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Businesses and the Sun Shine Bright in Florida

by Ricardo Ramos on Jul 21, 2020

With over 600 miles of sandy beaches, warm weather year-round, a flourishing job market, and no state income tax, it’s no wonder the Sunshine State is an attractive destination for many. As the third-largest state by population, Florida welcomes about 640 people a day and continually tops Allied’s list as a top destination state.

Every year, Allied releases an annual Magnet States Report in which we study our moving data to highlight key migration trends happening across the US. In our 2019 Magnet States Report, Florida ranked #3 as a top destination state for Allied’s corporate clients while also ranking as the #1 destination for our consumers.

Just last month, Florida was recognized by Chief Executive Magazine, as the second best state for business two years in a row. Home to some of the country’s fastest-growing metro areas in the nation, Florida continues to be an attractive destination for companies to expand and relocate to Many world renowned organizations and Fortune 500 companies call the Sunshine State home, including Publix Super Markets, Jabil, World Fuel Services and in the last year Boeing, Lockheed Martin and Kroger have all made large investments to expand in the state.

WELCOMING BUSINESS ENVIRONMENT

With its welcoming business climate and competitive advantages, Florida has evolved to become a nexus of growth and opportunity for organizations. The state’s expanding labor force, favorable business tax structure, and competitive costs are just a few of the many advantages of doing business in Florida.

Home to the nation’s third largest workforce, Florida has over 9.5 million workers in its labor force. Continually recognized for its talent pipeline, Florida offers businesses a talented, skilled, and diverse workforce. The talent pool in the Sunshine State is rich with culturally and linguistically diverse workers and many with advanced degrees, providing additional competitive advantages to employers.

As a tax-friendly state, the Sunshine State is a desirable place for businesses to call home. Its pro-business state tax and government policies help businesses grow and flourish here. Businesses that call the state home thrive with a low corporate tax of 5.5 percent  and its employees enjoy the benefit of no income tax.

The business-friendly environment in Florida has enabled companies to grow quickly. With low business costs and pro-business structure, businesses gravitate toward the state and are rewarded with an abundance of sun, beaches and warm weather all year long.

KEY INDUSTRIES

Florida is home to a wide variety of industries, from international trade to life sciences, the state has its hands in almost every business sector.  Tourism, agriculture and aerospace are among the many industries that are rapidly growing and driving economic growth in the Sunshine State.

From rocket launches off of Cape Canaveral to Disney World, Florida is one of the top travel destinations in the world. With over 130 million tourists a year, the tourism industry is a top contributor to the state's economy. According to Investopedia, The Department of Economic Opportunity estimates that 1.3 million people work in the tourism industry which contributes $85.9 billion to the state GDP. Walt Disney World Resort alone employs more than 75,000 and welcomes more than 62,000 visitors every day.

Florida’s fertile soil, ideal climate, multiple growing seasons and skilled farmers positions the state as one of the strongest agriculture industries in the nation. With more than 47,000 farms and ranches covering 9.5 million acres, the agriculture industry employs nearly 1.4 million and contributes more than $131 billion to the state GDP. The state’s top commodities include oranges, tomatoes, dairy products and sugarcanes. Producing 90 percent  of the nation’s orange juice supply, Florida is one of the top orange producers in the nation.

With large companies like Boeing and Lockheed Martin expanding in the state, the aerospace and aviation industries are another top contributor to the state’s economy. Boeing announced last year its decision to move its space headquarters to Titusville, Florida, citing the momentum and energy along the Florida Space Coast as the driving force in making the move. Home to two active spaceports, the Sunshine State has become a hub for aerospace activity.

QUALITY OF LIFE

If the miles of beaches and clear waters aren’t calling your name, Florida also offers residents no personal income tax, top-notch educational institutes, an abundance of outdoor recreation, and affordable cost of living with warm weather all year round.

Florida is home to numerous renowned colleges, universities, and technical institutes. According to Enterprise Florida, all Floridians live within 50 miles of a post-secondary educational institution.

When compared to other East Coast states and states with similar economic growth and in-migration rates, Florida has a relatively low cost of living. No state income tax and more affordable housing options position the Sunshine State as an attractive destination for many. With over 1,300 golf courses, miles of white sandy beaches, a multitude of regional parks and recreation areas, Florida offers a little bit of everything.

For the last five years, the Sunshine State has been a popular destination among both our corporate and consumer clients and continually tops our annual Magnet States Report. But will the warm weather and welcoming business environment continue to attract businesses this year?

If you’re dreaming of white sandy beaches and enjoying the business-friendly environment Florida has to offer, we would be honored to play a role in this vital transition and move your business forward. Contact us to learn more about our corporate moving solutions: http://bit.ly/37gInnn

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