Whats next for the Space Coast Economy?

Many reasons for optimism in 2021

2020 was a year none of us expected. In March, we went from excitement as the Space Coast prospered, to concern for our family, community, and economy. We saw many changes in our lives, however one thing did not change — the enduring spirit of our community. This spirit led us from the downturn of the Shuttle program to a booming economy in 2019. 

The EDC, along with our partners, diversified and strengthened our economy to weather another possible economic setback. We witnessed this in 2020. Although unemployment reached record levels, the Space Coast continues to bounce back with new product lines, increased hiring, new developments and the return of manned spaceflight from our very beaches.

We have many reasons for optimism as we enter 2021, here are just a few EDC project announcement highlights:

• Aerion Supersonic will form a new global headquarters in Melbourne, representing a multi-year $300 million investment that is expected to generate at least 675 jobs by 2026.
• In August of 2020, Embraer announced the Phenom 300MED, a unique MEDEVAC solution that will join the current lines of production at the company’s Melbourne location.
• Aerospace and defense technology powerhouse L3Harris Technologies Inc. is continuing to expand its Space Coast operations. L3Harris added 450 jobs in Brevard in 2020. 
• In 2019, Lockheed Martin celebrated the relocation of its Fleet Ballistic Missile Headquarters to Titusville, which brought 350 new jobs. In addition, in July of 2020, Lockheed Martin announced they would be revamping the U.S. Astronaut Hall of Fame into its newest facility, leading to additional hiring, estimated to be in the high double digits over the next two years.
• Blue Origin has invested an unprecedented $1 billion in private capital, continuing to grow its manufacturing facility in Merritt Island. During the pandemic, the company added more than 100 high-paying positions. 
• In June of 2019, Boeing announced it is relocating the headquarters of its Space and Launch division to Titusville.
• SpaceX continues to facilitate heavy launch activity. On May 30, Demo-2 launched from historic Launch Complex 39A with NASA astronauts Bob Behnken and Doug Hurley, marking the first human spaceflight from the United States since 2011. 
• And this year, the 45th Space Wing forecasts as many as 53 launches from the Space Coast, including three manned missions — two with SpaceX and one with Boeing. 

Follow the EDC for more news and updates at www.SpaceCoastEDC.org 

Lynda L. Weatherman, is president & CEO of the Economic Development Commission of Florida’s Space Coast, which is responsible for the attraction of new business and investment and retention of existing industry throughout the Space Coast. Under Ms. Weatherman’s leadership, the EDC has secured over $1.8B in capital investment from the announcement of over 50 business development projects over a 10-year period.

Read more articles in our digital magazine.