Gilda is the founder and CEO of technology solutions and compliance advisory services PQE group†
Are you thinking about starting a business? Florida might just be the perfect place for you. After recovering from the bursting of the housing bubble between 2006 and 2011, the state economy is now thriving. As of the fourth quarter of 2021, Florida’s GDP ranked 4th in the US and has a growth of more than 30% between 2011 and 2021.
In 2019, https://cafe-madrid.com/ ranked Florida fifth on its list of the best states for business, detailing its high average net migration rate and forecasting its job and income growth to outpace the country in the next five years. Florida also ranks first in the Kauffman Early-Stage Entrepreneurship Index, with promising indicators for 2021 such as 86% of new entrepreneurs who have established a business there of choice rather than necessity and an 80% survival rate.
As part of our global expansion strategy and in line with many European companies looking to create a home in the world’s largest economy, my own company is establishing a subsidiary in the US After much consideration, we decided that Florida would be the most suitable for our organization. We look forward to introducing our consulting services to the life sciences sector and taking advantage of the many benefits Florida has to offer growing businesses.
Here are three specific reasons why the Land of Flowers is also becoming the Land of Business:
1. Exciting job and salary growth
According to the US Census, Florida’s population growth over the past decade has been: 14.6%, the highest of all states. Florida also recently launched a influx of home workers due to its low cost of living, with northeastern Florida in particular appearing to be a popular area for remote work.
It’s no wonder Florida is so attractive to workers as they not only enjoy a low cost of living but earn more. Salaries in the state increased by 9.7% from December 2020 to December 2021, the second largest increase in the U.S. As more companies open offices in Florida, so does the job market in the state. The unemployment rate has fallen from 8.9% to 3% between April 2021 and April 2022.
2. A great location for business
The reasons Florida ranks so highly as a good business environment include its business policies and streamlined regulations. The state offers incentives to attract all types of businessesfrom headquarters to factories and service companies.
The state also has 16 international airports for passenger services, several of which, such as Tampa, Orlando and Miami, offer direct flights to Europe. In addition, several new transport developments are in the pipeline, including rail systems.
Florida’s tax policy are another attraction. It is one of only nine states with no income tax, and there is no tax on inheritances, gifts, or intangible personal property, such as stocks. In addition, companies that exist in Florida have the advantage of only having to pay 5.5% on their corporate tax return and no payroll tax. That could be a game changer for a company just starting out or an established company looking to leave a high-tax state.
3. The Sunshine State
It’s not for nothing that Florida is known as the Sunshine State. It is the hottest state in the US, with lots of sunshine and an average annual temperature of 70.7°F† The southernmost state of the US, the northern and central areas have a subtropical climate and the southern areas are tropical. The great weather all year round makes almost every day a beach day.
Much of Florida offers beautiful outdoor views in all directions. The state has 8,436 miles of coastline— second only to Alaska — and much of this is used by people for homes, agriculture, industry, tourism, or other businesses.
Perfect for people – and for starting or growing a business
There are many reasons why Florida is becoming a hub for entrepreneurs and business owners. The state has an innovative public policy that encourages research and development of new products. It also has low taxes and a pro-business climate, as well as a large workforce that is culturally and linguistically diverse. The rail system, public and commercial airports, and deep-water seaports characterize a highly developed infrastructure geared to serve many different types of industries.
The growth and new business statistics clearly show that the state has a winning formula for business appeal: an uptrend economy, a thriving entrepreneurial ecosystem, excellent quality of life and much more.
My company decided Florida was the best choice for us. I encourage you to think about it too if you are looking for a place to start your business or relocate. The Sunshine State offers plenty of opportunities for savvy entrepreneurs.