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Canada and Florida: An Economic Impact Study

Canada and Florida: An Economic Impact Study. Presentation to the Metro Orlando Economic Development Commission March 11, 2009. Canada Remains Florida’s # 1 International Trading Partner. Highlights. Canada is …

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Canada and Florida: An Economic Impact Study

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  1. Canada and Florida: An Economic Impact Study Presentation to the Metro Orlando Economic Development Commission March 11, 2009

  2. Canada Remains Florida’s # 1 International Trading Partner Highlights • Canada is … • Two way trade partner valued at $8.6 billion and averaging 10.4% annual growth since 2003 • Florida’s #1 source of in-bound tourism • The #2 destination for Florida’s exports after Brazil • A top foreign direct investor and foreign employer in Florida • A loyal purchaser of residential real estate, up 43% from 2004

  3. Canada-Florida Trade Growth Continues to Expand Merchandise Trade CANADA-FLORIDA TRADE • Floridian exports to Canada jumped 23% in 2007 compared to a 16% average for all countries. • Florida imports more from Canada than any other country (4.9 B). • Ontario and Quebec are the provinces responsible for 70% of the trade relationship. • Canada should surpass Brazil this year as Florida’s top export market. US$ millions

  4. Economic Integration Allows for Accelerated Growth Merchandise Trade • Canada-Florida trade has averaged 10.4% annual growth since 2003. • Increasing “Integrated” industries indicate supply chain linkages, intra-company trade, and economic interdependence. • Eleven highly integrated industries comprised 28% of total trade, valuing $1.2 billion. • High tech and industrial industries hold the most potential for growth. • Specialized export industries, where comparative advantages exist, comprise around 30% of each partners exports.

  5. Canadians Own More Homes in Florida than Any Other Country. Investment HOME PURCHASES IN FLORIDA By Location, 2006 • Canadians invested $ 2 billion in residential real estate in 2007. • Florida represented 1/3 of Canadian real estate purchases made in the US. • Canadians that own property in Florida range as high as 450,000. • The total value of Canadian residential property in Florida could approach $40 billion. • South Florida draws the most buyers, but Canadians play a stronger role than other foreign buyers in Florida’s emerging coastal real estate markets. • Over half of Canadians pay cash. Source: National Association of Realtors

  6. Canadian Companies in Florida Enjoy a Large Local Market Investment • Canada owns an estimated 10% of foreign affiliate assets in Florida. • Canadian investment in Florida reported $3 billion in property assets. • Canadian companies are the third largest foreign employers in Florida(432,000 direct & indirect jobs). • Most companies are located in Southeast Florida (47%) and the Tampa Bay area (23%). • Investment clusters include the ICT, aerospace and defense, bio-energy, food products and construction sectors.

  7. Tourism Canadians are Big Spenders • Canadians spent $ 2.8 billion • Visitor rates have grown at an average of 10% annually since 2002. • Canadian visitor traffic rose 19% in 2007 and showed a 30% increase in the first half of 2008. • Canadian visitor spending has doubled since 2003, and is estimated at $3 billion in 2008. • Visitor origin is heavily concentrated in Ontario (61%) and Quebec (22%).

  8. Tourism Rising Snowbird Populations Create a Pull South • Short-term leisure travelers staying 1-2 weeks comprise the majority of visitors • Business travelers account for about 10% of visitors. • Snowbirds, estimated to comprise 25% of travelers, spend over 30 nights. • Visits are highly concentrated in the first and coldest quarter of the year. • 64% of Canadians arrive by air. Source: Statistics Canada

  9. Looking Forward Strong Fundamental Dynamics • Canada – Florida fundamentals are still strong • Canada to continue to be source of growth for Florida, including partnership on infrastructure • Tourism: Canadian travel to Florida in 2008 increased by 14%. Compared with 2.3% decline in total number of visitors. • Trade: Potential in clean-tech/environment sector: green building, bio-energy and alternative energy. • Investment: Canadian companies still poised for expansion and Florida provides double-value as Gateway to Americas

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