Walt Disney World is just one of the many places that attracts tourists by the millions every week. No wonder that tourism is the largest economy; it added more than $111 billion annually. Other businesses are adding to the economy, too. Thanks to the warm climate, nearly 70% of the state can be used for farmland year around; Florida provides 70% of all the citrus that is consumed in the U.S.
Florida is one of the seven states that does not impose a personal income tax, which makes living in the Sunshine State even more attractive for entities that are LLCs. With more than 150 banks spanning the state, businesses can shop around for capital for startups and for expansion. Thanks to Florida’s robust housing market, the real estate industry accounted for $227.3 billion of the state’s economy in 2018. If you are looking for a vibrant location for commercial property, Ft. Myers is gaining traction, even in residential communities. Finally, in 2018, approximately 208,000 new private sector jobs were added. This raises the annual job growth rate to 2.7%, in comparison with 1.9% growth annually. Florida is home to 2.5 million small businesses and has a workforce of about 3.5 million people. It’s important to note that businesses in Florida are not required to purchase commercial liability insurance, but it is always wise to protect your assets with some type of insurance.