Table of contents:
- Businesses are following their customers to Florida
- Florida is pro-business
- Companies are reevaluating their strategies since the pandemic
- It’s the Sunshine State we’re talking about
Miami and other Florida towns are top destinations for both new companies and companies moving from other states. Florida ranked first for newly established business organizations, according to statistics from the U.S. Census taken last year. Florida accounted for 12% of the 5.8 million new company applications that were filed nationwide between January 2021 and January 2022.
Since the pandemic, a large number of businesses of all sizes have chosen to move to Florida. Some of these include the real estate investment firm Blackstone and the global investment bank Goldman Sachs. Technology companies, along with hundreds of smaller companies, have also chosen to locate in Florida.
So, why are so many companies moving to Florida? There are a few main reasons.
1. Businesses are following their customers to Florida
Young people are attracted to Florida towns, especially Miami, because of the state’s beaches, pleasant temperature, and thriving nightlife scene. Numerous young people are flocking to Florida in search of cheaper housing, according to businesses tracking this migration. And it’s not just young people moving to Florida. Older, retired individuals have been calling Florida their late-life home for decades.
For instance, since 2019, hundreds of millennials who now make up 18% of the city’s population have relocated to Cape Coral, which is located approximately 20 minutes from Fort Myers. Miami is appealing to firms who operate worldwide because to its sizable international airport, multilingual populace, and position as the gateway to the Americas.
2. Florida is pro-business
Financially speaking, Florida is appealing. State income tax, inheritance tax, and intangible tax are all absent. Additionally, it has lower corporation and sales taxes than the majority of other states, as well as a far lower cost of living than places like New York City and Los Angeles, offering workers more financial flexibility.
To recruit and promote company innovation, Florida provides a variety of business incubators and accelerators for venture capital. The Launch Pad in Miami, the Goldstein Business Accelerator in Orlando, and the Tech Runway in Boca Raton are a few examples.
A significant effort to rebrand Miami as a technological powerhouse, notably in the fields of blockchain, start-ups, cryptocurrencies, and finance, has also improved this dynamic. Stealing the shine from Silicon
Valley, large corporations like Blockchain.com have moved its corporate headquarters to Miami, which is not surprising.
A recent Wall Street Journal report claims that the assets of the financial institutions that have opened offices in Miami over the previous 18 months total roughly $2 trillion. The so-called “10 unicorns,” or start-ups worth more than $1 billion, also call Miami home.
Since money often follows opportunity, additional firms typically move in when startups swarm a region. According to a WalletHub analysis, Florida had the fourth-highest average rise in the number of small companies nationwide.
3. Companies are reevaluating their strategies since the pandemic
Many business owners had to reconsider their sites as a result of the epidemic. Many made the choice to leave cold and crowded city locations in favor of a relaxed Florida. They used the services of commercial movers to relocate. People find the concept of single-family houses with year-round outside access appealing after being caged up inside apartments during social distancing.
4. It’s the Sunshine State we’re talking about
Florida is called as the Sunshine State for a reason. With a lot of sunshine and an average annual temperature of 70.7°F, it is the warmest state in the union. The southernmost state in the union, it has a tropical climate in the south and a subtropical climate in the north and center. Nearly every day may be spent at the beach due to the excellent weather there.
It goes without saying that Florida has one of the nicest climates in the country. New remote work laws allowing workers to work anywhere they wish. Many opt for Florida’s warm weather and blue sky. The state also has some of the top dining establishments, tourist destinations, and general quality of life in the country. Not to mention the spotless beaches there. The state was able to manage the COVID-19 situation and reopen for business before other major commercial centers. This was a significant factor in the influx during the previous few months. The infrastructure of Florida has been significantly upgraded over the past few decades, and the state’s education system has also seen improvement.
While the COVID-19 outbreak spearheaded this latest surge of businesses to relocate to Florida, this movement is nothing new. For many years, families left unstable nations in Latin America and the Caribbean to settle in Miami, making Miami what it is today—an international metropolis. Another reason why companies are choosing the Sunshine State is because of its diversity. Florida’s sensible tax policy, friendly public authorities, high standard of living, and promising future will probably keep firms flocking to the state for many years.