Florida, Texas, Georgia Ranked Most Attractive For Business Relocations
A new report out today from the Federal Reserve Bank of Dallas sheds light on a full decade of business relocations within the U.S.
The Fed report focused specifically on U.S. businesses relocating to other states over the 10-year period from 2010 to 2019.
Perhaps not surprisingly, Florida and Texas were the two most popular destinations for corporate relocations.
“Florida was the top destination for the number of businesses looking to relocate, followed by Texas, South Carolina, North Carolina and Arizona,” according to the article linked above. Meanwhile, Texas was the top state for net job gains followed closely by Florida and Georgia.
Businesses Increasingly Drawn To Pro-Business States
It sounds like a fairly simple playbook. Cultivate a pro-business environment and enact legislation at the state level that encourages business expansion. Next, wait and watch as companies flock to your state. Well, apparently that works.
The Fed report points to the obvious factors that make certain states like Florida, Georgia and Texas so attractive for business relocation: low taxes and limited regulation top the list.
Which States Lost the Most Jobs After the Pandemic?
While the Fed report focuses on the decade prior to the pandemic, it’s interesting to note which states gained or lost the most businesses and jobs in the post-pandemic period.
According to report from the Brookings Institution, “Migration to states like Texas, Florida, Arizona and North Carolina has boomed since March of 2020.”
Conversely, states like New York have lost almost 300,000 non-farm jobs over the same period. The top five states in terms of lost jobs were New York, Pennsylvania (118,000), Michigan (104,000), Ohio (83,000) and Illinois (73,000). (Source: The Hill)
Contact CII Today
If you are considering expanding or relocating your business to Florida or Georgia, contact a CII advisor to see how we might be able to assist you in the process.