Beyond our beaches, Northwest Florida offers businesses competitive, bottom-line advantages in workforce training, upgraded infrastructure and access to a host of defense assets. And the Triumph Gulf Coast Fund – the only incentive program of its kind.
As a result of a settlement from the 2010 BP/Deepwater Horizon oil spill, $1.5 billion has been directed to eight coastal counties in Northwest Florida to aid in economic diversification.
Download our Triumph Gulf Coast Fact Sheet
Economic Development Grant Funds
$1.5 Billion
Annually through 2033
$80 Million
Triumph Gulf Coast has deployed more than $815 million to more than 85+ projects ranging from an aircraft maintenance campus, an international port terminal, and the expansion of welding, aviation mechanics, and CDL training programs.
The funds are designed to be used to grow the economy and support business in three areas:
Infrastructure Investment
Supports strategic infrastructure needs, including the construction of public assets such as buildings, roads, and utilities.
Workforce Enhancement
Develops industry-driven workforce and education training programs to build the local talent pipeline ready for employment.
Site Readiness
Funds due diligence, site clearing, engineering, and permitting to reduce development timelines and increase speed to market.
Enter your information to receive a copy of our executive summary on use of the Triumph Gulf Coast incentive fund.
In 2010, the Deepwater Horizon Oil Spill took place 45 miles south of the Louisiana coast causing both environmental and economic hardships in five Gulf Coast states. As a result of the settlement with BP, the Florida Legislature created the “Gulf Coast Economic Corridor Act” to provide a long-term and dedicated source of funding for economic recovery from the oil spill.
The act created Triumph Gulf Coast, Inc., a non-profit corporation, as a mechanism to disburse the economic recovery funds to the eight disproportionately affected counties of Escambia, Santa Rosa, Okaloosa, Walton, Bay, Gulf, Franklin and Wakulla. As a result, the Triumph Gulf Coast Fund was created.
Today, the fund is guided by a seven-member board of private-sector business leaders appointed by state leadership. The board is a-political and operates at the speed of business.
A priority in the creation of Triumph was to offer unique flexibilities to both the communities and the companies. By doing so, the program, and now with it – local communities – focus on transformational projects rather than transactional projects.
“When transformers fail, it draws a lot of attention. Despite our efforts to modernize, transformers are still built much the same way they were decades ago, which means we continue to rely heavily on people power. While the beautiful weather, nearby beaches and available facilities initially caught our eye, it was the people of Northwest Florida who truly made the difference. The talent here has exceeded our expectations. In the past, finding qualified candidates was a challenge; today, we receive nearly 50 online applications monthly from highly skilled individuals. Northwest Florida is also preparing the next generation of our workforce—Haney Technical College, Chipola College, and Florida Panhandle Technical College aren’t just training welders and technicians; they’re teaching the skills we need for modern transformer manufacturing. The level of partnership and support we’ve experienced in Bay County has been nothing short of extraordinary.”
— Chris Hart, Central Moloney
$25 million: IAG Aero Group — Triumph is supporting the construction of an MRO facility at Northwest Florida Beaches International Airport, which will be leased to IAG Aero Group. The company will construct a jet engine testing center at ECP.
$8.5 million: Leonardo Helicopters — Triumph funds developed infrastructure on 40 acres of the Whiting Aviation Park, a 269-acre planned development adjacent to Naval Air Station Whiting Field.
$66 million: ST Engineering — Triumph supported the development of a state-of-the-art Maintenance, Repair, Overhaul (MRO) aviation campus. Triumph funds supplemented private funds with an investment of $1,885,000 for every $1,000,000 of company investment.
$5 million: Region-wide Rural Workforce Training — Unmanned Pilot Training resulting in more than 1,000 certifications over five years.
Florida’s Great Northwest is here to enhance Northwest Florida’s competitive position through industry diversification and quality job growth. Whether you’re a company executive, site selector, or Northwest Floridian, contact us to learn how we can work together.
