Are you aware why a lot of businesses are gaining interest in the sunny state of Florida in the U.S.? There are a number of reasons for this trend which include statistical facts.
Recent facts about the state of Florida
- In the last decade, the population of Florida went up by 14.6%, which has also been accelerated by the COVID-19 pandemic
- Aside from the booming banking and finance industries, Florida is also famous for its no personal-income tax policy
- People are drawn to the state because of the rise of work-from-home schemes and its lack of lockdown
Why Florida is ideal for opening a business
- Low cost of living. A lot of cities in the state are offering affordable cost of living to residents.
- Favorable tax climate. Tax-conscious individuals and families find the State of Florida attractive because it doesn’t collect individual income taxes. In addition, Florida has become popular for its favorable business taxes.
- Strong labor market. The 3.4% unemployment rate ranks Florida as the 19th all over the country, based on the U.S. Bureau of Labor Statistics. Moreover, its labor force is the 3rd largest in the U.S. and it is growing continually at an annual rate of 1.7%.
- Ready access to capital. According to the U.S. News & World Report, the state ranks 5th in the country in terms of venture capital funding. In fact, startups received $511 million in seed capital in 2018.
- Thriving entrepreneurial scene. In the May 2019 ranking, 3 cities are reviewed as suitable to start a business. This was based on factors such as access to resources, business cost, and business environment.
- Diverse economy. The economy of the state of Florida is also surprisingly diverse aside from tourism being the top industry with record high 116.5 million tourists made visits to the state in 2017.
- High quality of life. Establishing a business in Florida is quite favorable due to its high quality of life, aside from the sunny weather, golf course, outdoor hotspots, and world-class beaches.
Why businesses are flocking to Florida
- Business-friendly tax structure. Many people and businesses are relocating to the state because of favorable tax rates. That is because the state has no inheritance, intangible, personal, or state tax.
Moreover, Florida’s corporate and sales taxes are lower than other states. These made it attractive to entrepreneurs and innovators, as well as industry leaders.
- Open-hearted state and local government officials. The state and local government officials are continuously recruiting business leaders to invest in the state. This marks a distinction to what public officials in other states taking for granted some of the huge businesses in their areas. Thus, many companies decided to change business locations.
- Good weather, infrastructure, quality of life, and schools. Florida is no doubt among the states with the best climates in the country. Aside from that, it also boasts some of the best cultural attractions, restaurants, and overall quality of life.
Furthermore, the state also has greatly improved its educational system. With investments in infrastructure over the past decades, it now has an environment that’s more protected and suitable for the future.