March 28, 2024

The Advantages

Florida, A Great Place to Do Business

Low taxes, global connectivity, a ready labor pool and exceptional amenities? Yes, Florida has it all.

With its combination of low taxes, business-friendly policies, worldwide connectivity and a growing workforce, Florida provides a fertile environment for business success.

Consistently ranked near the top of all states in new business formation and small business survival, Florida clearly values and supports entrepreneurship. And with no state personal income tax and a corporate tax rate of just 5.5% (compared to 8.8% in California and 9.5% in Massachusetts), Florida has one of the nation's most "businessfriendly" tax codes, ranking fourth in the U.S. on the Tax Foundation's 2006 State Business Tax Climate Index.

Entrepreneurs eager to turn innovative ideas into successful companies need look no further than Florida. This state is home to dozens of research parks, tech incubators and accelerators, as well as the Disney/SBA National Entrepreneur Center. Their wide variety of consultative, training and front office services, plus land and laboratory space, help new businesses get started and existing businesses grow stronger.

Three state-sponsored Centers of Excellence--The Florida Photonics Center at the University of Central Florida, the Biomedical and Marine Biotech Center at Florida Atlantic University and the Regenerative Health Biotech Center at the University of Florida-- are successfully bridging the gap between business and academia to give university-generated innovations a push toward commercial viability.

Intellectual advances are taking place all across Florida at 11 public universities, four major medical schools and numerous private institutions of higher education. In 2005, according to a survey by Florida State University, research spending topped $1.5 billion (combined) at 12 Florida public and private universities. With licenses generating $427 million in revenue for those same universities since 2000, the state ranks among the top five nationwide in university-generated licensing and royalty income.

Entrepreneurs seeking financial support can find it in Florida. In 2004 and 2005, the venture capital industry in Florida accounted for 116 deals and investments of more than $685 million (MoneyTree Venture Capital Profile).

A leader in technology
Florida boasts a large and robust base of technology-driven businesses, which should come as no surprise considering the state's strong history of pushing the technology envelope.

New state-of-the-art technologies continue to roll out from innovators across the state in six key business sectors: life sciences, information technology, aviation/aerospace, homeland security/defense, financial/professional services and manufacturing.

The defense and military sector alone pumps some $44 billion annually into Florida's economy and, while many states lost military ground in 2005 as the result of Base Realignment and Closure (BRAC), Florida retained all of its 21 military installations and added 28,000 direct and indirect jobs statewide. To learn more about Florida's key industry sectors, see the Growth Industries article click here.

In 2006, Florida was ranked among the 10 best places in the nation for conducting and succeeding in business due to its quality workforce and overall economic climate.

Connected to the world
Whether your organization needs to move products, services or data, Florida stands ready to assist. With 14 deepwater seaports, 20 commercial airports, an extensive highway and rail network and the Kennedy Space Center's unique Spaceport, this state has all your transportation bases covered. And with a broad network of telecom links enabling fast, reliable transmission of data, voice and video worldwide, Florida is truly "wired for success."

A key component of Florida's growing international trade, which now totals $95.3 billion annually, is a culturally diverse workforce. With fluency in more than 93 languages, including a particularly strong representation in Spanish and Portuguese, Floridians are exceptionally well prepared to work in today's highly competitive global marketplace.

Florida's workforce is growing, too. Year after year, Florida leads the nation in annual job growth. One out of every 10 new jobs in the U.S. is created in Florida, and at just 3.3% (June 2006), the state's unemployment rate is the second lowest among large states. From 2005 to 2006, Florida generated a net gain of 290,000 jobs, which prompted the Milken Institute to take notice. In 2005, three Florida metro areas topped Milken's Best Performing Cities Index, a measure of where jobs are being created; 12 Florida metro areas ranked in the top 30.

No Floridian lives more than 50 miles from an institution of post-secondary learning. Working in partnership with the business community, the state's 28 community colleges and 47 post-secondary technical centers emphasize workforce readiness, and the K-12 public school system continues to focus on curricula to ensure a workforce that is well-prepared for today's economy and beyond.

Economic development is a priority in Florida, and recent legislative activities prove it. In 2006, the Legislature allocated $200 million for the Innovation Economy Incentive Program to create "hubs of innovation" yielding high-wage jobs for Florida. The Legislature also boosted from $10 million to $45 million the Quick Action Closing Fund, which communities may access to help "close the deal" with companies considering a move to Florida, and created a full sales tax exemption for machinery and equipment used predominately in R&D.

Exceptional lifestyle, too
With year-round sunshine and average annual high and low temperatures between 81 and 60 degrees, is it any wonder why 1,000 new residents move to Florida daily?

The number one travel destination in the world is a favorite for permanent residence, too, because of the unparalleled recreational and cultural opportunities available here.

From white sand beaches and deepsea fishing to world-class theme parks, museums and shopping venues for every age, taste and budget, Florida is a great place to work, live and play.

Tags: Dining & Travel, North Central, Business Services, Business Florida

Florida Business News

Florida Trend Video Pick

Bitter-to-swallow cocoa costs force chocolate shops to raise prices
Bitter-to-swallow cocoa costs force chocolate shops to raise prices

Central Floirda chocolate shops are left with a bitter taste as cocoa prices hit an all-time high earlier this week.

Video Picks | Viewpoints@FloridaTrend

Ballot Box

Should Congress ban the popular social media app TikTok in the U.S.?

  • Yes
  • No
  • Need more details
  • What is TikTok?
  • Other (Comment below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701
727.821.5800

© Copyright 2024 Trend Magazines Inc. All rights reserved.