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10
TRIUMPH AEROSPACE STRUCTURES
A look inside the Triumph Aerospace Structures plant in Stuart, where workers
make parts for jetliners, mainly Boeing.
compares to growth of 3.3 percent for Florida and 1.1 percent
nationwide.
Manufacturing employment accounts for only 3.6 percent of
the total workforce on the Treasure Coast, but the sector’s rapid
growth encourages economic development leaders in all three
counties.
DEVELOPMENT EXPANDING
“As South Florida continues to build out, we’re seeing a progressive
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move north” to the Treasure Coast from Miami-Dade,
Broward and Palm Beach counties, says David Powers, an Indiantown
realtor and president of the Business Development Board of
Martin County.
“You can’t go any farther west down south in Palm Beach,
Broward and Dade. So, as you continue north, there’s some good
opportunities as far as sites go,” he adds.
In Martin, there are several shovel-ready areas for manufacturing,
including Venture Park and Florida Commerce Park in
Indiantown. At 1,221 acres, the largest area set aside that allows
manufacturing development is the Tradition Center for Commerce
owned by the City of Port St. Lucie. Several businesses
have already located there, such as TAMCO Group, which manufactures
electrical products sold in Dallas-based City Electric Supply
branches nationwide. TAMCO broke ground last September
on a nearly $40 million expansion. It was the first new investment
at the commerce center after a loop road opened 100 acres of
land for development near I-95. This will increase TAMCO employment
by 50 to 260.
Local economies expand or contract in direct proportion to
the amount of money imported to the area, explains Fruth. For
the most part, money is imported by “primary industries” that
sell their goods and services outside of the area. Because of the
“extremely high” portion of the Treasure Coast’s population that
is 65 and older, the retirement industry is the largest contributor,
from Social Security, Medicare and private retirement income.
U.S. Census Bureau statistics collected by Fruth show that,
nationally, 16 percent of people are 65 and older, compared with
20 percent in Florida; 24 percent in St. Lucie County; 30 percent in
Martin County; and 32 percent in Indian River County. >>
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