This year, Florida sits at No. 7 on Forbes annual ranking of the best states for business. Analyzed across six categories: business costs, labor supply, regulatory environment, economic growth, climate prospects and quality of life, Florida ranked No. 1 in terms of growth prospects.
After the bursting of the housing bubble between 2006 and 2011, Florida’s economy was hurting. According to Forbes, home prices sunk 47 percent statewide, which caused many Florida businesses to close, but they’re now recovering and even growing to pre-recession levels. Job growth in the state comes in at 2.6 percent, and over the next five years, it is anticipated that Florida’s projected job, population and income growth will reach second best in the country.
Though the current cost of doing business in Florida is 9.6 percent above the national average, the Kauffman Foundation’s Index of Startup Activity ranks Floria second among larger states.