Market Spotlight: Explore Florida

Florida Fast Five

1. People

   Florida was the fastest growing State for domestic and international migration between 2020-2022.

   
   Over 440,000 people moved to Florida between 2021 and 2022, 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 1.9%.
   
   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.
   

2. 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.
   

3. Corporate Presence

   Florida far outpaced California, New York and Texas in new business applications in 2023.

   
   Florida is home to a thriving business community, including 22 Fortune 500 headquarters. The State also accounted for 450 of the 5,000 fastest growing private companies in America in 2023 according to the Inc 5,000 annual list, with nearly 60,000 jobs added and median growth of 234% among those firms.
   
   Florida saw nearly 670,000 new business applications in 2023, a 70% increase compared to 2019.

4. Education & Talent

   U.S. News & World Report ranked Florida as the #1 State for higher education for the 8th year in a row in 2024.

   
   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.
   

5. Tourism

   Florida was the #1 State for domestic tourism in 2023, accounting for nearly 15% of the U.S. total.

   
   Whether for the beaches, theme parks or beautiful climate, people are finding their way to Florida. Four million more people visited the Sunshine State in 2023 compared to 2019, bringing the annual total to over 122 million visitors.
   
   Despite not sharing any international boarders, Florida also ranked 2nd in international tourism, with a 25% share of international travelers.