The deep-rooted connection between Spain and Florida spans over 500 years, beginning with Don Juan Ponce de León’s claim of “La Florida” in 1513 and the founding of San Agustín in 1565, North America’s oldest European settlement. Today, this shared heritage—celebrated through cultural ties and official visits by Spanish royalty—enriches Florida’s vibrant blend of Anglo-American and Hispanic influences, creating a natural bridge for Spanish investment across the Americas. Leveraging these historic and cultural bonds, Florida has become a prime destination for Spanish foreign direct investment (FDI), offering a strategic platform for Spanish companies expanding across North and South American markets.

Spain’s Expanding Economic Footprint in Florida

In recent years, Spain has emerged as a leading investor in the state, driven by Florida’s favorable business environment, extensive trade routes, and skilled workforce. Spain now ranks 2^nd after the UK among Florida’s top foreign investors, with substantial holdings across diverse industries such as financial services, infrastructure, construction and renewable energy.

Leading Spanish firms such as Iberdrola, Cosentino, and FCC have deepened their presence in Florida, contributing to its economic development while reinforcing Spain’s role as a key foreign investor. In 2023, Cosentino’s greenfield project in Jacksonville ranked as the 2^nd largest investment in Florida, amounting to $270 million.

Based on the most current statistics from the U.S. Bureau of Economic Analysis, Spanish companies provide over 5,500 jobs and hold $1.3 billion in assets within the state. Florida is also a significant trade partner for Spain, with $1.7 billion in bilateral merchandise trade recorded in 2022, positioning Spain as Florida’s 6^th largest EU trading partner. Key Spanish imports from Florida include civilian aircraft, yachts and other vessels, while Florida imports products like refined petroleum, biodiesel, ceramic, and perfumes from Spain.

Florida as a Strategic Gateway to Latin America

One of Florida’s most compelling advantages for Spanish businesses is its role as a gateway to Latin America and the Caribbean. Serving as the Americas’ primary commercial crossroads, Florida handles approximately one-third of total U.S. trade with Latin America, facilitated by its advanced multimodal transportation infrastructure and a highly multilingual workforce, where over 22% of residents speak Spanish. The cultural and linguistic similarities between Spanish, American, and Latin American communities ease communication and foster strong business relationships, making transactions and partnerships more fluid. Miami, known as the business capital for Latin America, is particularly crucial for Spanish firms that use the city as a regional base to access both Latin American and North American markets.

With more direct flights to Latin American and Caribbean cities from Florida than from the rest of the United States combined, the state provides unmatched connectivity, making it the ideal launchpad for Spanish businesses targeting LATAM markets. Florida’s large and diverse economy, valued at over $1 trillion and home to 22 million residents, further strengthens its role as a hemispheric business hub. The state’s advanced digital infrastructure, financial services, and extensive professional networks specializing in Latin America allow Spanish companies to build strategic partnerships and efficiently manage trade flows across the Americas.

Key Sectors for Spanish Investment in Florida

Spanish companies are actively contributing to several key sectors in Florida, with notable investment in:

• Renewable Energy: Spain’s global leadership in renewable energy is reflected in its significant investments in Florida. Companies like Iberdrola are contributing to the state’s renewable energy initiatives, particularly in solar and wind power, helping to diversify Florida’s energy mix.
• Infrastructure and Construction: Spanish firms including FCC, OHLA, Sacyr and Alava Group have been instrumental in large-scale infrastructure projects in Florida, from highways to airports, modernizing the state’s transport networks and enhancing its connectivity with LATAM.
• Financial Services: Spanish banks like Banco Santander, Caixabank, Banco Sabadell or Abanca have established a strong presence in Florida’s financial sector, supporting cross-border transactions and offering essential services that bridge U.S., European, and Latin American financial markets.

Reasons to Invest in Florida

Florida is a top destination for foreign investment, with its trillion-dollar economy ranking as the 14^th largest globally and a population of over 22 million. As the main commercial gateway to Latin America and the Caribbean, Florida provides access to a 660-million-consumer market across the Americas, supported by 20 commercial airports and 15 deep-water seaports that connect the state to global trade routes.

Florida’s business-friendly environment, with low taxes and competitive operational costs, creates an attractive setting for companies in diverse sectors. The state’s labor costs are 15% lower than Texas and 35% lower than California, offering firms an edge when accessing Florida’s skilled, multilingual workforce of 11.1 million. Furthermore, Florida leads in high-tech innovation, investing nearly $178 million annually in R&D, while its thriving startup ecosystem attracts $7 billion in venture capital each year.

