Lee County's Economic Growth & Development: A Look Ahead

The Pfeifer Team had the opportunity to meet with Lee County Economic Development Director John Talmage in Q4 2023 to discuss the county’s rapid expansion. With Fort Myers ranked as the fastest-growing city in the U.S. and Cape Coral attracting hybrid workers, Lee County is in the midst of a transformation that is reshaping the housing market, workforce, and infrastructure.

Housing & Infrastructure Expansion

Housing development is booming, particularly in historically underdeveloped areas like North Fort Myers and Lehigh Acres. Lehigh is projected to become the county’s most populous area, driven by an influx of 90 new residents per day. To support this growth, significant infrastructure investments are underway. Over the next two years, $100 million will go toward new roadways, including Alico Road and Three Oaks Boulevard extensions. Additionally, nearly $3 billion will be allocated over the next 3-5 years for water management, sewer system improvements, and further roadwork.

Air Travel & Industrial Expansion

Southwest Florida International Airport (RSW) is expanding with 24 new gates, facilitating more international direct flights. Meanwhile, the Alico corridor is seeing a surge in industrial real estate development, with 9 million square feet under construction and another 12 million in the pipeline, most of which already have tenants secured.

Major Companies Investing in Lee County

Several prominent companies are expanding their presence in the area:

• Amazon is planning a third facility, including a potential 2.5 million-square-foot fulfillment center.

• Ferguson is constructing an additional 500,000-square-foot facility.

• IKEA has announced plans to open a store in Lee County.

• A rapidly growing local startup is adding significant industrial space, though details remain undisclosed.

These developments are driving job creation, particularly in the Alico Road corridor, which is expected to house 150,000 jobs—accounting for 33% of Lee County’s employment and 25% of Southwest Florida’s workforce.

Workforce Development & Affordable Housing

Despite an unemployment rate of just 3%, there are more job openings than job seekers in Lee County. To address workforce needs, a $23 million federal grant has been secured to expand workforce training across a five-county region. Micro-credentialing programs in cybersecurity and healthcare are also being developed.

Affordable housing remains a priority, with $660 million earmarked for workforce and senior housing initiatives. The Live Local Act, which provides tax credits and fee waivers for developers, is incentivizing growth along key corridors, including Alico, Corkscrew, and the planned Kingston community, featuring a 2-million-square-foot town center.

Education & Healthcare Investments

Florida Gulf Coast University (FGCU) is expanding to accommodate a growing student population, with nearly half of its graduates choosing to remain in the area. Lee Health is also addressing healthcare workforce shortages by increasing medical residency positions from 8 to 350 and exploring a potential partnership with Cleveland Clinic. Additional oncology centers and hospital expansions are in the works.

Emerging Sectors & Business Growth

Lee County is diversifying its economy with investments in:

• Logistics & Distribution: FedEx and other companies are developing large-scale distribution hubs.

• Technology: Local firms like Kingsland Software are adding high-paying tech jobs.

• Manufacturing & 3D Printing: A local startup has grown from a single employee to 2,600, leading in medical and construction-related 3D printing.

• Retail & Apparel: Chico’s has paved the way for 18 apparel manufacturers to establish operations locally.

• Cosmetics & Skincare: The beauty industry is expanding in Lee County.

• Electric Vehicles: Companies like Pilot Cars are innovating in niche EV markets.

• Hertz & BP Partnership: Investing in EV charging stations to support sustainability initiatives.

Mixed-Use Developments & Lifestyle Growth

The region is also seeing a rise in mixed-use communities like The Cove and Bimini Basin, blending residential, retail, and recreational spaces. The food and beverage scene is flourishing with new additions like Backyard Social, along with a surge in microbreweries and distilleries such as Wicked Dolphin.

Expanding Beyond Core Areas

Growth is extending beyond Lee County’s core:

• Hendry County is preparing for expansion with new water infrastructure.

• State Road 80 is emerging as a key corridor connecting Fort Myers to Palm Beach.

• Lehigh Acres Triangle has the capacity to support 450,000 new residents, with infrastructure development being a critical factor in unlocking this potential.

Looking Forward

With an expected population of 1 million in six years, Lee County’s strategic investments in housing, infrastructure, and workforce development are setting the stage for long-term economic prosperity. Whether through expanding educational opportunities, enhancing healthcare services, or fostering diverse business growth, Lee County is well-positioned to thrive in the years ahead.