Rocket Propulsion Systems Company Eyes Titusville for New Facility

There’s some potentially good news for the hard-hit Space Coast.

A “rocket propulsion systems” company is considering locating its facilities in Titusville, a move that would create more than 2,200 direct and spin-off jobs, according to Florida Today.

The identity of the company is being kept secret, with it being referred to as “Project Speed” in city and county documents. Titusville, Brevard C0unty and Space Florida are working to put together a package of tax incentives for the company, which is also considering three other sites outside of Florida.According to the Florida Today:

An analysis prepared by the Economic Development Commission of Florida’s Space Coast shows that Project Speed would:

Create 1,357 direct jobs with an average annual wage of $46,638, or a total annual payroll of $63.29 million within four years.

Generate another 883 spinoff jobs with an annual payroll of $33.82 million a year.

Invest $32 million in construction of a 400,000-square-foot facility and $40 million in machinery and equipment for the project.

The company is seeking a full tax break for 10 years from the city, valued at $4.23 million, based on its $72 million investment. It is seeking a similar, 10-year, 100 percent tax break from Brevard County valued at $4.08 million.

My best guess is SpaceX, which is reported to be outgrowing its headquarters in Hawthorne, Calif. It’s conceivable that they would end up keeping R&D in California while shifting production to Florida. Some companies prefer to separate the two functions to make sure that changes don’t end up creeping into the production line without careful vetting.

The only thing that makes me doubt this is the average annual wage mentioned for the jobs created, which seems relatively low for a company like SpaceX that is producing rockets and space capsules.

Other large rocket propulsion companies include Pratt & Whitney Rocketdyne, Aerojet, United Launch Alliance, and Dynetics. I don’t know if any of these companies are looking to move or set up new facilities.