Regional Economic Consulting Group Report: Florida Tech Generates $1.6 Billion Annual in Economic Impact

Florida Tech’s economic activity creates 12,144 jobs

BREVARD COUNTY • MELBOURNE, FLORIDA – Known for producing highly skilled, in-demand graduates who help fuel the evolving economy in the Sunshine State, Florida Tech is itself a remarkable powerhouse of economic activity and impact in Florida, according to a new analysis by the Regional Economic Consulting Group.

Among the key findings is that Florida Tech annually generates $1.6 billion in economic impact from spending by the university and its students and alumni.

As a result of that impact:

■ Florida Tech’s economic activity creates 12,144 jobs.

■ Florida Tech’s economic ripple effects produce $512.6 million in total wages and salaries.

■ Each graduating class of Florida Tech contributes $1.1 billion to the economy of Florida over 30 years.

Additionally, economic activity through the university contributes $60 million in taxes each year to the state of Florida and local governments.

“We have long known that Florida Tech provides the best and brightest graduates to important economic sectors in Florida and beyond,” said Florida Tech President John Nicklow.

“Now we know that in carrying out that essential function we also contribute substantially to the overall economy. This is exciting news, and we are proud of the many positive ways we impact the region and state.”

The 34-page study commissioned by Florida Tech examines the university’s annual impact on the Florida economy in multiple parts, primarily with a direct impact analysis of the university’s economic impacts and contributions through three key areas: capital and operational spending, current student expenditures and alumni earnings.

Overall, the report finds that Florida Tech is a “considerable contributor” to Florida’s economy and a critical asset to the region.

In addition to spotlighting Florida Tech’s economic impact, the study also forecasts a bright future for the important employment sectors supported by the university’s graduates. One critical area is the Professional, Scientific, and Technical Services field that encompasses several professions, including engineering, computer science, accounting and technical consulting.

“I have always believed in the profound impact Florida Tech has on the Space Coast,” said Lynda L. Weatherman, president and CEO of the Economic Development Commission of Florida’s Space Coast. “This analysis and economic study definitively prove the significant and far-reaching influence of our local university, highlighting its critical role in driving economic growth, fostering innovation, and strengthening our community.”

Both statewide and in Brevard County, jobs in engineering and aerospace manufacturing have grown steadily and will continue to do so. The report forecasts a whopping 112% growth in engineering and aerospace manufacturing jobs on the Space Coast by 2033 as part of 17% overall growth in the industry statewide by that time. Other growth sectors include jobs supported by billions of dollars in federal military spending for the 20 military bases in the state.

“The findings of Florida Tech’s economic impact report demonstrate the profound influence our universities have on the aerospace industry,” said Rob Long, president and CEO of Space Florida. “Equipping students with the necessary skills and knowledge is vital to growing our workforce and maintaining Florida’s leadership in the aerospace field.”

Florida-based REC Group, whose co-founders have extensive Florida government experience in the Executive Office of the Governor and the Florida Legislature, has worked with key education clients across the state on economic impact reports, including for the Independent Colleges and Universities of Florida (ICUF) association that counts Florida Tech as a member.

To produce its analysis, the REC Group uses various analytical tools: econometric modeling and Regional Input-Output Modeling to provide impacts of jobs created or lost and fiscal dollars gained or lost for projects and initiatives.

The complete report is available, as is a graphical summary of the report’s key findings.

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