Economic Growth and Development in Brevard County
Kevin Hill REALTOR®, Luxury & Waterfront Specialist is here to guide you with the very important decision of purchasing property.
As if Brevard County needed another reason to be a great place to live (did you know Florida residents don’t pay state income tax), according to the Milken Institute’s prestigious 2021 Index of Best-Performing Cities in America, Palm Bay, Melbourne and Titusville Metropolitan Statistical Area (MSA) ranked second on the list of 400 other MSAs. Why does this matter? Because this index most accurately tracks where jobs within America are being not only created, but also sustained. In short, this means the economy in Brevard is one to be proud of!
Climbing from the 57th spot on the index in 2018, to the 10th spot in 2020 (and now to the 2nd!), the large jump up can be connected to fantastic wage growth (third in the nation) and great job growth (eighth in the nation). That’s exciting news for those who are currently employed or those looking for a job.
Is the economy in Brevard good? We’ve already answered that with a big, YES. But why is the Brevard economy experiencing such a boom, even after a year of weathering a global pandemic? The answer can be found within the growth of four major job sectors within the county.
The Aviation and Aerospace Industry in Brevard County
According to Career Source Brevard, nearly ⅓ of the aerospace employees within the entire state of Florida are employed within Brevard County. Many of the largest companies within the aviation and aerospace sector are choosing to invest in Brevard, while existing companies are choosing to increase their presence within the area. With the expansion of some of the leading companies within the industry comes an abundance of jobs due to the supply chain needed to support their development and sustainability.
Healthcare Industry in Brevard County
Quick and reliable access to quality healthcare is a massive draw for businesses choosing to establish themselves or relocate in any given area, but this has proven to be especially true in the Space Coast. The strength of the healthcare system in the Space Coast not only benefits the current residents of the area, but is crucial for alluring new businesses to choose the Space Coast as their new home.The healthcare industry is vital to the good economy in Brevard County due to the many job opportunities it provides with sustainable wages and the ability to “climb the ladder.” The Brevard Healthcare Workforce Consortium is one of the factors that could be attributed to the robust healthcare system in the county as it works to create and apply strategies to develop the future growth and retention of local healthcare workers.
Manufacturing in Brevard County
The high-tech sector in Brevard County is impressive! The high-tech sector of the Space Coast is the 5th most concentrated workforce in America and is ranked within the top 3 of 360 MSAs (metropolitan statistical areas) in the country for concentration of electrical engineers and technicians, according to the TechAmerica Foundation. Opportunities for employment are plentiful due to the growth of manufacturing, and with so many new companies choosing to take root in the county (including Fortune 500 companies) manufacturing jobs are in abundance… and growing.
Information Technology in Brevard County
If Information Technology (IT) is your sector, Florida has a home for you. With Brevard being ranked by the Milken Institute as the 6th most concentrated high-tech economy in America, it’s no wonder Forbes also ranked this MSA first on their list of America’s Most Innovative Cities. IT is an important part of Brevard’s current economy and its future growth of sustainable employment opportunities is promising.
The Future of Brevard is Bright
Brevard County has a lot to offer by way of natural beauty and fun things to do, but adding to that such robust economy makes it one of the best places to live. The future of Brevard is bright!