For the past 10 years, Florida’s population has grown by roughly 14%. Due to the pandemic, we are expecting this growth to accelerate further. But what could be the reason? Well, it’s important to note that the citizens of Florida are free from personal income tax. Further, the financial industries and the banking sector are booming over there.
Also, the rising case of remote working is another potent reason that’s attracting people there. And since the pandemic, it has not been experiencing severe lockdowns, people were moving there to enjoy freedom. Last but not least, the good weather and attractive house rates are also contributing significantly to the increasing population.
Businesses are Migrating to Florida
Florida is slowly attracting many businesses; both startups and mega-companies are establishing their headquarters there. In particular, the financial industries and the banking sector seem to be performing exceptionally well, hence attracting others. For instance, Elliot Management is migrating its headquarters to this region specifically West Palm Beach. Other companies include Goldman Sachs and Blackstone.
The Average Salary is increasing
Who doesn’t like good pay at the end of the month? Well, Florida promises better pay with the current growth in average salary. As such, many employees and laborers are moving here for jobs with better pay. Meanwhile, there is a rise in job vacancies while the rate of unemployment is reaching a record low.
More Remote Jobs
Remote working happens to be another major cause of population growth in Florida. Since it’s more flexible, many employees are relocating to Florida just to enjoy this opportunity. On the employers’ end, they are also saving big since they don’t require big offices to host their employees. Therefore, it’s a win-win situation for both the employees and employers.
Good Weather and No Lockdown
It’s worth noting that the warm weather in this state is among the major contributors to population growth. Besides, there were no severe lockdowns during the pandemic, which led to many people migrating there. And that includes businesses who wanted their operations to continue maximally.
Low Cost of Housing
Even with the increasing cost of houses in Florida, the average cost is way better. Therefore both the homeowners and real estate investors have an opportunity to enjoy the real estate sector in Florida. For example, the average cost of houses in Florida cities is $277k while that of New York is $323k. Besides the cost of houses, the average cost of living is relatively low in this state.
Growing Transport Networks
Growing road networks that reduce the time people spend in traffic also plays a significant role in the growing population. For instance, you can now use the Brightline to reach West Palm Beach from Miami and vice-versa with ease. Further, more expansion is expected leading to Tampa and Orlando.
Lastly, there are tons of reasons to move to Florida and make it your permanent residence. Some people just love the lack of personal income tax because it allows them to remain with more cash in the account. Others love the warm weather and affordable house rates. But some just love the flexible working conditions in this state.
Whichever your reasons are, you’ll still need somewhere to settle with your family. And this is where the Peterson Project Management comes in. They’ll help you find the best location for your dream home and also in building it. If budget is a concern or not, they’ll ensure you’ve found a property with a better bargain.
Finally, if you’re pursuing real estate investment, the Peterson Project Management will be resourceful. With the growing Florida population and the anticipated growth acceleration, you can generate significant returns in the real estate business.