CFDC Looks Ahead with Enthusiam Following Record-Setting 2024

The 2023-24 fiscal year was a record-setting one for the Central Florida Development Council. This translates into positive outcomes for Polk County, its cities and its residents.  

“Last year was another banner year for the CFDC with $800M in new capital investments by existing and new businesses to Polk County, adding 1,000 new jobs that help raise the average wages across the county,” said Polk County Commissioner George Lindsey.  

Lindsey serves as the Commissioner Designee with the CFDC and has been instrumental in business development. He received the CFDC Chairman’s Award from outgoing chair Gene Conrad at the organization’s October 2024 Annual Meeting. 

CFDC President & CEO Sean Malott said the fiscal year that ended Sept. 30, 2024, included unique, high-dollar manufacturing jobs, making the year strong for capital investment. Among the projects were: 

• RealCold, which is building a 376,000-square-foot, state-of-the-art cold storage warehouse along Interstate 4 in Lakeland. Occupancy is expected in the first quarter of 2025. 
• D.R. Horton, which calls itself “America’s Builder.” The company is moving from Osceola into a new headquarters building in Davenport for its Orlando West Division. “That’s taxable property within Polk County,” Malott said. “The average wage for the 117 new corporate jobs associated with this project is $138,000.” 

The CFDC is responsible for attracting or retaining more than 1,000 new jobs with an average wage of just over $68,000, he said. “The wage level is trending higher, which is what we like to see.” 

The Role of the CFDC

At its core, the CFDC helps: 

• Attract new jobs. 
• Companies expand in Polk County, creating more job opportunities. 
• Raise the wage standard. 
• Increase capital investment, which adds to the county’s taxable base. “Taxes go into services we appreciate – public safety, infrastructure, critical needs of the community and more.” 

Lindsey added one more thing. “Lost in the numbers is CFDC’s role as a partner in disaster relief, specifically as a liaison with small business in hurricane recovery and guiding them to the proper agencies for assistance.  It was even more evident in the COVID crisis; when small businesses did not know where to turn, CFDC was at the leading edge.” 

Next Year

Lindsey and Malott agree that next year is not likely to be as prosperous as the fiscal year that just ended. “My instincts tell me next year may be a greater challenge, but the CFDC is up to the challenge,” Lindsey said. 

Malott said uncertainty surrounding the November 2024 elections has put some decisions on hold.  “Wise companies are making a game plan for whoever may go into office next. They are developing strategy based upon what they think the new president’s policies may be. Overall, they are being cautious and taking a wait-and-see approach.” 

That said, Malott said he thinks next year will be active.  

“We have some hopefuls we’re working through, there are a couple local expansions planned and some projects we’re waiting to announce,” he said. “Based on that, we set a goal for $500 million in capital investments. This (2024) was the largest of any single fiscal year that we’ve worked on and it resulted in double our goal. But the projects we saw were unique; we don’t anticipate having projects like that all the time.” 

Nevertheless, there is a healthy pipeline, heavily weighted toward manufacturing, he said. 

“We raised our goal from what it was last year to this year. I think we’ll probably be somewhere in that range. We typically reach for the stars. We’re very optimistic.” 

The Attraction

Polk County’s workforce attracts companies – especially those in manufacturing, Malott said. As a whole, the county has the skillset that manufacturers are looking for. 

Many of the same skills used in mining and agriculture, which Polk’s economy relies on, transfer into manufacturing, he said. “The number of people in the workforce who have worked in those industries and can transfer to manufacturing jobs makes this an attractive area to move to.”  

While some people fear manufacturing plants, Malott and others are quick to note that these are not the same plants our grandfathers and great-grandfathers worked in. “A manufacturing facility today is very different from what it was. Any new manufacturing facility is basically an advanced manufacturing facility – the amount of technology and automation requires a skilled workforce, many of whom must undergo new training.” 

Companies invest in that training, including working with the likes of Polk State’s Corporate College and Traviss and Ridge technical colleges to design programs to offer to employees.  

Because locating in a new city and investing in equipment is very expensive, companies do their due diligence before moving. “They can’t easily pick up and move to a different town, county or state, so when they invest, they are investing for a longer period of time.

They are looking for a return on their investment. In many cases, they are picking a location because of the workforce there.” 

These jobs also offer higher wages, which has an indirect impact on other businesses nearby that might be providing materials or taking care of the facilities. “Suppliers might want to be nearby as well, and other companies may move here too.” 

Logistics Factor

Manufacturers also move to areas with logistics companies.  

“They are here,” Malott said, noting the likes of Saddle Creek Logistics Services. “They are known to make smart decisions. Manufacturing looks to see where they are and then move nearby. Maybe they want to utilize their services, but they also know the logistics companies have already done a lot of research. They use that research to help justify the location.” 

Moving Ahead

The CFDC will continue to be “very focused on business development projects no matter who wins the White House,” Malott said. “Companies still have to do their business; they may make some changes, but they will still seek profitability and meet the needs.” 

Industries that are in high demand include construction and building materials. “We have to make sure they have the resources they need to be successful.” 

To that end, Malott said the CFDC will spend more time in the coming year helping smaller communities develop their strengths. “Ideally you have buildings available. Lakeland, and Winter Haven, have spec buildings or other buildings available. If you don’t have buildings, you have to at least have sites available, and preferably sites with infrastructure. We want to help smaller communities identify resources and grants to proactively build infrastructure to make sites more attractive. We can help them with their competitive advantage.”  

From an industry perspective, the CFDC would like to focus on attracting more research-oriented business to Polk County. The new president of Florida Polytechnic University will have that on his short-term goals, Malott said. The CFDC remains interested in building out the Central Florida Innovation District near Florida Poly. 

He said he also would like to see data centers on the tax rolls in Polk County. 

Personally, Malott’s goal is to “see more collaboration, to be even more inclusive than we already are. You must be purposeful to be inclusive, to bring along all our communities in the process. It’s key.”