For the second year in a row, the Sunshine State has been ranked second best state in the nation for business, according to Chief Executive’s 2023 Best and Worst States for Business report. Top U.S. CEOs are surveyed for the annual study, which has been published annually since 2001.
The respondents cited the state’s low tax burden which has contributed to a continuity of 4th place rankings year after year for best business tax climate by the Tax Foundation.
Additionally, the “strong stance against pandemic-motivated business shutdowns boosted Florida’s popularity among business owners,” which strongly increased migration to the state from places that saw more business lockdowns, including New York.
According to the U.S. Census Bureau and the Internal Revenue Service, more than 709,000 people moved to Florida since 2020 gaining more residents than any other state in the country. The net migration patterns to Florida are continuing as the state is on pace to add nearly 295,000 new residents annually over the next five years per the UF Bureau of Economic and Business Research (BEBR). During the same time, the Jacksonville MSA is projected to add approximately 84 new residents daily and grow an average of 1.4 percent annually, double that of the United States (0.7 percent) and faster than Florida (1 percent).
For more on the report, visit the Chief Executive website.