Florida’s economy has certainly benefited from Gov. DeSantis’ policies. However, some local cities are experiencing economic conditions that are causing them to be ranked low for new companies.
A new Forbes.com study lists the Miami area as the riskiest place in the country to start a small business.
The data showed the cost of supplies and equipment for business owners it was more expensive than other cities. The Miami area also saw the highest rental price increase in commercial office properties by almost 5% from 2022 to 2023.
Miami’s GDP growth rate ranked 15th in 2023, which declined by 2.2 percentage points from 2022.
Jacksonville also made the list. Forbes based the city’s ranking on several metrics. The city is often prone to more storms, such as tropical or hurricanes.
Property crime in the city was much higher than in other cities. Jacksonville had the third highest rate of cyber-crimes per 10,000 residents which was triple compared to other locations.
The cost of Commercial real estate for office, retail, and industrial sectors ranked in the top 10 highest.
Tampa-St. Petersburg-Clearwater.
Like Jacksonville, Forbes ranked Tampa as high among natural disasters as in storms. Ranked number 11 with the highest cybercrimes.
The median household income in this area was low, which means the residents here may have less money to spend at small businesses than in other areas.
Of the Florida areas ranking in the top three, Tampa had the highest real estate rent price increase in the retail sector.
Data shows that workers in Florida are quitting their jobs more frequently than in other places, suggesting it may be difficult for small business owners to retain employees. A 2.9% resignation rate (measured on the state level) caused this area to tie for the third highest in the category.
Author
