Florida, known as the Sunshine State, has become a top destination for businesses due to its low corporate tax rates and the abundance of investors. In particular, Orlando has experienced rapid growth in small businesses, with a high percentage of them surviving and thriving. This makes it the most attractive market in the U.S according to a report by WalletHub.
New businesses in Orlando have access to ample funding opportunities thanks to the city’s high number of investors per capita. Additionally, with one of the highest growth rates for the working-age population, Orlando offers businesses a pool of potential new employees, further enhancing its appeal.
Tampa also ranks highly as the second-best city for starting a business thanks to its low corporate tax rate and abundance of investors. This provides businesses with more resources to navigate the challenging initial years of establishment. Tampa also boasts a large number of startups with a high survival rate on the Entrepreneurial Activity Index.
Charlotte ranks third on this list due to its diverse range of industries and some of the lowest corporate taxes in the nation, encouraging companies to reinvest more of their capital. The top 10 cities for starting a business include Jacksonville, Miami, Atlanta, Fort Worth, Austin, Durham, and St. Petersburg.
Despite ongoing challenges posed by COVID-19 pandemic, Great Resignation and high inflation these cities are well-positioned to overcome obstacles and continue fostering a favorable environment for businesses.