TALLAHASSEE, Fla. – A new report from the independent, nonpartisan, nonprofit public policy research institute, Florida TaxWatch, shows that GrowFL continues to play an important role in Florida’s economic development. GrowFL connects second-stage companies with resources to help them thrive and have a larger impact on the Sunshine State’s economy.
Since the last TaxWatch report in January 2015, the state has changed its strategy of investing in economic growth and development, and a new academic analysis has estimated the job creation attributable to the GrowFL program since its inception in 2009. This caused Florida TaxWatch to revisit the 2015 analysis using the REMI PI+ economic forecasting model to calculate GrowFL’s economic impact over the next 10 years.
The analysis projected that GrowFL will create 43,794 private sector jobs with an average salary of $97,815. In addition, expanding the program would produce $4.61 billion in additional personal income and generate an estimated $4.72 billion in GDP over the next 10 years.
“Expanding the GrowFL program has proved to be an effective way to grow the state economy,” said Dominic M. Calabro, President and CEO of Florida TaxWatch. “Second-stage companies are now responsible for a significant portion of all Florida jobs, and it is vital that we continue to invest in these companies so our economy can continue to be one of the nation’s best for years to come.”
Participants in GrowFL must be for-profit companies with revenues between $1 million and $50 million employing between 10 and 99 people. They also must be able to sell their products outside of Florida. Rather than using direct subsidies, such as tax breaks or cash incentives, GrowFL uses a system in which second-stage companies work together to help companies make strategic growth decisions and foster statewide recognition for the participating businesses.
About Florida TaxWatch
As an independent, nonpartisan, nonprofit taxpayer research institute & government watchdog for nearly forty years, Florida TaxWatch works to improve the productivity and accountability of Florida government. Its research recommends productivity enhancements and explains the statewide impact of fiscal and economic policies and practices on citizens and businesses.
Florida TaxWatch is supported by voluntary, tax-deductible donations and private grants, and does not accept government funding. Donations provide a solid, lasting foundation that has enabled Florida TaxWatch to bring about a more effective, responsive government that is more accountable to, and productive for, the citizens it serves since 1979. For more information, please visit http://www.floridataxwatch.org.