Florida's Floating Economy

FAU's New Office Charts Course for Innovation and Investment in Coastal Industries

Author

Peter Robbins
May 12, 2025

Good morning! 🌞 Florida's floating economy is entering a transformative phase, with the Florida Governor Ron DeSantis recently signing into law the Office of Ocean Economy at Florida Atlantic University (FAU). This initiative aims to integrate the state's extensive ocean and coastal resources into its economic development framework, unlocking significant potential for businesses and investors. Let's dive into what this means for the future. 🌊

News Flash:

Florida's Office of Ocean Economy Sets Sail at FAU. In 2024, Florida launched the Office of Ocean Economy at FAU, a strategic move to harness its 8,400 miles of coastline and vast marine resources. This office focuses on bolstering industries such as aquaculture, commercial diving, marine tourism, and renewable energy, positioning Florida as a leader in the blue economy. With an annual contribution of approximately $30 billion to the state's GDP, the ocean economy is poised for significant growth.

In Case You Missed It:

Aquaculture: A Growing Industry with High Stakes 🐟

Florida's aquaculture industry, contributing over $165 million in 2024 alone, is a key focus area. The state is a major producer of ornamental fish, accounting for 95% of the U.S. market. However, challenges such as hurricanes have caused significant setbacks, with Hurricane Idalia alone causing $34.1 million in damages. Despite these challenges, the industry continues to grow, supported by initiatives like the SEAS Act, which aims to provide equal access to federal funding for aquaculture and seafood industries.

Overcoming Obstacles:

Navigating the Complexities of Marine Industries ⚓

Entrepreneurs venturing into Florida's ocean economy face challenges, including regulatory hurdles and the need for substantial planning. Success in aquaculture, for instance, requires thorough due diligence, understanding of market demands, and effective risk management strategies. Additionally, public perception plays a crucial role, necessitating efforts to educate and engage communities about the benefits of marine industries.

The Big Idea:
Panel Discussion: Should South Florida Be the Next Silicon Valley of the Ocean?

Colin Polsky, Ph.D., from Florida Atlantic University is moderating a panel to explore South Florida's potential as a national leader in ocean technology. The discussion will focus on strategic partnerships among universities, businesses, nonprofits, and governments to drive economic growth in the ocean sector. The Floating Institute’s Director of Growth will be speaking about the role Florida has to play in the local and global floating economy. Don’t miss it!

Event Details:

  • Title: Should South Florida Be the Next Silicon Valley of the Ocean?

  • Location: FAU MetroLab, 111 E Las Olas Blvd, Fort Lauderdale, FL 33301

  • Price: Free to the public (seating is limited)

  • Date & Time: Thursday, May 15th at 10:00am

  • Registration: Register Here

Business Impact of the Floating Economy

💼 The establishment of the Office of Ocean Economy opens doors across various sectors:

  • Marine Industries: Support for shipyards, marinas, and seafood processing sectors offers avenues for investment and innovation.

  • Tourism & Recreation: Sustainable marine tourism and recreational activities present opportunities for businesses to cater to both domestic and international tourists.

  • Renewable Energy: While offshore wind projects face regulatory challenges, the focus on renewable energy within the ocean economy framework encourages exploration of alternative energy solutions.

  • Research & Innovation: Collaboration among state universities and private institutions aims to drive technological advancements and commercialize marine-related research, fostering a robust ecosystem for startups and established companies alike.

Newsworthy Number

💰 $30B: The Annual Contribution of Florida's Ocean Economy to the State's GDP 

Florida's ocean economy is a significant contributor to the state's financial health, with an annual impact of approximately $30 billion. This figure underscores the importance of continued investment and development in marine industries.

Around the Web:

  • FAU's Ocean Science Lecture Series: Learn More

  • FAU's Workforce Innovations Network (WIN): Read More

  • FAU Awarded DOE Grant for Ocean Current Energy Research: Details

Quote of Note:

"Water, in all its forms, is the backbone of Florida’s economy." – Rep. Chip LaMarca

What opportunities are you seeing in Florida's evolving ocean economy? Are you ready to capitalize on this wave of growth? 🌊

The Floating Institute is focused on finding opportunities in Florida and abroad.

Follow us at FloatingEconomy.com

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