Latest Business and Economic Trends in Florida

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Tampa Skyline - Panoramatic night view on modern skyscrapes in business downtown

Projections issued by the Federal and local State governments of Florida projected that local economic growth will see a slow recovery from the novel coronavirus pandemic. Although the outlook seemed grim at the time, Floridian businesses have reported more promising stats than originally anticipated. Although it has taken some time to fully recover, and under new federal administration, Florida is looking to undergo a massive economic boom in the coming years. 


According to analysts at Startupsavant.com, Florida is booming for many reasons. An insider look at the latest business and economic trends in Florida revealed that the Sunshine State is on the fast track to recovery. We looked at some of the latest trends helping the state recover, and once again take its place as one of the top five largest economies in the US. 

Financial and tech relocations

The pandemic has caused some major businesses, such as technology consulting firm Nucleus Research to relocate from Boston to Miami. In a recent media release, CEO, Ian Campbell explained that the relocation meant that staff and permanent employees can now enjoy a more affordable lifestyle in Miami. 


The move of Nucleus Research has meant that many others are now following in their tracks. For years, Florida has been trying to attract more financial and tech companies to relocate to the Sunshine Coast. To some extent, it has worked. Some local governments have been offering businesses $150,000 in cash over three years to help them establish and expand in the greater Miami area. 


Tech, software, and finance companies are looking for better tax breaks, and more complacent government efforts to help them expand. This is in comparison to high-end financial neighborhoods in New York City, and the popular Silicon Valley in California. 

Space Tourism 

For decades, Cape Canaveral has been a hotspot for both space exploration and tourism. But the closure of the Kennedy Space Center for commercial and academic use to launch spacecraft has slowed down the industry in the state. 


Recent developments and the boom in space tourism have now placed Florida at the forefront of the industry. Space tourism is soon to take off in the state, with Florida already having four commercial spaceports. Frank DiBello, president and CEO of Space Florida, the state’s space exploration department, says it has plans to build more spaceports, increase traffic and awareness of the growing space tourism industry. 


Let’s hope that Florida will soon sign a deal with private commercial companies to collaborate for more localized efforts. 

Real estate 

Miami-Dade has been undergoing a massive revitalization in recent months, and local real estate agents and brokers are looking to increase business traffic in the area. Property prices have been soaring, as Hialeah, the “City of Progress” draws in more and more wealthy residents. House prices have increased nearly 22% in just a year. The local city and neighborhood are getting more traction, as the municipal government looks to improve previously run-down areas, and with the influx of new residents moving down to Florida annually. Miami city center has reached its capacity, and residents, more so businesses are willing to relocate to upcoming neighborhoods. 

Hospitality and small businesses 

Much like international tourism, hospitality was one of the hardest-hit industries by the pandemic. In a recent report, restaurants, retail, and small businesses have announced a 52% jobs increase since April 2020. 


Local registered agents in Florida mentioned that Jacksonville Metropolitan areas of Duval, Baker, Clay, Nassau, and St Johns counties have been experiencing the best recovery since the start of the pandemic. Although the unemployment rate of 4.4% has remained unchanged, small businesses in leisure and hospitality have brought back more than 26,300 jobs in just one year. 


Leisure, tourism, and hospitality are now reaching new heights than pre-pandemic figures. Better jobs,  attractive lifestyles, and above all, well-managed taxation policies are driving more people to quickly relocate to Florida. 

A lot of small businesses in various industries have undergone massive change since the pandemic took shape. But businesses are now looking towards the future, using innovative methods and ideas to create a bustling state economy. Although keeping this momentum can be challenging, backing and support from the State government have helped a lot of businesses and entrepreneurs find a financial haven that will offer more lucrative business prospects.

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