When you think of where business is done, you might think of the Big Apple if you're a fan of the northeast or Silicon Valley if you keep up to date with technology. However, as the 21st century has connected everyone across the globe, the place where business is done has also become just as decentralized. In recent years, Florida has stepped into the spotlight as the state has seen a rise in new and relocating businesses interest.

The Sunshine State of Florida has long been a tourist destination for retirees and people trying to avoid snowy weather. But the state has seen more than the usual snowbirds recently, as Florida's population grew by over 3.1 million from 2012 to 2022. Consequently, major cities like Miami, Tampa, and Jacksonville have seen major growth of 86.6%, 88.9%, and 82.4% respectively. This explosion is not exclusive to major Florida cities either, as small municipalities like Wildwood and Groveland have seen growth in the tens of thousands.

But Florida's housing market has responded in order to accommodate the skyrocketing number of new residents. Florida has seen 134,000 new building applications in 2023 alone. Not only that, but Florida has a lower cost of living than states like California or New York by at least 25%. Furthermore, they have an average house price lower in Florida is significantly lower than those states as well. This results in much more availability for residents to move into the state, and to be able to afford to keep living there. Conversely, these buildings also enable relocating businesses to make the move swiftly. But what is enabling prospective residents and businesses to make the move? 

The pandemic has a part to play, as remote work allowed over 16% of Floridians to enjoy employment in the Sunshine State. However, there is plenty of room for physical employment as well. Florida has the 3rd highest rise in employment in 2023 with a 2.8% increase. On top of that, Florida has no state income tax, which means that more money stays in the paycheck for Florida employees. With the increased purchasing power of residents, more money is spent and keeps the state's economy stimulated.

All of this culminates in an incredibly diverse Florida population across a variety of dimensions. From North Florida to South Florida, you can find people of all education levels, abilities, and specialties. Major schools like the University of Florida, University of Miami, and Florida State University help to produce young employees that can help businesses grow and innovate. These major universities also draw in students from across the globe, reinforcing the diversity and providing more fresh workers to the Florida workforce.

Florida has also fostered a culture that supports the growth of businesses. Florida's evolving tech scene is supported by Florida's tech savvy culture and universities like University of Miami and Florida International University, which allow a place to educate and innovate on business practices. The allure of cutting-edge innovation in Florida has already drawn many businesses, tech, such as starting a blog, to join the fray. Consequently, Florida became the 3rd highest rate of new business applications per capita and the highest percentage of small businesses in the nation.

But before you can make your move to sunny Florida, it's important to understand your options to make it there. Businesses should educate themselves on and consider alternative loan types rather than the standard conventional loan. For instance, loans like USDA Loans or Jumbo Loans may be more suitable in the case of rural property purchases or properties with a value over $750,000. The advantages of these loans reduce the friction for businesses to relocate and make the process smoother than in states like New York or California.

Fortunately, whether you're a business or a prospective resident, mortgage companies like Next Wave Mortgage make learning about your options easy. They have education on loan options and down payment assistance.  Especially useful for businesses, you can connect with business owners, home owners, and real estate agents. They even connect you to a 1% closing credit and cashback rebate on the purchase or selling of property.

Ultimately, when looking for new places to grow your business, don't skip over the Sunshine State. The Florida environment is much more affordable than other notorious business capitals like California or New York. Additionally, the business-friendly culture and diverse workforce can help any business dig in and grow its roots. But before you make the move, it's important to educate yourself and plan your move with a mortgage company.