Florida develops

5 Dec

http://m.chambersandpartners.com/guide/usa/5/12326/1

Economic Incentives for Business 

Florida offers competitive costs, expedited permitting, incentives for job creation, investment and training and a pro-business tax structure. Among its tax breaks are zero tax on capital stock and personal income, as well as no state-level property tax and no sales and use tax on Florida-originating goods produced or manufactured for out-of-state export (FOOTNOTE FOUR). Florida’s government and economic development leaders work together to ensure that the state’s business climate remains favorable to companies of all sizes, including some of the nation’s leading corporations. Florida is working on legislative, fiscal and marketplace initiatives such as insurance tort reform and targeted industry incentives.

International Trade 

Florida is a global leader in international trade with its merchandise trade valued at $158 billion (FOOTNOTE FIVE). It is the second-largest foreign trade zone network in the US. More than 58,000 Florida companies export goods, making up 20% of all US exporters. Exporting over 44% of the goods it produces, Florida export revenue is higher than any other state, and over twice the US average. Several Florida ports are undergoing major plans for expansion, including PortMiami, Port Jacksonville, Port Canaveral and Port Everglades. Florida East Coast Railway is working to improve rail access to PortMiami, and goods imported through PortMiami will be able to reach 70% of the US consumer market in less than 4 days (FOOTNOTE SIX).

Infrastructure and P3 development 

Florida has one of the world’s most extensive multi-modal transportation systems, featuring 19 international airports, 15 deep-water shipping ports, extensive highway and rail networks and numerous hubs allowing high-speed data transmission from the US to several other continents (FOOTNOTE SEVEN).

Florida is poised for growth with a robust climate for public-private partnerships (P3). The Florida legislature recently approved a bill that would create a Division for Public-Private Partnerships to authorize P3 structures and establish regulations (FOOTNOTE EIGHT). Several infrastructure projects currently underway are being developed as a P3 model, including the expansion of Interstate 4 and Interstate 595, water and wastewater infrastructure and the Port of Miami Tunnel. In February 2015, London-based P3 Bulletin hosted its first-ever P3 Hub South conference in Miami, which focused on P3 opportunities occurring through the southeastern United States.

Hospitality/Tourism 

More than 95 million visitors spent more than $76.1 billion last year in Florida in 2013, and a record 97.3 million tourists visited in 2014 (FOOTNOTE NINE). Its tourism industry employs 1.12 million Floridians in direct, travel-related jobs (FOOTNOTE TEN). Tourism is based on statewide attractions, including pristine beaches and natural reserves, world-class amusement parks, and luxury accommodations, shopping and dining destinations. Florida is also the cruise capital of the world, with passengers, crew and cruise lines spending roughly $7.33 billion in 2013. The state boasts more than 405,000 hotel rooms spread over 4,443 properties, and Florida’s strongest hotel markets, which include South Florida and Orlando, report nearly 80% occupancy rates (FOOTNOTE ELEVEN). 

Innovation  

Among US states, Florida ranks as the 5th largest ‘cyber-state’ for high-tech employment (FOOTNOTE TWELVE). Venture capital investments in Florida firms reached $863 million in 2014, ranking 7th in total investment in the US (FOOTNOTE THIRTEEN). Miami is poised to become a technology hub, with efforts to draw technology companies to the area spearheaded by the John S. and James L. Knight Foundation, which committed $6 million to various projects in the last 18 months (FOOTNOTE FOURTEEN). Microsoft is launching its first US-based innovation center to help drive job creation. This facility will also connect Miami to key areas in Latin America (FOOTNOTE FIFTEEN). The newly established eMerge Americas Techweek, the largest innovation and technology conference in the US, hosts its annual five-day event in Miami (FOOTNOTE SIXTEEN).

Real Estate 

Florida real estate boasts consistent year-over-year increases in median sale prices for single family homes and condominiums (FOOTNOTE SEVENTEEN). Approximately 25% of foreign home buyers in the US purchase property in the state. In 2014, foreign buyers purchased $7.97 billion worth of Florida real estate, a 24% increase from the previous year. Since 2011, more than 200 new luxury condo towers were erected in Miami-Dade, Broward and Palm Beach counties. (FOOTNOTE EIGHTEEN).

1. http://www.enterpriseflorida.com/data-center/

2. http://www.invest-in-usa.org/us-states-in-europe/florida

3. http://www.invest-in-usa.org/us-states-in-europe/florida

4. http://www.eflorida.com/ContentSubpage.aspx?id=470 

5. http://www.enterpriseflorida.com/data-center/international-trade-data/

6. http://www.miamitodaynews.com/2014/05/07/seaport-rail-expand/

7. http://www.enterpriseflorida.com/why-florida/infrastructure/

8. http://www.law360.com/articles/618437/florida-mayors-say-p3-is-key-to-infrastructure-goals

9. http://www.bizjournals.com/southflorida/blog/morning-edition/2015/02/a-record-97-million-tourist-visit-florida-in-2014.html

10. http://skift.com/2014/05/15/florida-tourism-breaks-visitor-records-in-first-three-months-of-2014/

11. http://therealdeal.com/issues_articles/hot-for-hotels/

12. http://www.techamericafoundation.org/florida-ranks-5th-in-tech-employment-in-2012

13. http://www.floridatechnologyjournal.com/sections/statewide/132-news/1398-florida-venture-capital-deals-double-in-2014

14. http://miami.cbslocal.com/2014/05/05/miami-turning-to-tech-moving-beyond-beaches/

15. http://news.microsoft.com/2014/05/02/first-u-s-based-microsoft-innovation-center-to-debut-in-miami/

16. http://emergeamericas.org/

17. http://media.floridarealtors.org/wp-content/uploads/2015/01/Year-End-2014-MSA-summary.pdf

18. http://www.newmiamiblog.com/2014/04/10/200th-condo-tower-announed-in-south-florida/

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