Growth Club
1851 Growth Club
Florida is a Top Expansion State
The Sunshine State is a prime spot for businesses due to its infrastructure and business-friendly tax policies
When the housing bubble burst back in 2008, much of the country was left reeling. From plummeting home prices to mounting foreclosures, the housing nightmare brought a lot of bad news — especially for Florida.
In the Sunshine State alone, housing prices fell 52.7 percent from their peak in April 2006 to October 2011, according to research from Zillow. During that time frame, the state suffered from high foreclosure rates, lengthy foreclosure timelines and steep job losses in the construction industry. This rough patch in the state’s housing market also contributed to a high number of businesses shutting down — during the recession, business closures in Florida exceeded the number of business openings.
But now, Florida’s economy is showing signs of recovery. Private-sector job growth rose at a rate of 3.5 percent in December 2015, the highest among the 10 most populous states in the country. That number is also significantly higher than the national average of 2.1 percent.
“Florida’s job growth is growing faster than the largest states in the nation. By cutting taxes and making it easier for businesses to succeed, we’ve created an environment where Florida’s private sector was able to create more than one million jobs in just five years,” said Florida Governor Rick Scott in a press release.
Franchising in Florida has also contributed to the state’s economic recovery. Franchising brings in more than $49 billion to the state’s economy and more than 563,000 jobs.
A few franchises have set up shop in Florida, establishing headquarters in the Sunshine State, including Checkers* and Rally’s, Pollo Tropical and Arthur Treacher’s. All of these brands are poised to continue helping Florida’s economy — thanks in part to the state’s infrastructure, its talented pool of workers and its business-friendly tax policies.
Your Pie, the originator of the fast-casual, down-the-line pizza franchise, currently has a number of locations in Florida, including franchises in Coral Springs, Jacksonville, Fleming Island and Tampa. The brand already has its sights set on expanding in Orlando.
“Florida’s demographics really lend itself to being a great market to develop in,” said Your Pie Vice President of Development Ken Caldwell. “It’s a fantastic market both in terms of permanent population and tourism. The great thing about our brand is that it can thrive in any market, especially Florida, because it caters to all the different types of demographics in the state.”
Kennedy’s All-American Barber Club has seen tremendous success with its four Florida units. Kennedy’s President and CEO Jay Hummer said Florida has a universal appeal for businesses because of demographics and population.
“The state of Florida in particular is the perfect demographic makeup for our model,” Hummer said. “It’s one of the most densely populated states in the country, with a lot of wealth, but also a lot of families, young professionals and students—all groups with which we’ve had success with.”
*This brand is a paid partner of 1851 Franchise. For more information on paid partnerships please click here.
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