The Florida real estate market can benefit from the selection of Florida as the second best state for business by a group of chief executive officers surveyed by Chief Executive magazine for its 2012 Best and Worst States Survey. Florida was second to Texas in popularity among CEOs. The state moved up from its third ranking in 2011.
Among the top factors cited by the CEOs was the new business tax relief program under the administration of Florida Governor Rick Scott. The governor signed several bills aimed at helping business people put up and expand operations to create more jobs. These are also expected to improve the state’s business climate in order to attract investments from out of state.
Governor Rick Scott was also able to reduce Florida’s unemployment rate in 2011 by 2.1 percentage points by creating more than 140,000 jobs in the private sector. The other factors that continue to attract out-of-state investors to Florida are the state’s significant population growth, lack of state income tax, relatively low corporate income tax, and lower cost of living. The CEOs gave Florida a rating of 5 to living environment and a rating of 4 to both workforce quality and taxation and regulations.
6 Best State for Business in 2012
1. Texas
2. Florida
3. North Carolina
4. Tennessee
5. Indiana
6. Virginia
6 Best State for Business in 2011
1. Texas
2. North Carolina
3. Florida
4. Tennessee
5. Georgia
6. Indiana
6 Best States for Business in 2010
1. Texas
2. North Carolina
3. Tennessee
4. Virginia
5. Nevada
6. Florida
In the Tampa area, among the most encouraging business developments that are helping making Tampa real estate more attractive are the following:
- Investment of $8.9 million for the University of South Florida Health Heart Institute from the state of Florida and the county of Hillsborough
- Creation of new jobs by WellCare
- Opening of the University of South Florida Health Center for Advanced Medical Learning and Simulation (CAMLS)
- Time Warner’s lease of space for its new services center
- Expansion projects for the Port of Tampa
- Launching of a one-stop permitting shop for the city of Tampa’s Planning and Development Department
As investors lease or buy industrial and commercial properties in Florida for their operations and as new or relocating employees rent or buy residential properties, the Florida real estate market becomes more vibrant.
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