| As part of the Rural Economic Development Catalyst Project led by Enterprise Florida, a regional Targeted Industry study was conducted to identify those industries with the greatest potential for creating high value-added jobs, capital investment, and economic benefits in the region. These industries are either currently expanding or have potential for high-wage job growth over the next five to 10 years.
Logistics & Distribution
The logistics and distribution sector is growing in the North Central region and totaled over 6,000 jobs in 2005. The number of jobs surged by 54% between 1995 and 2005, well above national growth (9%) in logistics and distribution. Despite this strong growth, the industry is still considered under-represented compared to the national average, as the share of industry employment remains about one third below that of the U.S. The combination of a strong growth rate and room for expansion in the industry is a positive indicator for future economic opportunities in this sector.
Building Component Design and Manufacturing
While the Building Component Design and Manufacturing industry has declined slightly across the nation, it has experienced rapid growth in the North Central Florida area as manufacturers of building components have expanded in the region to meet the demands of the fast growing Florida market. Between 1995 and 2005, the number of building component jobs in the region increased by 28%. North Central Florida's strength in wood products and fabricated metals, two key components of the building component design and manufacturing sector, will make this a growth industry in the region for years to come.
Aviation Services and Products
North Central Florida possesses a national caliber aviation services industry due to the present of a major maintenance, repair, and overhaul company, TIMCO, headquartered in Lake City (Columbia County). The services military transport planes, commercial jetliners, and private aircraft. Customers include the U.S. Coastguard, Delta and United Airlines, as well as overseas companies. The maintenance, repair, and overhaul industry is expected to grow considerably during the next decade, and will provide additional growth opportunitied for the region. Other fast growing segments of the aviation market, such as Very Light Jets, will give North Central Florida the opportunity to expand in aircraft parts manufacturing as well building on its momentum in the maintenance, repair, and overhaul segment.
Biofuels and Renewable Energy
Facing growing energy demands, but dwindling supplies of conventional fuel sources, the United States is pursuing options to diversify its sources of energy, both for power generation and automotive needs. The development of alternative fuels, including biofuels such as ethanol, has become a priority. U.S. automakers are modifying their motor vehicle engines so they can now run on a mixture of gasoline and ethanol. In response, U.S. corn production has ramped up and a number of biorefineries are under construction around the country. A biorefinery in North Central Florida could serve Florida and Southeastern U.S. markets, and could use local feedstocks such as cellulose (ethanol derived from agricultural and forestry waste rather than corn) to produce ethanol.
Healthcare Services and Products
Healthcare services and products is one of the fastest growing sectors in the United States, driven by domestic demand and the country?s international renown as the global leader in healthcare technologies. The number of jobs in these fields increased by 25.0 percent between 1995 and 2005. By comparison, growth in North Central Florida has been progressing
at a lower but still robust rate (17.7 percent over the same period), reaching 9,900 workers in 2005. Wage levels vary in the healthcare services and products industry, as it includes jobs ranging from hospital aides to scientists and surgeons, but the overall average for the industry is still higher than the regional average. The average firm size is 88 employees, compared to 95 nationally. Every job directly created by additional firms moving to the region will result in approximately 1.4 jobs created indirectly.
North Central RACEC
Target Industry Report
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