The Pure Strength of Florida’s Economy
The Pure Strength of Florida’s Economy Many states compete to attract new business, but few are able to match the scale and scope of Florida’s industry assets. Even in the midst of a worldwide pandemic, Florida’s economy flourished thanks, in large part, to the robust assets this state has come to be known for: competitive costs, a top-ranked workforce and ready proximity to domestic and global markets. So while many states lost businesses in 2020-21, Florida was busy attracting new ones across nine key industry sectors. In 2022, for the 7th consecutive year, TaxFoundation.org ranked Florida’s tax climate No. 1 in the Southeast and No. 4 nationwide, and Chief Executive magazine named Florida the No. 2 “Best State for Business” for the 11th year in a row. And while businesses in many states were under orders to close their doors in 2020-21 due to COVID-19, not only were existing Florida businesses encouraged to remain open, but brand new businesses popped up too. RIGHT TIME RIGHT PLACE People from all over the world are looking to settle in the Sunshine State …. and no wonder. After two years of business uncertainty and personal disruptions fueled by lockdowns, closures and restrictive COVID-19 measures, people just want a way out. And what better place to launch a restart than easy, breezy Florida? There’s optimism here, you can feel it in the air. After all, doers and dreamers have been stalking their fortunes and futures on the Sunshine State for close to 500 years. If they found success here, why not you too? Florida is fully open for business, so come on down. Dust off those entrepreneurial skills. Revisit the expansion you’ve been dreaming about or start a brand new business – the one you’ve dreamed about for years. There’s no better time than now to make a significant change. So take charge of your future and start packing your stuff. We’re anxious to meet you. And by all means, do plan to settle in for the long haul. Because not only is Florida a great place to work and grow a business, but to live in for the rest of your life thanks to its top rankings for affordability and quality of life. If you are ready to move to Florida start your home search by clicking here. BUSINESS-FRIENDLY STATE OF FLORIDA Government: Florida’s government and economic development leaders work to ensure that this state remains favorable to all kinds of companies – from multinational corporations with hundreds of employees to business startups with just two or three. Florida has cut thousands of burdensome regulations across the board. Ready to move or operate a new Florida business? click here for more information Tax Structure: Business dollars go further in Florida for two reasons: low corporate taxes and zero personal income tax. Florida’s long history of responsible spending over many years ensures a consistent record of AAA bond ratings. As a result, businesses and their employees, who pay no personal income tax on their earnings, continue to thrive. Permitting: Regulatory agencies and local governments across Florida provide quicker, less costly and more predictable permitting processes, helping to fuel an atmosphere of certainty, predictability and efficiency from the top down. Support: Florida business owners never have to go it alone thanks to these opportunities for collaboration: one-on-one counseling at more than 40 Small Business Development Centers; low-cost space and services at dozens of high-tech incubators, accelerators and university-based research parks; customized workforce training; and ready access to funding through venture capital companies, financial institutions, and federal-state programs. FLORIDA WIDE OPEN TO THE WORLD INTERNATIONAL TRADE Florida boasts just the right combination of assets to facilitate global trade: a multimodal infrastructure, a multilingual workforce, an impressive array of corporate and financial resources and a strategic geographic location that is second to none. With 1,350 miles of coastline supporting 15 deep-water ports, Florida’s connection to global trade easily stretches from Asia to the Americas and across the Atlantic. Not surprisingly, Florida’s total merchandise trade dropped significantly in 2020 due to the global pandemic, but not for long. Adding back $29 billion the following year, Florida ended 2021 with $164 billion in two-way trade, its highest level ever. Merchandise exports grew 25.7% in 2021, more than making up for the previous year’s 17.6% loss, while merchandise imports regained 18.2%. At the same time, Florida-origin exports regained 21.3%, recouping nearly $10 billion in losses and, as a result, Florida ended its year as the 7th largest export state in the U.S Florida is home to more than 58.000 exporting companies – second only to California – and hosts the nation’s second-largest Foreign Trade Zone network with 21 facilities statewide. Among the top commodities traded through Florida ports are motor cars; civilian aircraft; engines and parts; and electrical apparatus for line telephony. FOREIGN DIRECT INVESTMENT (FD) With its easy access to markets in Latin America and the Caribbean, a $1 trillion GDP and a population of 21.8 million, it should come as no surprise that Florida remains a national leader in attracting international companies representing a wide variety of industries and bringing capital, expertise, technology and innovation to the Sunshine State. Florida ranks 1st in the Southeast and 4th among all U.S. states in employment by majority foreign-owned firms, and its most populated city – Miami – is a leading U.S. center for international banking; both foreign and domestic financial institutions are eager to establish their presence here. And further facilitating FDI, are Florida’s EB-5 Regional Centers that offer foreigners the opportunity to obtain permanent U.S. residency while investing in Florida. Statewide, Florida’s population is both multiethnic and multi-lingual. Slightly more than a fifth of the state’s population is foreign-born, and 29.4% of households speak à language other than English at home. Call Paulson Realtors for your relocation to Florida, or search our thousands of properties for rent and sale in Florida state.