Israeli-founded companies are having a substantial impact on Florida’s economy by generating $7.3 billion in earnings – a massive 46 percent of the gross state product – according to the findings of the Florida – Israel Economic Impact Report released by the United States – Israel Business Alliance in April.

The study, the first study of its kind for the state, is based on data from 2024, and identifies 429 Israeli-founded companies in Florida that directly employ 8,190 Floridians.

When factoring in the impact of businesses on the supply chain and household spending by employees, the total number of local jobs created by Israeli-founded companies in Florida triples to an estimated 26,510.

“There are several important factors that have contributed to Florida’s economic boom in recent years,” says Aaron Kaplowitz, President of the United States – Israel Business Alliance. “This study affirms that Israel is one of them.”

The USIBA study also reveals that employees of Israeli-founded companies earn 12 percent higher wages than the state average.

In Orange County, the average earnings generated by Israeli-founded firms is $96,600 – 51 percent above the county average. The 760 total jobs created in Palm Beach County amount to $87,400 in average earnings – 30 percent above the county average.  

In Miami-Dade County, where the economic impact is most pronounced, average wages are 18 percent higher at Israeli-founded firms than the county average. These businesses are responsible for more than $6 billion in gross output, which accounts for 2.78 percent of Miami-Dade’s GDP. 

The study also examines the economic impact Israeli-founded businesses are having on congressional districts. More than 86% of the total jobs created by Israeli-founded companies are in Districts 24, 27, 26, and 22, all located in South Florida.  

“Israeli entrepreneurs are looking more and more at Florida as a viable option to grow their businesses in the US,” Kaplowitz says. “This means more local jobs, more state revenue, and more cutting-edge innovation.” 

 According to the report, Israeli-founded companies also create a higher number of indirect jobs (12,650) compared to direct jobs (8,190) primarily due to supply chain and service dependencies within the sectors that Israeli-founded firms operate. This high employment multiplier effect is responsible for job creation across the state. 

Other findings from the report show that Florida is now home to two Israeli-founded unicorns, Flow and Momentis Surgical.

It also shows that the area of deep sea passenger transportation is the sector making the most economic impact, and that today three industries are well-positioned for development – space, life sciences and military defense and homeland security.

“According to the data and statewide trends we are tracking, we believe that Florida and Israel are just scratching the surface of their bilateral economic development potential,” adds Kaplowitz.

 Other Israeli companies operating in the Sunshine State include drone company Percepto, Tabit, space startup StemRad, robot companion developer Intuition Robotics, medical device company Memic, and BlueGreen Water Technologies, which is helping prevent harmful algae blooms in Lake Okeechobee. 

Israel has also sent aid teams to Florida in the wake of Hurricane Fiona, and when the Champlain Towers  building collapsed in 2021, killing 98 people.