A new study suggests that Israeli-founded companies based in Florida produced more than $7 billion last year.
The United States-Israel Business Alliance’s findings indicate that the Sunshine State hosts 429 companies founded by Israelis that employ about 8,200 people.
“When factoring in the impact of businesses on the supply chain and household spending by employees, the total number of local jobs created by Israeli-founded companies in Florida more than triples to 26,510,” according to the study.
The Florida-Israel Economic Impact Report, released earlier this week, also suggests that jobs at Israeli-founded companies in Florida pay a 12% higher wage than the state average and outpace average salaries in Orange, Palm Beach and Miami-Dade counties by larger percentages.
The companies are primarily centered in South Florida. Miami-Dade County’s Israeli-founded companies alone account for $6 billion in gross output, comprising 2.78% of Miami-Dade’s gross domestic product.
“Israeli entrepreneurs are looking more and more at Florida as a viable option to grow their businesses in the United States,” said Aaron Kaplowitz, president of the United States-Israel Business Alliance. “This means more local jobs, more state revenue and more cutting-edge innovation.”
Florida is home to the real estate company Flow and robotics company Momentis Surgical—both Israeli-founded unicorns, or startups valued at $1 billion or more.
The study identified several key industries primed for growth in Florida, including space, life sciences, and defense and homeland security.
“According to the data and statewide trends we are tracking,” Kaplowitz wrote, “we believe that Florida and Israel are just scratching the surface of their bilateral economic development potential.”
