HomepageBlogPost4 reasons that make Miami the best place to set up your business
4 reasons that make Miami the best place to set up your business
Written by Myflexoffice
For several years, Florida has become the leading American state in terms of foreign investments. According to the association of American real estate professionals, ¼ of foreign investors settle in Florida.
This choice is not insignificant: living environment, taxation or cultural mix are some of the arguments that push investors to buy in the South American state.
Among the many cities that it includes: Miami. An Eldorado for many tech companies and fast-growing startups, it is one of the major players in the « Sunshine State », a nickname in reference to its climate but also its financial prosperity.
Find out now about 4 assets that the city and state have that might make you want to invest there.
I. Strong demographic and competitive workforce
For many years, Florida’s population growth has been steadily increasing: on average, 2% per year since 2010 according to Worldpopulationreview.com.
Many experts expect the current population of 26 million Floridians to grow to 32 million in the next decade. Miami-Dade County, with just over 2.7 million residents, now ranks as the 7th largest county in the nation, and 6th in terms of population growth.
This is quite paradoxical, when you consider that a few years ago, the county was not even in the top 50. Nationally, but also globally, Florida has one of the most competitive workforces.
Here are some numbers that set Floridians apart:
According to Fast Company, Florida is number 1 for innovation employment in the US.
It has the 3rd largest workforce in the country.
TechAmerica Cyberstates ranks it as the nation’s 5th largest high-tech employer.
There are over 5 million foreign language speakers in the state.
There are nearly 10 million workers.
II. A global financial center
Many multinationals have chosen to set up there, promoting the growth and development of several sectors, including tourism, trade and finance. Miami is home to nearly a hundred international banks, making it the second largest financial center in the United States, just behind New York.
Apart from the tertiary sector, many other fields have participated in the development of the city, including the technology sector (medicine, biotechnology, etc) and agriculture (with the famous Florida oranges).
1. A prime geographical location
Much more than a financial center, Miami is above all the economic crossroads between the north and south of the continent.
Its port, one of the most important in the world, is linked by numerous maritime routes to most of the other world ports. But it is also the largest cruise port in the world. Nearly 4 million Americans (1/3 of the country’s market) go there each year to embark.
There are also 2 major airports, Miami International Airport and Fort Lauderdale International Airport allowing it to be connected to the rest of the country, the continent, but especially the world.
With its unique geographical location, its economic growth and skilled workforce, Miami has attracted many companies, making the city one of the leading American business centers in the US. Miami is above all the 8th city in the country in terms of business growth, about 2% per year since 2010, and 18th in terms of salary increases, remaining above the national average.
2. A stable economy
As reported in the US News & World report, Florida has had an extremely stable economic health for many years.
This is largely due to the many assets and policies in place – listed above and below – that help mitigate a potential economic crisis while smoothing out the inevitable fluctuations.
To do this, we need only look at the state’s liquidity score, currently at 5.8 whereas the national average is 2.5. The higher the score, the easier it is for the city to pay off its expenses and debts.
This presence has helped position Florida as a major state in terms of job growth and venture capital:
3rd in the country in terms of employment growth: 1.9% per year compared to 1.2% for the country average.
The state contributes twice as much to its venture capital than the whole country does. It shows how important the investment in promising startups is.
All of this provides undeniable advantages for long-term economic prosperity.
IV. An attractiveness for businesses
Florida is a financial mini-Eldorado. With no personal income tax, no estate tax, financial deductions, and more, it’s a perfect place for entrepreneurs and investors from around the world.
According to Chief Executive magazine, Florida is the 2nd most preferred state for business, and in the top 3 of the national ranking of tax climates.
It is for these reasons that 20% of import/export companies are located in the Sunshine State.
A set of factors (average income, tax rate…) that contribute to make Florida the favorite state for business.
The growth of the city has also been supported by two large-scale projects completed a few years ago, namely the Miami Worldcenter for 1.7 billion dollars, and Brickell City Centre and its 1 billion dollars, testifying to the rapid development of the center of Miami and the state’s rapidly growing economy.
Many factors influence the Florida real estate market. Myflexoffice’s team has therefore listed a few ideal sources of information to follow closely and discover why it is promising:
CoStar: a reference media, which emphasizes transparency to provide real estate companies with reliable and objective information about the market.
The Real Deal: brings the latest news and press releases on the market, with a special focus on Miami
CRE – Sources: features news and reports on the commercial real estate market in South Florida, primarily in the office, industrial and retail sectors.
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