Future Cities
Market Spotlight: Explore Florida
June 24, 2025 5 Minute Read
View the Full Explore Florida Report
Florida is a multi-faceted state benefitting from strong in-migration, a pro-business environment, and a growing labor force. This unique mix creates an attractive live-work-play lifestyle when considering where to grow a business and raise a family. It doesn’t hurt that we have a plethora of golf courses, pristine beaches and 255 days of sunshine. Explore what you might be missing.
Florida in Five
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People
Florida was the fastest growing State for domestic and international migration between 2023-2024.
Over 467,000 people moved to Florida between 2023 and 2024, largely from out-migration markets like New York and California. This propelled the Sunshine State to the #1 fastest growing in the nation with the population increasing by 2.0%.
According to the latest available data, Florida also tops the leaderboard in income migration, with an influx of $39.2 billion in 2022, a nearly fourfold increase over Texas, the second-ranked state.Source: U.S. Census Bureau; Florida Chamber of Commerce -
Pro-business Environment
Florida is one of just nine U.S. States with no State income tax.
Florida's pro-business environment is characterized by its favorable tax structures and robust infrastructure. The state does not impose personal income tax and offers various incentives for businesses, making it financially attractive for corporations. The Tax Foundation ranked it the 4th Best State for Tax Climate in 2024 and the #1 on the East Coast.
Its strategic location and advanced transportation systems also facilitate easy trade and logistics, making it a business hub for both domestic and international companies.Source: CBRE Research; Tax Foundation -
Corporate Presence
Florida far outpaced California, New York and Texas in new business applications in 2024.
Florida is home to a thriving business community, including 22 Fortune 500 headquarters. The State also accounted for 466 of the 5,000 fastest growing private companies in America in 2024 according to the Inc 5,000 annual list, with a median growth of 249% among those firms.
Florida saw nearly 634,000 new business applications in 2024, nearly 50% increase compared to 2019.
Source: CBRE Research; Inc.com; Wallet Hub -
Education & Talent
U.S. News & World Report ranked Florida as the #1 State for higher education for the 9th year in a row in 2025.
There are more than 430,000 students enrolled across Florida’s 12 major public universities thanks to the State's commitment to education and fostering a well-educated workforce, a boon for Florida businesses.
A prolific talent pipeline stemming from a renowned university system and the in-migration of skilled labor has fostered a large and diverse workforce of over 11 million people. This includes a robust multilingual skillset and strong presence of industries such as tourism, professional services, aerospace, and technology.
Source: Florida Department of Education; U.S. News & World Report, Bureau of Labor Statistics -
Tourism
Florida was the #1 State for domestic tourism in 2024, accounting for nearly 16% of the U.S. total.
Whether for the beaches, theme parks or beautiful climate, people are finding their way to Florida. Twelve million more people visited the Sunshine State in 2024 compared to 2019, bringing the annual total to over 143 million visitors.
Despite not sharing any international boarders, Florida also ranked 2nd in international tourism.
Source: CBRE Research; Visit Florida