Business & Industry
From software technology to international trade, from financial services to tourism, Greater Fort Lauderdale enjoys a robust, diversified business climate. In recent years, Broward County (metropolitan Fort Lauderdale) has substantially outpaced the national economic growth rate, while the county’s population has climbed to nearly 1.7 million.
Centrally located Fort Lauderdale-Hollywood International Airport (FLL) is the fastest-growing passenger hub in the nation, and was the fastest recovering airport hub since 9/11. In addition, the bustling Port Everglades is attracting new cruise ships and cargo lines. Contemporary high-rise condominium residences and hospitality properties are transforming downtown and the central beach area of Fort Lauderdale , and adding a new dimension to the region’s year-round appeal to leisure and business travelers.
“Today, Broward is the heart of the sophisticated, fast-growing South Florida region,” says Christopher N. Pollock, president/ CEO, Greater Fort Lauderdale Chamber of Commerce (GFLCC). “As Broward businesses expand their horizons, the Chamber will continue to serve the needs of our members, locally, regionally and globally. And in issues from state regulation and taxation to education and workforce housing, it’s important for the business community to raise our collective voice.”
Dynamic downtown Fort Lauderdale is the base of Broward’s economy, and home to Fortune 500 companies like AutoNation, as well as service companies, retailers and thousands of new residents. “Downtown Fort Lauderdale is growing at a tremendous pace as the new residences create new demand for office and retail space,” says Terry Stiles, chairman and CEO, Stiles Corp. “We are seeing a change in the retail climate to service our new residents, as well as increased office occupancies.”
To the north, the Greater Fort Lauderdale Chamber is supporting the Cypress Creek-Fort Lauderdale Executive Airport free-trade zoned neighborhood known as Uptown. “We host a series of networking luncheons and continually seek to promote this attractive business area,” says Mike Scarpino, principal, Commercial Property Realty Advisors LLC, and chair, Uptown Business Council. Scarpino adds that Uptown’s many assets include high-quality office and industrial space, nearby housing, a walk-to-work Tri-Rail station and convenient access to I-95 and one of the busiest executive airports in the nation.
The council works closely with its Uptown Development Improvement Group (UDIG), chaired by attorney Cort Neimark, partner, Neimark & Nadel, P.A. in Cypress Creek. “We are in the process of formulating a long-term strategic plan for the area, which covers parts of five municipalities,” he said. “By making a concerted effort to brand and promote the Uptown area, we can have a positive impact on the future.”
Following a merger with the Weston Business Chamber of Commerce, the Greater Fort Lauderdale Chamber is also facilitating business growth in that community. “Weston is no longer just a place to live and commute to bigger cities for work,” says Todd Templin, president, Boardroom Communications, and chairman, Weston Business Council. Weston has attracted national and international corporations, including Nabisco, American Express, KOS Pharmaceuticals, as well as a growing number of professional service firms. Demand remains strong for office, retail and warehouse space with two new office buildings coming online. “Weston remains a desirable place to do business because of its affluent customer base, reasonable costs and location,” says Templin.
The Greater Fort Lauderdale Chamber also promotes minority business success through a variety of vehicles, including the Midtown Business Development Council. “We hold quarterly seminars to help small and minority-owned companies learn how to do business with the public and private sectors,” said Gwen Watson, council president. Participants in recent seminars included Broward County , the North Broward Hospital District, the South Florida Water Management District and three major private construction companies. “We are definitely making progress,” says Watson. “Between 10 and 20 minority companies got business after one of our seminars as a result of getting to know the decision-makers, and following up with them afterwards.”
A Diversified Economy
Located at the center of the tri-county region, Broward County offers a wide array of business opportunities for growth-oriented service, distribution, manufacturing, retail and construction firms. For instance, Citrix Systems, Inc. has become the global leader in access infrastructure solutions and secures network access for enterprises and individuals with more than 120,000 organizations using its products every day.
“Fort Lauderdale is a wonderful place for business as well as a place to call home,” says Mark B. Templeton, president and CEO. “We have a rich, diverse population that adds vibrancy and excitement to our community. The area is enjoying a booming population growth, has great diversity and has a solid economic foundation.”
Greater Fort Lauderdale has a long-standing high-tech heritage, supported by strong regional organizations like the South Florida BioScience Consortium, which promotes biotechnology, and InternetCoast, which focus on communication technology. “South Florida-based alliances have been very beneficial in assisting us to get our company’s name and story to the right people,” adds Templeton. “This is essential as Florida strives to expand beyond its traditional industries of agriculture and tourism.” Area businesses are also looking outward to new opportunities in world markets. Broward County Commissioner Diana Wasserman-Rubin says a recent Broward International Development Summit, hosted by the GFLCC, allowed county businesses to explore common goals and develop cooperative strategies. “It was an exciting event with some important outcomes, including a decision to have quarterly summits in the future.”
A coalition of Broward business organizations, including the Greater Fort Lauderdale Chamber of Commerce, will be examining the region’s trade infrastructure to determine existing gaps, and identifying successful international business assistance and promotion programs. “We will be developing a communication system, including an international business community calendar, to advise businesses of new opportunities,” says Wasserman-Rubin.
