TALLAHASSEE, FLORIDA — Florida is the top state in America for small businesses, a new study found.
Once adjusted for population, Florida has the highest number of small businesses of any state in the nation, according to a new analysis conducted by consulting firm Venture Smarter. The study reviewed data from the U.S. Census and the U.S Small Business Administration’s Office of Advocacy.
Venture Smarter pointed to the Sunshine State’s booming tourism industry as a contributing factor because it creates “substantial amounts of foot traffic.”
READ MORE: Florida Ranks No. 1 Destination in America for Corporations Relocating Headquarters
CONTRIBUTING FACTORS
Florida has seen a surge in new businesses in recent years, from mom and pop restaurants to multinational corporations. Much of it was driven by the state’s decision to lift COVID restrictions during the summer of 2020. The state led the nation in newly formed business entities in 2021.
Last year, three Florida cities ranked in the top ten cities nationwide for new business.
“People are making money in Florida hand over fist because we have a great business climate,” Governor Ron DeSantis told Elon Musk when announcing his intention to run for president in 2024.
READ MORE: Florida Leads Nation in Attracting and Developing Skilled Workforce
Commercial rent is also much cheaper in Florida. A 2022 analysis from iOptimize Realty found that renting a 50,000 square-foot office space costs $13 million more in San Francisco than it does in Jacksonville.
Of course, Florida is also famous for its iconic beaches and warm climate. A Rasmussen poll from August 2022 indicated that Americans consider Florida to be the most desirable state to live in nationwide.
