Florida is a state that attracts many visitors from all around the world, and Canada is no exception. Canadians contribute significantly to the state’s economy through various channels, including tourism, real estate, agriculture, healthcare, education, and trade.
In this article, we will explore how Canadians contribute to Florida’s economy and the impact of their involvement on the state’s economic growth.
19 Ways Canadians Contribute to Florida’s Economy
Table of Contents
Tourism
One of the most significant ways Canadians contribute to Florida’s economy is through tourism. According to Visit Florida, the state’s official tourism marketing corporation, Canada was the number one international market for Florida in 2019, with 3.7 million Canadian visitors spending $6.3 billion.
The majority of Canadian visitors are snowbirds who spend extended periods in Florida during the winter months, contributing to the local economy by spending money on lodging, food, transportation, and entertainment. Canadian tourists also contribute to Florida’s economy by supporting local businesses, such as retail stores, restaurants, and recreational activities.
Real Estate
Another significant way that Canadians contribute to Florida’s economy is through real estate investment. According to the National Association of Realtors, Canadians were the largest group of foreign buyers of Florida real estate in 2020, accounting for 28% of all international sales.
Canadians invested $2.8 billion in Florida real estate in 2020, creating jobs in the construction and real estate industries. Many Canadians purchase winter homes in Florida, which generates revenue for the real estate industry and creates jobs in the maintenance and hospitality industries.
Agriculture
Canadians are also involved in the agriculture industry in Florida, with some investing in citrus groves and other crops. Agriculture is an essential sector of the state’s economy, generating over $120 billion in economic impact and supporting more than two million jobs. Canadian involvement in the industry contributes to job creation, economic growth, and food security.
Healthcare
Some Canadians travel to Florida for medical treatment, contributing to the healthcare industry in the state. The state has many world-renowned medical facilities and hospitals, which attract patients from all around the world. Canadian patients contribute to the healthcare industry by spending money on medical treatments and services, generating revenue for medical providers, and supporting the local economy.
Education
Many Canadian students attend universities and colleges in Florida, generating revenue for the education industry and supporting local businesses. According to the Institute of International Education, Florida hosted 13,298 Canadian students in the 2019-2020 academic year, contributing over $308 million to the state’s economy.
Trade
Florida and Canada have a strong trading relationship, with Florida exporting goods such as machinery, chemicals, and electronics to Canada. In 2020, Florida’s total trade with Canada amounted to $7.9 billion, supporting businesses and creating jobs. Canadian businesses also invest in Florida, creating jobs and stimulating economic growth.
Aviation
Canadians contribute to the aviation industry in Florida, with many owning private planes and utilizing the state’s airports. Florida is home to many private and commercial airports that cater to both domestic and international flights. Canadian involvement in the aviation industry supports the state’s transportation infrastructure and generates revenue for airport operators and service providers.
Professional Sports
Canadian tourists contribute to the state’s professional sports industry by attending games and events. Florida is home to many professional sports teams, including the Miami Heat, Tampa Bay Buccaneers, and Florida Panthers. Canadian visitors contribute to the local economy by spending money on tickets, merchandise, and other related services.
Film Industry
Canadians are involved in the film industry in Florida, with some investing in film productions and others working in the industry. Florida has a thriving film industry, with many movies and television shows filmed in the state. Canadian involvement in the industry contributes to job creation and economic growth, as well as bringing cultural diversity to the state.
Retirement Communities
Many Canadian retirees choose to spend their golden years in Florida, contributing to the state’s retirement community industry.
Florida is home to many retirement communities that cater to the needs of seniors, offering a range of amenities and services. Canadian retirees contribute to the industry by purchasing homes and spending money on services, supporting the local economy, and creating jobs in the hospitality and healthcare industries.
Conventions and Conferences
Florida is a popular destination for conventions and conferences, with many Canadians attending these events. Conventions and conferences contribute to the local economy by generating revenue for hotels, restaurants, and other businesses.
Canadian attendees also contribute to the industry by spending money on conference fees, transportation, and other related expenses.
Technology
Canadians are involved in the technology industry in Florida, with some investing in startups and others working in the industry.
Florida has a growing technology sector, with many startups and established companies based in the state. Canadian involvement in the industry contributes to job creation and economic growth, as well as promoting innovation and entrepreneurship.
Environmental Conservation
Canadians contribute to environmental conservation efforts in Florida, with some investing in eco-tourism and others supporting conservation organizations.
Florida is home to many natural wonders, including the Everglades, which require ongoing conservation efforts to protect their ecosystems. Canadian involvement in environmental conservation contributes to the preservation of Florida’s natural beauty and supports the state’s eco-tourism industry.
Manufacturing
Canadian businesses are involved in the manufacturing industry in Florida, creating jobs and contributing to economic growth.
Florida has a diverse manufacturing sector, with companies producing a range of products such as aerospace components, medical devices, and electronics. Canadian involvement in the industry promotes trade and strengthens the economic relationship between Canada and Florida.
Maritime Industry
Canadians contribute to the maritime industry in Florida, with some investing in maritime companies and others working in the industry. Florida has a thriving maritime industry, with many ports and shipping companies based in the state. Canadian involvement in the industry promotes trade and contributes to job creation and economic growth.
Real Estate Brokerage
Many Canadians work in the real estate brokerage industry in Florida, helping to connect buyers and sellers and contributing to economic growth. Real estate brokerage is a crucial part of the real estate industry, and Canadian involvement supports the industry by promoting investment and facilitating transactions.
Winter Homes
Many Canadians own winter homes in Florida, which generates revenue for the real estate industry and creates jobs in the maintenance and hospitality industries.
Arts and Culture
Canadians are involved in the arts and culture scene in Florida, with some investing in museums, galleries, and cultural events.
In conclusion,
Canadians play a significant role in Florida’s economy, contributing to a wide range of industries and sectors. Their investments, spending, and involvement in various industries generate revenue and create jobs, supporting the state’s economic growth and development.
As Florida and Canada continue to strengthen their economic ties, Canadians will likely continue to play an important role in Florida’s economy for years to come.