A Second Look at Second-Stage Companies in FL

Launched in 2009 to help second-stage companies grow and create new jobs, GrowFL uses principles of Economic Gardening® to help growing companies throughout Florida overcome obstacles to mature and prosper. A January 2015 study by Florida TaxWatch forecast the economic impact of GrowFL and concluded that “Florida should continue this approach to economic development.” Since that report was published, three important things have happened: (1) the GrowFL program has continued to assist Florida’s second-stage companies; (2) the state has changed its strategy of investing in economic growth and development; and (3) a new academic analysis has estimated the job creation attributable to the GrowFL program since its inception in 2009. This study also found that the program has generated a net return on investment of more than 9-to-1.

These changes have prompted TaxWatch to revisit the 2015 analysis, using the REMI PI+ economic forecasting model, to calculate GrowFL’s economic impact over the next 10 years (2018-2027). The REMI analysis concluded that, over the next decade, GrowFL will:

  • generate $4.72 billion in additional Gross Domestic Product (GDP);
  • create 43,794 private sector, non-farm jobs statewide, with an average annual salary of $97,815;
  • produce $4.61 billion in additional personal income for Floridians; and
  • generate $345.14 million in additional state tax receipts.

This analysis shows that GrowFL plays an important part in the development of Florida’s entrepreneurial economy, producing tens of thousands of high-paying jobs across the state and helping to diversify the state’s economy. If lawmakers are committed to growing Florida’s economy from within, then a continued public investment in GrowFL would be a wise investment indeed. 

Documents to download

Previous Article Budget Watch - Governor's FY2018-19 Recommended Budget
Next Article 2017 Annual Report
Print
3943
0Upvote 0Downvote
«July 2025»
MonTueWedThuFriSatSun
30123456
78
The Potential Impacts of New Tariffs on Florida’s Economy

The Potential Impacts of New Tariffs on Florida’s Economy

On April 2nd, 2025, a universal 10 percent tariff on all countries was announced by the federal government, with a few countries facing additional reciprocal tariffs of up to 50 percent. A week after the announcement, due to intense volatility in the bond market, a 90-day suspension on the tariffs was announced, with the exception of a 145 percent tariff on certain Chinese goods.

 

Read more
910
How Childcare Costs Impact Florida’s Economy

How Childcare Costs Impact Florida’s Economy

The impact of childcare, as the data suggest, is prominent on Florida’s economy. Losses incurred from turnover and absenteeism of working parents can be avoided with friendlier workplace policies and higher investment in affordable childcare. As an important part of the industry, treating childcare workers better financially can help maintain the workforce in childcare and add to the economy of Florida. Impactful measures that can alleviate the pressing childcare issues mentioned can further grow Florida’s economy.

Read more
111213
14151617181920
21222324252627
28293031123
45678910

Archive