in the United States and is home to over 424,000 employees and more than 24,000 manufacturers. Additionally, the GDP of the manufacturing sector from 2014 through 2022 experienced a faster rate of growth than any other state. The manufacturing industry in South Florida is a dynamic and vital pillar of the region’s economic framework. The South Florida Manufacturers Association (SFMA) covers Miami-Dade, Broward, and Palm Beach counties, as well as the Treasure Coast. As a region, the SFMA is home to over 6,000 manufacturing companies and is considered one of the largest regional manufacturing associations in the state of Florida. The employment base in South Florida represents about 25 percent of Florida’s 424,000 manufacturing employees. SOME KEY CHALLENGES: 1. Workforce Development: Similar to many industries, one of the most pressing issues in the manufacturing sector is the shortage of skilled labor and the need for upskilling.With automation and advanced manufacturing technologies becoming more prevalent, the demand for a highly trained workforce has never been greater. In South Florida, manufacturers are grappling with a widening skills gap, where the available labor pool sometimes lacks the specialized training required to meet the evolving needs of the industry. This shortage poses a significant challenge, limiting manufacturers’ ability to keep up with technological advancements and compete on a global scale. 2. Economic Landscape: Manufacturing in South Florida faces numerous challenges, including the cost of living for employees and families, business and property insurance, and rising rents. Prior to COVID, industrial rent was approximately $8 to $10 per square foot; now, that rate has increased to nearly $20 per square foot. Additionally, the scarcity of land poses challenges for expansion, as land costs have also doubled in recent years. These economic challenges have led some manufacturers to consider relocating out of Miami-Dade, Broward, and Palm Beach counties to other parts of Florida or out of state altogether. 65 BUSINESS VIEW MAGAZINE VOLUME 12, ISSUE 01 SOUTH FLORIDA MANUFACTURERS ASSOCIATION
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