The future for the State of Florida may be brighter than its sunshine. Tropical weather, no state income tax, and more jobs are just a few reasons why Florida is poised for future growth even after the pandemic. In fact, Florida’s population grew by 14.6% between 2010 and 2020. To put this into perspective, this is an additional 2.7 million to the state’s population and is double the rate of overall U.S. population growth.. Furthermore, this growth has been accelerated during the pandemic. In addition to having no state income tax, several high-paying industries such as financial and technology companies are opting to relocate to The Sunshine State. Add in the boom in remote working capabilities and this is resulting in growth momentum that has never been seen before in the state.
A business boom
Historically, Florida has always been known for retirees (affectionately known as “snowbirds”) flocking to the state for the winter months. Nowadays, we are seeing both businesses and working professionals migrating south. Overall, Florida is becoming a hot spot for banking and financial services. Meanwhile, Miami is even experiencing a boom in tech companies relocating to the area.
Some examples of companies relocating to the South Florida market include:
- Elliott Management: a hedge fund moving its headquarters to West Palm Beach, FL
- Blackstone: a private equity firm is planning to open an office in Miami, FL
- Goldman Sachs: a multinational investment bank and financial services company that is considering Florida for its asset management division
- Subway Restaurants: a sandwich chain that is moving several of its business units to Miami, FL
With several sectors of the economy such as the financial services and tech industries moving to Florida, we are seeing an increase in high-paying jobs. Interestingly, Palm Beach County alone has approximately 44 billionaires living here. Oftentimes, these individuals are the job creators that can spark an economic shift for the area.
In addition to companies moving to Florida, we are also seeing a growing momentum for companies allowing their employees to work from home permanently. Companies such as Facebook, Twitter, Salesforce, & Ford have announced that their employees may work remotely moving forward even post-pandemic. This is resulting in companies being able to downsize their commercial spaces or even eliminate them entirely in some cases. In the end, if you can work from anywhere, why not work from paradise?
Are you considering a relocation to The Sunshine State? We can help. At Live South Florida Realty, Inc. we cover the southeast Florida market, but also have a strong referral network of agents throughout the state. Contact us today & we would be more than happy to assist you!