Broward’s overall manufacturing sector is flourishing, driven by military-related spending and the region’s booming construction industry, according to June Wolfe, president, South Florida Manufacturers Association. Broward manufacturers in industries as diverse as plastics, printed circuit boards, and metals help provide everything from bomb parts to guidance systems to military customers. Benefactors of increased military spending can be found in the Oakland Park and Weston communities.
Other leading Broward manufacturers include Motorola, which designs and makes cellular phones in Plantation, and Andrx, which operates biomedical facilities in Davie and Weston. “ Broward County also has a number of small and mid-size manufacturers,” says Wolfe. “These companies tend to be more responsive and innovative. That bodes well for manufacturing’s future in the county."
”With more than 300 miles of waterways, marinas and marine manufacturing and repair facilities, Greater Fort Lauderdale is a world-renowned port of call for the yachting industry and home to the world’s largest boat show. Frank Herhold, executive director, Marine Industries Association of South Florida, notes that Broward County generates almost one-third of Florida’s marine sales. “There’s a long-standing saying in the marine industry that if you can’t find something in Fort Lauderdale, it’s not findable,” he says.
Within the marine industry, Broward caters to the “mega-yacht” market. More than 1,400 vessels over 80 feet visit the county each year on their way to the Caribbean or other destinations around the world. “Boating is an important part of the Broward economy, as well as the lifestyle of South Florida,” says Herhold.
Financial services are another vital contributor to Greater Fort Lauderdale’s prosperity. A recent “State Farm Fiscally Fit Cities Report,” the first study of its kind, ranked Fort Lauderdale as one of the top 10 most ‘fiscally fit’ cities in America based on three primary categories: investments, insurance and quality of life.
According to federal statistics, Bank of America is the number one financial institution in Fort Lauderdale in terms of retail deposits. “We share a commitment with the rest of the community to broadening opportunities for all residents of Fort Lauderdale and a willingness to do the work that produces such results,” says Jim Cassady, recently retired Broward County president, Bank of America. “In our multicultural communities in particular, we are hiring more bilingual associates, and creating new products that serve specific needs, such as providing a convenient, reliable tool for residents to send money back to their families in other countries.”
Tourism and Trade
For many decades, the visitor industry has been the largest segment of Broward’s economy. Last year, more than 8.7 million leisure and business travelers visited Broward, generating nearly 100,000 annual and 35,000 seasonal jobs, according to Nicki Grossman, president and CEO, Greater Fort Lauderdale Convention & Visitor’s Bureau.
“We are a year-round warm weather destination with many different appeals to visitors,” says Grossman. In the past three years, the leisure segment has remained healthy, while business and sports-related travel have grown significantly – 627,000 convention and meeting room nights and 505,000 sport-related room nights in 2003. Participants in many youth sports are traveling to Broward events throughout the year, bringing family members and coaches with them.
“The strength of our visitor industry is a tribute to the hospitality people, our local governments, the Greater Fort Lauderdale Chamber, and the many businesses that provide products and services to travelers from around the world,” says Grossman.
Supporting the growth of Broward’s tourism and trade is Fort Lauderdale-Hollywood International Airport, which celebrated its 75th anniversary on May 1, 2004. Today, nearly 31,500 people are either employed at the airport or related businesses. In 2003, nearly 18 million passengers used the airport, and passenger traffic is expected to reach 25 million by the year 2015.
“The region is enjoying a very vibrant tourism industry,” says Aviation Director Tom Jargiello. “When you combine that with the airport’s low operating costs, state-of-the-art facilities, and an expanding international route structure, you get a formula for success.”
With a 33 percent increase in capacity, FLL led the nation in increasing passenger seats during the past four years, according to a recent report from the U.S. Department of Transportation. Airlines like Southwest, JetBlue, Spirit and American have added new flights. Recently, US Airways announced plans to make Fort Lauderdale an international hub, adding new flights to Latin America and the Caribbean, as well as to more U.S. cities. US Airways’ expansion is expected to add 2 million extra passengers a year to the airport.
Less than a mile from the airport terminal is Port Everglades, one of the county’s strongest economic engines. More than 5,400 ships a year call at Port Everglades, which has a thriving cruise industry, a growing containerized cargo business, major petroleum storage and distribution facilities, and South Florida’s primary bulk cargo depot.
During the 2004/2005 Caribbean cruise season, several newly built cruise ships will be sailing from Port Everglades, including Royal Caribbean International’s Jewel of the Seas, Holland America Line’s Westerdam, and MSC Cruises’ MSC Opera. Port Everglades is also home to the world’s largest cruise ship, the Queen Mary 2. “Port Everglades is fortunate to be recognized as the world’s premier cruise port for our service and facilities as well as the extraordinary ships that call Broward County home,” says Port Director Ken Krauter.
Several new container services from South America and a new direct weekly service to and from China, the world’s largest manufacturing base, are responsible for recent dramatic increases in the port’s cargo trade. Total waterborne commerce now exceeds 22 million tons in liquid, break bulk and containerized cargoes.
With its unique combination of multimodal transportation facilities – as well as a growing population base, pro-business climate and outstanding quality of life, Broward County will continue to attract companies from small entrepreneurial firms to members of the Fortune 500. As Pollock says, “When it comes to business, Greater Fort Lauderdale has it all.”
