Businesses are moving to Florida in droves and some of the country’s brightest minds and most successful people are following suit. Florida has become a mecca for entrepreneurs, and those who want to escape the clutches of the lockdown which still may have no real end in sight as of yet.
Many corporations and people are coming from the Northeast and are lured in by loose COVID-19 rules, lower taxes, and the weather and lifestyle that have always been a draw for people.
And that’s the thing, this is not new. More people have been moving down to Florida over the past few decades, making it the third-largest state by population in recent years. The recent pandemic has only made the draw that much more powerful for people in Northeastern states.
So, why are businesses moving to Florida? We think there are 4 distinct reasons for the move.
There are no state income taxes in Florida… which means that regular people don’t have to pay more taxes to that state from their paycheck every month. That has been one of the main perks for retiring Northeastern migrants who move to Florida to save on their pensions.
But the state and sales tax for businesses is also comparatively low compared to many other business-friendly states with large metropolitan cities.
Florida has been one of the few states that have open up faster and approached pandemic restrictions with some semblance of less regard. The state has been open since July 2020 which stands in stark contrast to states like California that have only recently opened.
In states with strict COVID-19 guidelines, many businesses are struggling to remain profitable. And the pandemic may have shed some light on how fragile some small businesses really are.
But in many cases, businesses are moving to states like Texas and Florida because customers have returned to, mostly, normal life.
More businesses moving to Florida will facilitate the movement of even more businesses moving to Florida. More begets more, growth begets growth.
David Coddington, Senior Vice President of The Greater Fort Lauderdale Alliance says that interest in moving to Florida has increased more than 50%. His organization helps businesses transition to Florida.
Florida has always attracted people. The weather, the lifestyle, the fun in the sun attitude. And now that more people are given the opportunity to work remotely, they are moving to Florida.
You don’t have to be in Florida to work in New York, and hey, many New Yorkers have family in Florida already, making the move to Florida not as drastic or as unfamiliar as a move to any other state.
So will the move be permanent?
The number of businesses opening up online high risk merchant accounts is increasing? The number of people moving to Florida and buying a home has increased. These businesses are making Florida a temporary home, these people aren’t renting.
This move is permanent.
And many will stay in Florida at least for the foreseeable future. The state will benefit from the decisions made by others states moving forward.