Canada remains Florida’s #1 global economic partner

Updated study reveals Canada as top source in origin trade, in-bound tourism categories

ORLANDO — (April 14, 2009) Canada is Florida’s number-one international economic partner, number-one source of in-bound tourism and number-one partner in terms of total origin trade.

These statistics are among the findings of newly released Canada and Florida:  An Economic Impact Study.  This report updates 2004’s The Canada-Florida Economic Relationship, both of which were produced by Kroll-InfoAmericas, a global research and business intelligence firm, for the Consulate General of Canada in Miami.  The earlier study also found Canada to be Florida’s top international economic partner.

“Canada is a vital trade, tourism and FDI partner for the state of Florida.  Thousands of jobs in Florida depend on this partnership,” said Manny Mencía, who heads Enterprise Florida’s international business division.  “The scope of Canada’s total investment into Florida enhances our stature in the world marketplace.

Nearly 300 Canadian businesses are operating in Florida, comprising the industries the state has targeted for economic growth and diversification.  Among the Canadian firms are:

• RBC Bank offers a wide range of financial services and advice with more than 80 branches and 750-plus employees in Florida.  Of approximately $33 billion in assets managed in the Southeastern U.S., about $5.7 billion are in Florida.
  
  
• RWDI, a world leader in environmental wind engineering and sustainable building design, operates a 10,000-square-foot wind tunnel facility in Miramar, Florida that complements its global network of 350 professionals.
  
  
• Cirque du Soleil – A downtown Disney landmark, this marquee entertainment offering employs some 200 people and reflects the broad spectrum of Canadian investment into Florida.
  
  
• PCS Phosphate – White Springs, of the phosphate division of Potash Corporation of Saskatchewan, employs 900 people in Florida and can mine 4 million tons of phosphate rock annually, primarily for use in phosphate fertilizers and animal feed additives.

The new study shows that in 2007 Canada and Florida exchanged $8.6 billion in total merchandise trade.  Also, two-way trade averaged 10.4 percent annual growth during the preceding five years, outpacing economic growth in both countries and highlighting the efficiencies created by trade integration.  Another notable outcome is that the Canada-Florida economic relationship sustains an estimated 432,000 jobs, direct and indirect (positions not directly engaged in the manufacturing of products or the provision of services.

Data regarding Canadian visitors to the state reflected a continuing trend, observed Marcy Grossman, Canada’s Consul General based in Miami.  “Canadians are Florida’s most loyal tourism customers,” Grossman said.  The study indicates that Canadian visits (2.5 million in 2007) have grown at an average of 10 percent annually since 2002 while overseas visitor growth averaged only 2 percent. And beyond visits, estimates of the total number of Canadians with residential property in Florida range as high as 450,000.

View Canada and Florida:  An Economic Impact Study at http://www.miami.gc.ca.

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Enterprise Florida, Inc. (EFI) is a partnership between Florida's business and government leaders and is the principal economic development organization for the state of Florida.  Headquartered in Orlando, EFI’s mission is to diversify Florida’s economy and create better-paying jobs for its citizens by supporting, attracting and helping to create businesses in innovative, high-growth industries.

In pursuit of its mission, EFI works closely with a statewide network of economic development partners and is funded both by the State of Florida and by private-sector businesses.

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