Florida is not only a place chosen by the American’s to spend holidays. The place is also considered one of the best states in the US to invest. Foreigners already found out all the advantages of investing in the Sunshine State. Keep reading to find out 6 strong reasons why you should invest in Florida.
1 – Strong Economy
Florida’s GDP hit $ 1 trillion in 2018 and remained close to that number in 2019 ($950 bi). You know what that means? If Florida was a country it would rank as the 17th largest economy in the entire world, ahead of strong countries such as Saudi Arabia, the Netherlands, Switzerland and Argentina. keep reading to learn why.
2 – Population Growth
One of the most important indicators for analyzing a state’s economic strength is population growth. This indicator is directly related to employment and income growth. Florida continues to show signs that it will continue to grow consistently, above the country’s average. Sunshine State’s population grew 1.77% in 2019, compared to the previous year. Florida’s population is now 21,477,737 according to the last census. It is the third most-populous state in the US and keeps receiving more than 1000 people every day. This makes Florida the second fastest-growing state in population.
Orlando and Tampa are among some of the cities that offers the highest population growth rates in the Sunshine State.
3 – Job Growth – Reasons to invest in Florida
Job Growth is a very important indicator to measure the economic health of a certain region. Florida belongs to the list of the Top 10 states with the highest job growth rates in the US. The indicator is calculated by the U.S. Bureau of Labor Statistics (BLS). Having a strong job growth rate is an important factor to consider when deciding to invest or buy real estate in Florida.
4 – Booming tourism
What contributes most for Florida’s big GDP are mainly two activities: agriculture and tourism.
We could say tourism is the dorsal spine of Florida’s economy. It is one of the most sought after tourism destination in the world. Can you imagine that the city of Orlando alone receives more than 70 million people every year? That is why you don’t have to worry if you invest in a Vacation Home near Disney to make some extra short-term rental money.
Consider exploring all the opportunities a booming tourism region like Florida could offer in many industries. Thinking about opening a restaurant or offering a serve? All this new people coming every year can be your client.
5 – Tax benefits
Florida residents do not pay state income tax. Taxes are charged mainly on consumption (you pay when you buy or sell a product or service). Florida offers very generous tax legislation compared to New York and other high-tax states. It is not surprising that several millionaires living in New York are migrating to the Sunshine state in search of considerable tax savings. Incentives for New Yorkers got even more interesting after the 2018 TCJA.
6 – Easy to connect
Florida is a global hub in many aspects. Not only you can fly from many countries, including Middle East, but also the entire state is multicultural. That makes it easier to move in or to conduct business.
About AMG International Realty
AMG International Reaty is a full-service global brokerage firm in Florida. If you are interested in buying or renting Real Estate in Florida please give us a call today: + 1 (305) 318 6968 (Heloisa Arazi).