A Diverse Economic Powerhouse: Florida’s Strategic Industry Clusters

Florida’s economic landscape is shaped by prominent, statewide industry clusters that drive innovation and growth across key sectors. Notable among these are the Aviation & Aerospace cluster, the globally renowned Cruise industry, and the Orlando Metacenter, which anchors advancements in simulation, defense, and space technology. The state also has a thriving biotech sector, home to nearly 1,500 life sciences and more than 45,000 healthcare establishments in the life services industry. Initiatives like the Florida High Tech Corridor bring together academia, industry, and economic development in a 23-county region powered by the University of Central Florida (UCF), University of South Florida (USF), and University of Florida (UF). This collaborative Corridor connects tech and research capabilities across the state, creating a global ripple effect in high-tech industries.

North Florida is a diverse and resource-rich area with regional strengths that support various industries across North Central, Northeast, and Northwest Florida. North Central Florida is known for its natural resources and affordable cost of living, with strong logistics and distribution networks powered by modern infrastructure. Its top industries include Manufacturing—especially in wood products and fabricated metals—Agriculture-based industries, and Logging & Timber. Northeast Florida is a logistics powerhouse, anchored by JAXPORT, the state’s largest container port, and Cecil Commerce Center, the largest industrial park in the region. The region benefits from extensive rail, maritime, and road logistics sectors, making it an ideal location for businesses reliant on intermodal transport.

In Northwest Florida, industries are similarly diverse, with significant contributions from aerospace and defense, manufacturing, and tourism. With its strategic proximity to the Gulf of Mexico, Northwest Florida attracts investment in sectors reliant on global trade and logistics, offering robust support for businesses in aviation, high-tech manufacturing, and resource processing.

Central Florida’s Cenfluence Cluster Initiative strategically organizes companies into specialized clusters, including Energy & Environmental Sciences with 769 companies generating $2.5 billion in revenue and 15,000 employees; Gaming, Entertainment & eSports with 1,362 companies and 57,920 employees, contributing $5.5 billion; Learning Sciences & Human Performance, which supports 235 companies with $119 million in revenue and 4,420 employees; Life Sciences, generating $611 million with 7,090 employees across 196 companies; and the Semiconductors cluster, comprising 182 companies, $780 million in revenue, and 7,640 employees.

In South Florida, the Miami-Dade area serves as a vital international business hub, particularly for firms targeting Latin American and Caribbean markets. With over 1,400 multinational companies and 100 foreign consulates, trade offices, and binational chambers, Miami-Dade offers robust support for international commerce. This county’s financial sector is notably strong, hosting the second-largest financial hub on the East Coast, after New York City. Miami International Airport and PortMiami further enhance connectivity, making the region a crucial gateway for both goods and services across the Americas.

Broward County, centered around Greater Fort Lauderdale, boasts a pro-business climate and diverse workforce, making it attractive for corporate headquarters and technology firms. The region’s “TechGateway” is home to global tech firms contributing to a vibrant tech ecosystem. Fort Lauderdale’s proximity to Miami-Dade also benefits businesses looking to leverage regional synergies within South Florida’s business environment.

Palm Beach County complements this ecosystem with a growing economy and some of the highest-income levels in Florida. It hosts significant sectors in finance, life sciences, and luxury tourism, with Palm Beach often dubbed “Wall Street South.” The county is also distinguished for its AAA bond rating, a testament to its financial stability and appeal as a high-net-worth destination for corporate and private investment.

As Florida continues to evolve as a global business hub, the state’s ability to attract investment is reinforced by Select Florida, the state’s official international commerce organization formed in 2023. In collaboration with the Florida Department of Commerce, Select Florida operates as a public-private partnership focused on promoting Florida as a premier destination for foreign direct investment.

For Spanish companies looking to establish or expand their presence, both Select Florida and the Spain-US Chamber of Commerce serve as indispensable partners, offering a range of services including site selection assistance, regulatory guidance, and access to extensive business networks. This coordinated support system ensures that Spanish firms can easily navigate Florida’s diverse economy, leveraging the state’s strategic advantages and dynamic industries for long-term success in both U.S. and Latin American markets.

Sources:

• Select USA
• Select Florida
• fDi Intelligence
• S. Bureau of Economic Analysis
• Cenfluence
• Florida High Tech Corridor
• North Florida Economic Development Partnership
• Florida’s Great Northwest
• Florida Power & Light Company
• Miami Dade Beacon Council
• Greater Fort Lauderdale Alliance