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Budget Watch - New Estimates Add More than $2 Billion to Available GR for the Budget Now Being Developed By The Legislature

The General Revenue Estimating Conference (REC) met on April 6 and increased Florida’s general revenue (GR) projections by $1.476 billion in the current budget year and $551 million in FY2021-22.1 This two-year total increase of $2.027 billion, coupled with the $2.109 billion increase from the December 2020 REC, restores more than three-fourths of the $5.4 billion two-year reduction in the estimates adopted in August 2020 – the first REC after COVID-19 hit Florida.

As the 2021 Legislature develops the next state budget, the fiscal position the state finds itself in is remarkable when it appeared, just a little more than a year ago, that we were heading towards a fiscal disaster. The Legislature will now have $38.5 billion in GR available for the next budget, almost $1 billion more than anticipated back in March 2020 when
the current budget passed and before pandemic-related costs and revenue losses were considered.

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Florida Manufacturing: A Highly Productive and Integral Economic Driver

Florida Manufacturing: A Highly Productive and Integral Economic Driver

Florida's manufacturing sector is a $86.6 billion industry that ranks sixth in the nation in the value of exported manufactured goods, employs more than 434,000 workers, and contributes 4.62 percent of the state's GDP — quietly outpacing both tourism and agriculture. Anchored by aerospace, defense, and space manufacturing firms along the Space Coast corridor, including global names like Lockheed Martin, Boeing, SpaceX, and Raytheon, the industry also produces medical devices, pharmaceuticals, food and beverage products, and recreational boats. The sector offers high wages with low educational barriers: eleven of the fifteen largest manufacturing occupations require only a high school diploma or equivalent, with an average annual salary of $87,000. Modernized working conditions — built around computer-based tasks and precision environments — have made manufacturing jobs increasingly comparable to traditional white-collar work.

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