With its sun, sand and vibrant community, Florida attracts people from around the globe. Yet business owners have started to understand that far more than just a fabulous holiday destination is the Sunshine State.
One of the economic powerhouses in the united states is Florida. By population, it is the third-largest state and boasts the country’s fourth-largest economy.
For two consecutive years, Florida has been ranked second in the nation for industry by Chief Executive Magazine. It is no surprise, as business owners are given the perfect recipe for a prosperous business by its favorable business tax system and fair government policies.
The mild weather of Florida throughout the year, coupled with the low cost of living of the state and its business-friendly climate, makes it an ideal place for business owners looking to grow or move their business.
Key Facts About the Stellar Market Environment in Florida
There are over 9.5 million talented workers in Florida who are qualified to fill a wide variety of roles. The state’s labor force is the third highest in the country and continues to expand at a 1.7 percent annual rate.The workforce in Florida is known for its integrity and diversity.
Florida is one of only seven states with no tax on state revenue. In contrast, New York has income tax rates above 8 percent, with extra taxes imposed on New York City-based corporations. The Sunshine State also has a low income tax, reaching just 5.5 percent of its peak rate. Overall, it is considered that Florida’s tax burden is very low.
Florida has relatively low costs of living
With equal economic and population growth, Florida’s cost of living is lower than most other states. You will be able to get out and enjoy all the incredible facets of life in the Sunshine State, with a relatively low cost of living.
High Life Quality
Florida was ranked as the 13th best place to live in the country
You’ll be able to achieve the ideal work/life balance with Florida’s low cost of living, world-class beaches, a multitude of golf courses, thrilling theme parks, rich culture, and delicious cuisine. And if you’re thinking about starting a Florida venture, rest assured that you will be embraced by the state’s entrepreneurial environment.
Tourism is the main economic driver in Florida by far. The Department of Economic Opportunity reports that 1.3 million workers work in the tourism sector in the state, adding $85.9 billion to the GDP of the state. But the economy of the state is more varied than people would know.
In the state, major aerospace companies such as Boeing and Lockheed Martin are expanding. In 2019, Boeing announced the decision to move its space headquarters to Titusville, Florida, naming the momentum and energy along the Florida Space Coast as the driving force in making the move.
However, the South Florida region scored more than $1 billion in technology investments, the highest of any metropolitan area in the southeastern U.S.
Florida Loves Small Businesses
The best place to start a company is made up of five of Florida’s major cities. In the top five, Orlando, Miami, Tampa, Jacksonville, and St. Petersburg. Orlando was recognized as having the highest growth rates for small businesses in the country.
There are many economic hubs in Florida that are considered perfect places for start-ups. For starting and growing their business, entrepreneurs report adequate access to capital. Connection to investment capital from venture capitalists and angel investors is not hard to find in Florida’s major metropolitan areas.
Not sure where to get started? The state’s economic development organization, Enterprise Florida, connects small companies in the state with opportunities for training and business development as well as funding options.
We specialize in packing services, long-distance moving, and corporate relocation. We provide professional and reliable moving services. In every aspect of your relocation, we’ll be with you. We endeavor to make your resettlement as stress-free as possible.
Florida has a creative spirit and business-friendly policies, so it’s not shocking that business owners flock in droves to the sunshine state. We’d love to be a part of your journey if you’re thinking about moving or expanding your business to Florida.
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