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Florida as the Next Tech and Finance Hub: The Sunshine State’s Booming Economy

by | Jul 12, 2022

The Sunshine State is on the rise. With a booming economy, Florida is attracting businesses of all types – especially tech and finance companies.

Goldman Sachs, Blackstone, Elliot Management, and other financial firms are relocating to Florida, drawn by the state’s low taxes and business-friendly environment. Tech executives and entrepreneurs, some of Silicon Valley’s biggest names, are also flocking to Florida, drawn by the state’s growing tech scene.

Miami Mayor Francis Suarez has advocated crypto and blockchain technology by promoting the city and courting investors. The politician is also very responsive to incoming tech companies that have decided to relocate to the state, particularly in South Florida.

As an emerging tech hub and financial center, Florida is well-positioned to become the next Silicon Valley. But what is it that the state has to offer that other states don’t?

Why Florida is Destined To Take Over New York and San Francisco

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Wall Street and Silicon Valley – two of the most critical industries in America – are both looking to make a move. And they’re looking to Florida.

In recent years, we’ve seen an exodus of businesses and talent from New York and San Francisco – two of the most expensive cities in the world. Companies are being priced out, and workers are tired of the high cost of living.

But Florida has become an attractive alternative, thanks to its low taxes, business-friendly environment, and growing tech scene.

In 2021, Blackstone – one of the world’s largest private equity firms – announced that it opened a tech office in Florida. In fact, the firm has bought two office towers in downtown Miami, 2 and 3 Miami Central – just a few steps away from the Brightline high-speed rail station.

The company also has plans to hire 200 people for the new office.

This is just one example of the many businesses flocking to Florida. And it’s not just businesses – it’s also talented workers and executives.

David Bloomberg has left San Francisco to move to Miami, while Paypal Former Executive Keith Rabois also announced he would leave the Bay Area for the Sunshine State.

And it’s not just tech and finance companies that are moving to Florida. In 2020, Amazon announced that it was opening a new distribution and fulfillment center in the state, bringing with it over 2000 jobs.

And with the mayor of Miami, Francis Suarez, advocating for crypto and blockchain technology, it’s clear that Florida is positioning itself as a leader in the tech industry.

The South Florida Tech Hub, a nonprofit that promotes the tech industry in South Florida, has also been working to attract startups and investors to the area.

The organization has hosted events, connected entrepreneurs and high-profile investors with resources, and provided mentorship and support.

There are many reasons why Florida is destined to take over New York and San Francisco as the new tech and finance hub. But one thing is clear – the Sunshine State is on the rise.

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What makes Florida so attractive to businesses and workers in the finance and tech world?

COVID-19 has been the catalyst for many businesses and workers to leave high-cost cities like New York and San Francisco. And Florida has been the beneficiary.

These are just some of the reasons why Florida is the next tech and finance hub:

  • Low taxes: Florida has no state income tax, a big draw for businesses and workers in the finance and tech industries. In San Francisco and New York City, taxes are among the highest in the nation. But here, you get to keep more of your hard-earned money. This also makes it easier for businesses to expand and hire new employees.

  • A business-friendly environment: Florida is a great place to do business. The state has been ranked as the number one state for doing business by Forbes and CNBC. And it’s not hard to see why – the state offers a variety of incentives for businesses, including tax breaks and loan programs.

  • A growing tech scene: In Miami-Dade County alone, there will be over 15,000 tech jobs in 2020. And the number is only growing. Fort Lauderdale is also home to a growing number of tech startups.

  • Welcoming local government: Aside from Mayor Francis Suarez, the Sunshine State is also home to former Governor Jeb Bush, who has diversified the state’s economy. Businesses and companies looking to relocate or expand will find a warm welcome from state and local officials.

  • A diverse economy: Florida is not just a tourist destination. The state has a diversified economy with agriculture, aerospace, and manufacturing industries. This makes it less susceptible to economic downturns.

  • An educated workforce: In Florida, over 3 million people have a college degree. And the state is home to some of the best schools in the country, including the University of Florida and Florida State University.

  • An excellent quality of life: From its beaches to its theme parks, there’s no shortage of things to do in Florida. The state, also called the capital of Latin America, ranks high on lists for quality of life due to its low cost of living and many amenities.

These factors make Florida an attractive option for businesses and workers in the tech and finance industries. So it’s no surprise that the state is quickly becoming a hub for these industries.

Florida should be at the top of your list if you’re looking to relocate or expand your business.

Are you on the hunt for a home in Florida? Josh Stein is a realtor with several years of knowledge and expertise in the Sunshine State. He would be happy to help you find a home or a Miami luxury condo that meets your needs and budget. Contact Josh today to get started!


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