April 17, 2024
Great Place for Business

Florida's top assets
Business Climate

Great Place for Business

| 1/17/2024

Florida has the nation’s fourth-largest economy and third-largest workforce — assets that prompt WalletHub research to reveal that Florida is not only a top-two place to start a business, but also the best business environment in the nation. In the first quarter of 2023, Florida’s real economic growth was ranked 11th in the nation, representing 3.5% annual growth, while the U.S. experienced 2% quarterly growth.

Florida’s business climate is welcoming. There is no state income tax; the corporate income tax is 5.5%; the state sales tax is 6% with a maximum local sales tax rate of 2%; and the average combined state and local sales tax rate is 7.02%. Not coincidentally, Florida’s tax system ranks No. 4 overall, according to the Tax Foundation’s 2024 State Business Tax Climate Index.

Business-Friendly Government
Florida’s government and economic development leaders work to ensure that the state remains favorable to all kinds of companies — from multinational corporations with hundreds of employees to business startups with just two or three. To that end, Florida has cut thousands of burdensome regulations across the board.

Business-Friendly 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, consistently thrive in Florida.

Business-Friendly 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.

Business-Friendly Support
Florida business owners never have to go it alone, thanks to a connected ecosystem of entrepreneurial assets. Among those assets are one-on-one counseling at more than 40 Small Business Development Centers; curated resources for scalable privately held second stage companies; programs specifically for military veterans starting a business; 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 and state programs.

Business-Centered Talent Solutions
Florida’s 2021 Reimagining Education and Career Help (REACH) Act is a comprehensive blueprint for enhancing access, alignment and accountability across the state’s workforce development system. A business-informed master credentials list is directing short-term training for in-demand jobs. Also, apprenticeships are gaining momentum as a cost-effective way to recruit, train and retain talent that can be easily blended into current talent development strategies.

Florida's Tax Climate
No. 1 in the Southeast
- 2024 Tax Foundation Business Tax Climate Index

No. 4 in the U.S.
- 2024 Tax Foundation Business Tax Climate Index

Best State for Business
No. 2 in the U.S.
- Chief Executive magazine

The 10 Best States to Start a Business
No. 2 in the U.S.
- WalletHub

 

Florida's top assets

 

Tags: Business Florida, Competitive Assets

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