Although it may not look that way on the surface, Florida is one of the economic powerhouses of the United States. Visual Capitalist notes that Florida is the fourth largest state economy in the country today. While it is facing a severe issue with rising sea levels and declining fish production, the state has moved past depending on natural resources and now counts itself as one of the country’s main contributors to GDP. Here, we’ll examine what makes Florida such a great location for business and why so many enterprises seek out this spot to set up.
If Florida Were a Country, It Would Have the 17th Largest GDP In the World
Gross domestic product is a measure of how productive a particular country is. Florida’s Chamber of Commerce notes that in 2018, the state surpassed $1 trillion in income, making it not just impressive but comparable to other nation states. By comparison, if Florida were to be considered a country unto itself, it would rank just below countries like Indonesia, Argentina, Switzerland, Saudi Arabia, and the Netherlands. This growth has largely been due to small businesses such as dermani Medspa Franchising.
Disney World Florida Employs More People at One Location Than Anywhere Else
Anyone who knows Florida knows how vital Disney World is to their economy. Disney World’s Magical Kingdom claims that it’s the “Happiest Place on Earth.” Disney states that Walt Disney World Resort has over 70,000 employees working on-site at that location. The numbers are staggering because it’s the most employees at any one place in the entire US. Not only that, but Disney World typically sees massive amounts of visitors that bolster the state’s economic reserves. In 2017 alone, over twenty million visitors went in to experience The Magic Kingdom. Florida’s population is almost 21 million inhabitants, meaning that the visitors that the theme park brings in are practically the same as the number of people who live in the state!
The Everglades Generates Massive Income
The Florida Everglades gets a bad reputation because it comprises a lot of swampland that some people think can’t be used for anything else. In fact, there are scammers in Florida who try to sell swampland to people who want to move to the state. However, the income that The Everglades generates has nothing to do with these unscrupulous “businessmen.” The National Park Service runs the Everglades now, and they estimate that in 2014, the area generated over $104 million in income for the state. Development in Florida is threatening this native wetland habitat, as several million acres have already been drained for development. The figures show that the area may be worth even more in the long term if left undisturbed. Florida’s primary earner is tourism, and with the vast amount of untouched Everglades still in existence, the state could benefit from environmental tourism as well. All it needs is a government that would promote this type of tourism.
Miami Has Climate Change Fallbacks In Place
Miami is one of the US cities that stands to be hit most severely by rising ocean levels. Situated on the Atlantic Coast, the city will be one of the first few inundated by rising ocean levels if polar ice caps continue to melt. However, the city isn’t planning to take this lying down. Already, infrastructure has been developed and installed to help the city deal with sunny-day floods by pumping water out of its flooded areas. They are also looking at elevating their city streets to keep them above rising waters if the situation arises.
These innovations have also bolstered the housing market. Even though people are aware of the dangers of investing in beachfront property in Miami, the development has encouraged them to keep buying up these coveted property locations. Rents and income prices in the area should be declining, but recent reports suggest the exact opposite. The demand for these properties is still high, even with the threats associated with climate change.
Florida’s Exports a LOT of Meat
When people think of Florida, the first thing that comes to mind is palm trees or orange juice. In the past, oranges and orange juice were marketed as specifically originating in Florida, hence the stereotype. Yet the state’s most prominent economic export isn’t a plant product at all. It’s meat. The state still produces over 70% of the US’s citrus overall, but the most extensive agricultural earner they have comes from their meat production. Florida is home to nine out of the most prolific twenty-five beef producers in the country. Within the domestic market, Florida still sees orange juice as its largest export. Internationally, however, their number one export is meat.
More than 60% of Florida’s Land is Used for Farming
A 2018 report from the University of Florida uncovered that more than two-thirds of the state’s land was used in farming. This statistic encompasses both plant and animal farming. While most people who look at Florida for business purposes don’t see it immediately, it’s still a critical consideration. If you’re looking to set up any farm, Florida has the land and the necessary usage.
Tourism Remains the State’s Biggest Earner
While exports do figure significantly in the state’s income rating, it’s not what brings in the most money to the state. Tourism holds that position, thanks to major attractions like Disney World. Florida boasts over six hundred miles of beachfront. Thanks to this fact and the vibrant nightlife in the state’s biggest cities, tourism managed to earn over a hundred billion dollars in revenue for the state’s economy in 2016. Most of that money went to recreational centers, but retail businesses also benefitted, seeing $16 billion of that income flowing into their pockets.
Business In All Aspects
While you might not know everything about Florida’s business-friendly climate, you should try to learn more if you intend to open a business here. Tax rates are favorable, and the state offers easy incorporation of companies. Several international brands have made their home in the state, and even small business owners can benefit from their relaxed LLC incorporation procedures. If you’re still hunting for a place to set up a business, Florida might just be the state you’re looking for.