Though known primarily as a tourism hub, Florida has a diverse economy and many cities that help form the economic backbone of the US.
Industries that are now both established and expanding across the state include construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defence.
Tax incentives and living costs encouraging people to invest in Florida
When it comes to the best places to invest in Florida, tax incentives can make a considerable difference to any decision.
Across the state, new and existing businesses enjoy tax advantages and significant investment capital availability from venture capitalists and business leaders, making investment opportunities more attractive.
Though the overall cost of living can be higher in Florida than in some other states, in terms of real estate and overall affordability, it is one of the more attractive major economic hubs in the country.
As the state’s economic development continues to grow and diversify across many sectors, the potential to invest in Florida also increases.
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In terms of sector contributions to the state’s economy, trade, transportation and utilities, government and professional and business services lead the way.
Other sectors that are driving growth and attracting people to invest in Florida include education and health services and leisure and hospitality, each offering investment opportunities across the state.
When considering economic output, industries including finance, insurance, real estate, healthcare and the retail trade are major contributors.
In early 2023, a $300 million real estate fund targeting growing markets nationwide, as well as distressed opportunities in South Florida was launched, further strengthening the states pull for investors in both real estate and industry .
Orlando is the centre of the wider region know as the Orlando metropolitan area with a population of about 2.5 million as of 2021.
When it comes to opportunities to invest in Florida, Orlando has a wide-ranging workforce that is highly attractive to potential and existing employers, something that also lends itself to the scalable economy.
Orlando continues to attract some of the biggest investors across many sectors, showcasing the existing economic strength and opportunities available for those looking to invest in Florida.
These include the Ritz Carlton Group, Red Lobster, Multimedia, Walt Disney and AdventHealth, all businesses that continue to create thousands of high-wage, high-tech jobs in a region traditionally known for its thriving tourism industry.
As a major industrial and high-tech hub, Orlando offers an attractive opportunity for those looking to invest in Florida.
With a growing cluster of innovative companies and facilities in digital media, agricultural technology, aviation, aerospace and software design, Orlando has emerged as an investment centre for multiple industries.
Showcasing this potential when it comes to the best place to invest in Florida, there are about 150 international companies representing investments from more than 20 countries with operations and facilities in Orlando.
In addition, many companies look to invest in Florida because Orlando has the seventh-largest research park in the US, the Central Florida Research Park.
As home to more than 120 companies and an employee count in excess of 8,500, this is now a central hub of the country’s military simulation and training programmes, something that drives people, and especially real estate investment, to the metro region.
Located on the gulf coast, Tampa is an incorporated component of the Tampa-St Petersburg-Clearwater, Florida Metropolitan Statistical Area.
Combining four counties, the region is home to about 3.1 million residents, the second-largest metropolitan statistical area in the state, and the fourth largest in the south-east US.
When looking at the best place to invest in Florida real estate, Tampa is popular with both domestic and international buyers. As well as the state having tax-friendly real estate initiatives, there is no income tax in the state. For many individuals and companies looking to employ people, this tax break makes Tampa an attractive option.
Beyond the buoyant real estate investment market, other industries that draw people to invest in Florida include finance, retail, healthcare, insurance, shipping, defence, professional sports and tourism.
Over the past two decades, Tampa has emerged as an investment destination. To assist in attracting investment in the manufacturing sector, 2021 saw the US Department of Labor award a two-year grant of nearly $3m to the city. This was designated to fund the Connecting Talent to Careers initiative led by the Advanced Robotics for Manufacturing Institute and Tooling U-SME to encourage investment in the sector and attract people to live and work in Tampa.
As of 2020, Miami had a population of 450,000, making it the second-most populous city in Florida and the 11-most populous city in the south-eastern US.
As one of the major centres of commerce and finance in the US, Miami has an established a burgeoning international business community, driving more companies to invest in Florida and take advantage of the business-friendly environment of Miami.
According to a 2020 report published by the World Cities Research Network, Miami is ranked as a Beta+ level world city. This is based on the number of global corporate service organisations with significant operations, facilities and investments in the region.
A key industry that continues to invest in Florida, especially Miami, is television and movie production.
With Spanish language companies including Telemundo and UniMás headquartered in Miami, as well as numerous recording studios attracting artists for music video and film shoots, the sector continues to drive large levels of investment, contributing to it being the best place to invest in Florida for the entertainment industry overall.
As a major port city, Miami is the best place to invest in Florida for cruise liner companies, with Norwegian Cruise Line, Oceania Cruises and Royal Caribbean International all located in the city for their main operational hub in the US.
Along with the diverse economic landscape and flourishing real estate market, the presence of international corporations and multiple industry investments showcases the city in a propitious light when looking for the best place to invest in Florida.
Information, Data and Statistics from Statista, US Census Bureau, Florida Chamber of Commerce, Orlando Research Park.