Florida draws people in from around the globe with its sun, sand and vibrant culture. But businessowners have begun to realize that the Sunshine State is much more than just a fabulous vacation destination.
Florida is one of the country’s economic powerhouses. It’s the third largest state by population and boasts the fourth largest economy in the nation.
Florida ranked second in the nation for business by Chief Executive Magazine for two consecutive years. It’s no surprise, as its favorable business tax structure and reasonable government policies give businessowners the perfect recipe for a flourishing business.
Florida’s year-round mild weather paired with the state’s affordable cost of living and its business-friendly environment make it an ideal location for businessowners who are looking to expand or relocate their company.
Key Facts About Florida’s Stellar Business Environment
- Florida is one of only seven states with no state income tax. Comparatively, New York has income tax rates exceeding 8%, with additional taxes levied on businesses located in New York City. The sunshine state also has a low corporate tax, with its top rate reaching only 5.5%. Overall, Florida’s tax burden is considered to be quite low.
- Florida is home to more than 9.5 million talented workers that are trained to fill a wide range of positions. the state’s labor force is the third largest in the country and continues to grow at an annual rate of 1.7 percent. Florida’s workforce is known for its skill and diversity.
- In addition, U.S. News & World Report ranked Florida’s public university system first in the nation in 2019 for the third year in a row.
Florida has a Relatively Low Cost of Living
- Florida’s cost of living is lower than most other states with similar economic and population growth. With a relatively low cost of living, you’ll be able to get out and enjoy all of the incredible facets of life in the Sunshine State.
Florida’s Has a Diverse and Booming Economy
- Tourism is by far Florida’s largest economic driver. The Department of Economic Opportunity estimates that 1.3 million people works in the state’s tourism industry, contributing $85.9 billion to the state GDP. But the state’s economy is more diverse than people might realize.
- Major aerospace companies like Boeing and Lockheed Martin are expanding in the state. Boeing announced just last year the plan to move their space headquarters to Titusville, Florida naming the momentum and energy along the Florida Space Coast as the driving force in making the move.
- Moreover, the South Florida region scored more than $1 billion in technology investments last year, according to new data — the most of any metropolitan area in the southeastern U.S.
Florida Loves Small Businesses
- Five of Florida’s major cities made Wallethub’s recently published list of the best places to start a business. Orlando, Miami and Tampa earned spots in the top five. Jacksonville and St. Petersburg ranked in the top 20. Notably, Orlando was recognized as having the highest growth rates in the nation for number of small businesses.
- Florida is home to several economic hubs that are considered to be great places for startups. Entrepreneurs report sufficient access to capital for starting and growing their business. In Florida’s major metropolitan areas, access to investment capital from venture capitalists and angel investors isn’t hard to find.
- Florida ranks fifth in the nation for venture capital funding, according to U.S. News & World Report. Additionally, Crowdspring ranked Miami the third-best city in the United States to build a startup in 2019, based on its venture capital funding and talent.
- Not sure where to start? Enterprise Florida, the state’s economic development organization, connects small businesses in the state with training and business development opportunities as well as financing options. Business advising resources are available at Florida’s over 40 Small Business Development Centers.
High Quality of Life
- U.S. News and World Report ranked Florida as the 13th best place to live in the country.
- With Florida’s affordable cost of living, world-class beaches, a myriad of golf courses, exciting theme parks, rich culture and delicious cuisine, you’ll be able to achieve the perfect work/life balance. And if you’re thinking about starting a business in Florida, rest assured that the state’s entrepreneurial environment will welcome you.
At Colonial Van Lines, we specialize in packing services, long distance moving and corporate relocation. We provide professional and efficient moving services. We’ll be with you through every aspect of your relocation. We aim to make your relocation as stress-free as possible.
Florida has an innovative spirit and business-friendly policies, so it’s no wonder business owners are flocking to the sunshine state in droves. If you’re thinking about moving or expanding your business to Florida, we’d love to be a part of your journey. Contact us today for our free rate quote and let us do our best to make your move the best it can be.