Here's Where Florida Ranks in Top States to Start a Business.
Have you heard the news? Florida has officially been named the second best state in the nation to start a business. That's right, second only to Utah. But, let's be real, who wants to start a business in Utah? Cold weather, skiing, and not nearly enough beaches.
But seriously, according to WalletHub, Florida boasts the best business environment in the nation, followed closely by California. This news is especially impressive given the current economic climate. With the fallout of the COVID-19 pandemic and rising costs due to inflation, starting a business has been a daunting task for many. But, Floridians are a resilient bunch and we're not afraid of a little (or a lot) of adversity.
WalletHub looked at 27 different metrics in three main areas: business environment, access to resources, and business costs. They then calculated a score of zero to 100, with 100 being the most favorable conditions for starting a business. Florida scored a 59.21 out of 100, just behind Utah's 59.91. But, let's focus on the positive, we beat out Texas, Colorado, and Idaho.
But, it's not just starting a business that Florida excels at. WalletHub also found that in terms of average growth in the number of small businesses, Florida ranked fourth in the nation. So, whether you're just starting out or looking to expand, Florida is the place to be.
So, to all the Floridian entrepreneurs and small business owners out there, keep up the good work. And to those considering starting a business, what are you waiting for? The sunshine state is calling your name.
Florida Ranks Tops In The Country In New Home Builds
It's no secret that people are flocking to Florida. That brings along the question of "Where do we put them all?" We keep building. There's a lot of new Florida residents need a home. Plus there's another large group of people who want their second home to be in Florida. Add in the people whose home was destroyed last fall.
There are 9.80 new construction homes being built per 1,000 residents. On a per capita basis, that places Florida third in the country. Florida's population is over 22 million, that's a lot of new homes.
The data by portlandrealestate.com analyzed U.S. Census data and Statista to determine which states had the most new construction homes being developed per 1,000 residents.
The research found that Utah has the most new homes being built per 1,000 residents at 11.7. This is over double the United States average of 5.23 new builds per 1,000 residents. The average value of a house in Utah is $554,955.
The state with the second highest number of new builds being built is Idaho, where there are 11.43 new homes being built per 1,000 residents. The average value of a typical family home in Idaho currently sits at $427,410.
Florida ranks third with 9.80 new construction home being built per 1,000 residents.
The average value of a house in Florida is $406, 426 – up 22.4% from last year.
South Carolina and Colorado rank fourth and fifth respectively. South Carolina has 9.76 new builds being built per 1,000 residents in the state whilst Colorado has a slightly lower rate of 9.73 new construction homes being built per 1,000 residents.
The state of Oregon ranks 18th out of all 50 states and ranks just below the national average of 5.23 with 5.16 new builds being built per 1,000 Oregon residents.
At the other end of the scale, Rhode Island has the fewest new builds being built per 1,000 residents at only 1.27 new builds.
Interestingly, when it comes to the states with the fewest new houses being built, most of the states that rank the lowest are based in the east, with the exception of Hawaii and Alaska.
Connecticut has the second lowest rate of new homes being built with 1.29 new builds per 1,000 people whilst Illinois ranks third lowest with 1.55 new builds per 1,000.
The state of New York has 2.02 new builds per 1,000, making it the state with the third lowest rate of development of new builds. West Virginia rounds out the bottom five with 2.07 new builds per 1,000 residents.
Commenting on the study, a spokesperson for portlandrealestate.com said: “In 2021, there were 6.9 million houses sold across the US with this number projected to rise to over seven million in 2023. With this in mind, this study offers a revealing insight into the states where the supply of new housing is increasing the fastest to meet the ever increasing demand and for any potential buyers, this research can serve as a useful guide as to where more property will be available in the coming years.”
STATE
NEW BUILDS PER CAPITA
UTAH
11.7
IDAHO
11.43
FLORIDA
9.8
SOUTH CAROLINA
9.76
COLORADO
9.73
TEXAS
9.01
NORTH CAROLINA
8.99
ARIZONA
8.98
SOUTH DAKOTA
8.84
DELAWARE
8.47
TENNESSEE
8.24
NEVADA
7.44
WASHINGTON
7.36
MONTANA
6.59
GEORGIA
6.22
MINNESOTA
5.9
NEBRASKA
5.46
OREGON
5.16
MAINE
4.76
ARKANSAS
4.69
WYOMING
4.68
NORTH DAKOTA
4.65
VIRGINIA
4.56
INDIANA
4.39
ALABAMA
4.39
WISCONSIN
4.32
IOWA
4.29
LOUISIANA
4.14
NEW JERSEY
4
OKLAHOMA
3.7
PENNSYLVANIA
3.69
NEW MEXICO
3.66
VERMONT
3.59
NEW HAMPSHIRE
3.52
MISSOURI
3.46
KENTUCKY
3.29
KANSAS
3.25
CALIFORNIA
3.04
MARYLAND
3
MASSACHUSETTS
2.84
MISSISSIPPI
2.71
OHIO
2.58
HAWAII
2.4
MICHIGAN
2.16
ALASKA
2.12
WEST VIRGINIA
2.07
NEW YORK
2.02
ILLINOIS
1.55
CONNECTICUT
1.29
RHODE ISLAND
1.27
