I am not sure how one could view 2021 as anything but an incredibly successful year for businesses in the Ocala Metro. The CEP is excited to review how our community continues to grow, diversify, and prosper. This month and next I am going to highlight of the same important areas of growth.
Economic Growth
The local economy continues to demonstrate very strong fundamentals. As of the time of this writing, the local unemployment rate was only 4.7%. The Ocala Metro has consistently led the state in the growth of manufacturing jobs throughout the year with a manufacturing workforce now exceeding 10,000. Logistics, construction, hospitality, healthcare, and services all reported strong growth throughout the year. More importantly, the Ocala Metro is recording job growth while at the same time seeing wages report healthy gains.
Industrial Spec Development
One of the most significant changes in the local business community has been the planned investment by nearly a dozen companies in the area for industrial spec development projects that will add north of 7 million sq. ft. to the local market over the next 18 months. Why is this important? Not only will each of these facilities attract new companies and jobs, but just the investment in the facilities represents a capital investment of $700 million. As these facilities are added to the tax rolls in future years, that represents millions of dollars for local governments, our schools, and first responders. Millions of dollars in investment that benefit every citizen.
New & Expanded Companies
Several new companies opened facilities or had new facilities under construction in 2021. Optimum RV announced in the summer they were locating their new corporate headquarters in a recently acquired office building in Southeast Ocala. This new facility allowed them to add more than 50 high-wage jobs with opportunity for more growth in the future. Cardinal LG, which already operates two manufacturing facilities and a regional office locally, opened a new Technology Center to support R&D in the laminated glass industry. This new facility is located in the Meadowbrook Industrial Park and is just down the street from the new 200,000 sq. ft. warehouse for Signature Brands.
While Ocala has long been known as a manufacturing hub, a new industry recently discovered the value of manufacturing and distributing here. Three cultivation and processing facilities (considered biopharmaceutical by the industrial rating services) are under construction for the medical cannabis industry. Over the next few years, these facilities for GTI and Green Ops will employ more than 350 people at wages well above the community average. Additionally, other companies are looking at the market in this segment with at least one more anticipated in early 2022.
On behalf of the CEP Staff and Board of Directors, I would like to wish everyone a very Merry Christmas and best wishes for the best year yet in 2022!
