Florida is not only a sunny paradise lined with picturesque beaches, theme parks, and vacation destinations, but it is also a world of cultural diversity with a thriving economy, being one of the major U.S. centers for travel and transportation of goods between North and South America.
With its unique location and desirable climate, it offers a wide variety of business opportunities in many sectors. Even with the current post-Coravirus pandemic situation, the U.S. has masterfully met every challenge, and Florida has led the way in resuming economic growth with its attractive features and captivating Floridian warmth.
Investing in this state is safe and of potential growth. But why invest here after all? Let's talk about its positive and qualitative characteristics in order to do good business and have great opportunities in Florida.
Growing economy: With a robust economy, wide spread and consistent signs of growth is always a positive feature when looking at potential investment opportunities. It is currently ranked 5th in "States with Fastest Growing Economies" by USA Today. In addition, the state offers a buffet of the top commercial real estate markets, anchored by: Miami, Orlando, Tampa and Jacksonville.
Best States for Business: Florida is also considered one of the best states to do business in the United States based on several factors: GDP, growth of working-age adults, average salary, and tax rates. Many media sources place Florida in the top 10 to 20 states:
- 2nd place on ChiefExecutive.com for Best States for Business.
- 3rd for Small Business & Entrepreneurship Council
- 4th on the list of best states for business by TheBalance.com
- 10th in Business News Daily in 2019
- 12th in CNBC's top States for Business 2019
- 20th according to 24/7 Wall Street
Tax-friendly state: According to the words of Benjamin Franklin "in this world nothing can be taken for granted except death and taxes". This line helps to highlight precisely what makes Florida such a desirable place for businesses and individuals fianceionally, as the tax rates are very favorable compared to most states in the US. Florida is only 1 of 7 states with no personal income tax, so investors and entrepreneurs reduce their potential tax burden by investing here. The Tax Foundation currently ranks Florida as the #1 tax climate in the Southeast and #4 in the nation. Because of this, 20% of U.S. companies that export goods are located in Florida. On that note, Inc.com ranked Florida as the most tax-friendly state, and the same ranking was given by Kiplinger.com
Low unemployment rate: The growth of the economy in Florida contributes to financial stability and influences employment rates in the state. The unemployment rate has steadily declined since it peaked at 11.2% in 2010. Even post-pandemic according to the DEO, for 12 consecutive months Florida's unemployment rate of 5.1%, has remained below the national rate of 5.4%. On the other hand Florida is also a forerunner of the modern employment landscape and ranks fifth in high-tech jobs, which is one of the fastest growing workforce sectors.
Population growth: Population growth is a strong sign of confidence in the region because of the great job opportunities and improved quality of life. Florida is the southernmost state of the 48 states in the continental part of the country and its population growth rate is the fifth highest among American states.
Tropical climate: There is no mystery here why Florida is called the Sunshine State. It is one of the sunniest places in the US all year round, which gives people even more reasons to live here, spend time here, and inevitably spend money here.
Lifestyle: With great weather, phenomenal beaches, and outdoor environments, people spend a lot of time outdoors playing sports, shopping, and enjoying life outside. This is not limited to residents, as three of the top 25 U.S. tourist destinations are in Florida: Miami, Key West, and Orlando. Florida also ranks second on EscapeHere.com's list of most visited states.
Education: This is an important indicator for prioritizing where money is spent at the government level, as well as a good barometer for attracting potential residents. Currently, Florida ranks #3 in US News & World Report's best states for education, and #1 in higher education (colleges, master's programs, and more).
Infrastructure and connectivity: Multifaceted connectivity and transportation lines allow Florida's growing population (currently nearly 21 million residents), visitors, and goods to get from one place to another with ease. Highways, railroads, airports, seaports, and even space ports make domestic and international travel readily available.
Overall rating: Last but not least, when comparing Florida as an autonomous entity to other states and countries in the world, Florida ranks 17th in the world economy. In fact, in 2018, Florida's GDP exceeded US $1 trillion. There are only 3 states ranked above it: California, Texas, and New York. Florida's GDP is also the highest among countries such as Indonesia, the Netherlands, Turkey, Switzerland, and Poland.
As we can see, the State of Florida has numerous positive points that annually attract thousands of investors from all over the world to open their businesses here. If history is any indicator, the Sunshine State will stage a giant recovery, paving the way for the rest of the country when it comes to economic recovery in the wake of the current public health crisis.
Did you like this article and want to invest in the Sunshine State? Contact us and we will give you all the advice you need.
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