play an indispensable role in our regional economy.

Eliminating Enterprise Florida will adversely impact South Florida’s economic development efforts, leaving other communities across the U.S. and around the world in position to outshine our region’s appeal as a global business hub.