Yet again, Florida ranks among the best states to do business in the US according to the annual Chief Executive magazine survey. Florida came second in the nationwide ranking and stands poised to take the top spot from Texas to become the best place in the US to do business.
In the 2015 survey, Florida stands in second place behind Texas, repeating last year’s positions. According to the CEOs interviewed in the survey, Florida stands out for industry, job creation and as an attractive place to live and work. “Industrial development is helping diversify Florida’s economy,” Chief Executive magazine said, “and every year, the Sunshine State edges closer to its goal of overtaking Texas as the best state for business”.
Florida is concentrating on diversifying its economy to become less reliant on the traditional pillar of tourism and according to the survey, is having considerable success. “Construction payrolls and technology are becoming an increasingly important driver in the state’s growth,” Chief Executive said.
The survey looks at three categories, all an essential part of doing business: taxes and regulations, quality of the workforce and living environment. This latter takes education and the cost of living and property in Florida into account. “Florida is making all the right moves as a great place to live and work,” said one of the CEOs interviewed for the survey.
Top for aeronautical industry
The aviation sector accounts for a large part of Florida’s diversification and as a destination for aeronautical companies, Florida takes the top position in the US. According to the PWC US 2015 Aerospace Manufacturing Attractiveness Rankings, Florida ranks first for the second year in a row on the basis of its over 2,000 aerospace and aviation companies. Between them, they employ more than 82,000 people whose annual payrolls exceed US$5 billion.
Further diversification in the Florida economy comes in the manufacturing sector, a leading industry in the Sunshine State. Florida is home to more than 18,000 manufacturing companies who provide jobs for over 311,000 people. These figures make Florida the top state in the US for manufacturing export intensity.
The southeastern states clearly have it right when it comes to doing business in the US since the Chief Executive magazine ranking is dominated by states in this part of the country. Following Texas and Florida in the top two positions are North Carolina, Tennessee and Georgia. At the opposite end of the scale is California – last for the tenth year running – criticised for its unfriendly regulatory and tax environment.
Sources: Chief Executive magazine, Orlando Business Journals