Guest Author
In recent years, Florida has caught the eye of individuals and organizations eager to start businesses or expand operations. The state’s economic landscape and business-friendly environment are attracting entrepreneurs, executives and corporations from all over the U.S.
Recently ranked the No. 1 economy in the nation by CNBC, Florida added 240,000 jobs across the state in the past year alone. New business applications soared by 9% in 2023, indicative of the welcoming environment for entrepreneurs and businesses alike. In fact, in a list of 2024’s Best Large Cities to Start a Businesses released by WalletHub earlier this year, Florida cities took 5 of the top 10 slots.
As the COO of a large financial services firm, our decision to expand from New York to Florida was driven by the state’s pro-business environment, increasing demand for specialized services, and readily available workforce and business resources.
We’re not the only organization that has picked up on Florida’s welcoming business environment.
Here are three key factors driving business expansion to Florida:
— Florida’s pro-business climate: Florida’s pro-business climate enables companies to reach their goals for expansion. Florida’s leaders have worked to ensure that the state’s pro-business stance remains unwavering, cutting red tape and advocating for policies that allow businesses to thrive. Furthermore, legislators have ensured that policies remain in place that protect the entrepreneurial spirit of Floridians and encourage organizations to move their headquarters to the Sunshine State. The state’s incentives include tax benefits, grants and financing programs, which attract and retain businesses.
— Florida’s increasing demand for specialized services: As Florida’s population expands, so does the state’s demand for specialized services such as governmental, health care and medical collections; aerospace and aviation services; real estate and property management services; and environmental and sustainability services. As an organization specializing in governmental collections, including services for utilities, property taxes and fines, Florida’s large and diverse municipalities have proved to be a significant market for our specialized services. Florida’s population growth is creating new opportunities for organizations within the state’s borders and beyond.
— Florida’s access to resources: In recent years, Florida leaders and institutions have prioritized workforce development, a key building block to establishing an educated and dynamic workforce readily available for growing businesses. Florida’s infrastructure of entrepreneurial incubators, accelerators supporting startups, technical assistance and access to venture capital is unparalleled in the nation. These resources, combined with the state’s favorable tax climate and strategic location, provide businesses and entrepreneurs the tools and support necessary to launch and grow their organizations.
For myself at RTR, executives, and entrepreneurs, the choice is clear. Florida’s commitment to fostering entrepreneurship, innovation, and growth is evident in its welcoming business environment, growing demand for specialized services, and extensive access to business resources. These factors collectively make Florida not only attractive, but ideal for organizational growth. In Florida, businesses find economic freedom where they can cultivate success and drive ambition with confidence.
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Robert Reilly is the Chief Operating Officer at RTR Financial Services, Inc. (RTR), a national leader in account management services dedicated to helping our clients improve revenue collections and helping make communities better for all.
