Real estate brokerage firm Home Bay’s rankings show which cities are best for starting a new business. Jacksonville, Tampa, Orlando, and Miami were in the top 10.
Data was compiled using the Google Trends metric, which measures how frequently residents search for business-related terms on Google.
Dubbed the “Wall Street of The South,” Miami, Florida, has been No. 1 for business applications filed in the past five years and is not showing signs of slowing down. The proliferation of new businesses has led to impressive job growth, which increased at a rate (3%) nearly 2x faster than the national average (1.7%) over the past 12 months.
The booming business climate can be attributed to the growth in venture capital. Startups based in the Sunshine State received nearly $3 billion in funding last year, with Miami businesses earning the most among all Florida cities with $1.9 billion. That’s 4x more venture capital than the average city receives ($475 million).
Orlando, Florida was ranked as the third best place to start a company with the warm weather, world-renowned theme parks, and acclaimed dining options. U.S. News & World Report ranks Orlando as the 10th-best place to live overall and the 11th-best city for quality of life.
At No. 4 was Tampa, Florida. According to the survey, business costs in Tampa are low because of friendly tax laws. U.S. News & World Report ranked it the No. 5 best place to live overall and the No. 11 best place to live for a high quality of life.
Coming in at No. 8 was Jacksonville, Florida. It has a growing jobs rate at 3.8%, more than double the national average (1.7%). In 2023, the metro area had the fastest job growth among all 50 cities studied thanks to many new businesses. U.S. News & World Report ranked it the No. 4 best overall place to live and the No. 11 best place to live for a high quality of life.
Some of the top reasons why these Florida cities are attractive to venture capitalists is because of the state’s favorable economic conditions for companies.
The incorporation filing fees are low and Florida has one of the lowest corporate tax rates at 5.5%, which is 22% lower than the studied-city average (7.1%).
Florida received $3 billion in venture capital funding last year.
