On January 30th 2014, Florida TaxWatch published a report titled “Diversifying Florida’s Economy through Local Economic Development”. This report gives local government guidance to choose between development projects to expand their economies by “using an impact analysis of common economic development projects” but does not attempt to replace local impact studies.
When determining the economic impact of an economic development project, Local Governments should consider projects that have the highest added value and return on investment because they will create more jobs, income and tax revenue for cities and counties. Their research has shown that high added value is correlated with wages for Floridians.
Their results show that “The multi-year econometric model used to assess the impact of the additional jobs and retirees identifies that an additional 1,000 jobs in the manufacturing sector will create an estimated 28,241 private non-farm jobs and increase the state's GDP by $3.831 billion. Adding 1,000 jobs in logistics would create 21,228 jobs and increase the GDP by $1.834 billion, while increasing the number of retirees by 1,000 results in 5,303 jobs and a GDP increase of $383 million. Each of these scenarios also increases Floridians' disposable income and contributes to population growth.”
The report can be access here.