January prices rose 3.8% compared to 5.6% in December, in part due to up-and-down mortgage rates. But Miami ranked No. 1 with a 13.8% jump, with Tampa at No. 2 at 10.5%.
NEW YORK – The S&P CoreLogic Case-Shiller Indices for January 2023 finds that home prices continue to go up, but the rate of those increases continues to slow.
In some metro areas, prices are down, notably West Coast markets that include San Francisco, San Diego, Portland and Seattle.
“2023 began as 2022 had ended, with U.S. home prices falling for the seventh consecutive month,” says Craig J. Lazzara, managing director at S&P DJI. “The national composite declined by 0.5% in January, and now stands 5.1% below its peak in June 2022. On a trailing 12-month basis, the National Composite is only 3.8% ahead of its level in January 2022, a result also reflected in our 10- and 20-City Composites (both up 2.5% year-over-year).”
Year-over-year
The Index, which covers nine U.S. census divisions, reported a 3.8% annual price gain in January, down from 5.6% in the previous month.
The 10-City Composite annual increase came in at 2.5%, down from 4.4% in the previous month. The 20-City Composite posted a 2.5% year-over-year gain, down from 4.6% the previous month.
Miami, Tampa and Atlanta again reported the highest year-over-year gains among the 20 cities in January. Miami led the way with a 13.8% year-over-year price increase, followed by Tampa in second with a 10.5% increase, and Atlanta ranked third with an 8.4% increase.
Month-over-month
Before seasonal adjustment, the U.S. National Index posted a 0.5% month-over-month decrease in January, while the 10-City and 20-City Composites posted decreases of 0.5% and 0.6%, respectively.
After seasonal adjustment – a tinkering of the numbers to fairly compare months without their normal seasonal variations – the U.S. National Index posted a month-over-month decrease of 0.2%, while both the 10-City and 20-City Composites posted decreases of 0.4%.
Before seasonal adjustment, 19 cities reported declines in Jan. with one exception: Miami reported an increase of 0.1%. After seasonal adjustment, 15 cities reported declines while Miami, Boston, Charlotte and Cleveland had slight increases.
“Miami (up 13.8% year-over-year) was the best performing city in January, extending its winning streak to six consecutive months,” says Lazzara. “Tampa (up 10.5%) and Atlanta (up 8.4%) continued in second and third place, with Charlotte (up 8.1%) not far behind.”
Lazarra calls continued weakness in some West Coast cities one of the month’s most interesting aspects. “San Diego and Portland joined San Francisco and Seattle in negative year-over-year territory,” he says. “It’s therefore unsurprising that the Southeast (up 10.2%) continues as the country’s strongest region, while the West (down 1.5%) continues as the weakest.
An exhaustive pro-housing bill – one of Florida Realtors’ top priorities – passed the Legislature on Friday. It now needs only Gov. DeSantis’ signature to become law.
An exhaustive pro-housing bill – one of Florida Realtors’ top priorities – passed the Legislature on Friday. It now needs only Gov. DeSantis’ signature to become law.
TALLAHASSEE, Fla. – On Friday, the Florida Legislature passed SB 102, a comprehensive housing bill and one of Florida Realtors®’ top priorities during the 2023 session.
Florida Senate President Kathleen Passidomo (R-Naples) created and strongly backed the bill, called the “Live Local” plan. On social media, Florida Realtors also thanked Speaker of the House Paul Renner (R-Palm Coast) and Rep. Demi Busatta Cabrera (R-Coral Gables) for their efforts in getting the bill passed.
“The Live Local plan … is the product of my discussions with stakeholders over a number of years,” Passidimo said when introducing the bill in January. “With their advice and input, we are tackling this complex issue from all angles – from incentivizing private sector investment, to increasing state funding, to common sense reductions in regulations, this plan will improve options for both homeownership and affordable rental units in communities across our state.”
No single solution exists for solving Florida’s affordable housing shortage, and the bill does not take a single approach. Any change that might help boost housing and provide shelter for Floridians was considered, and the final version passed on Friday is comprehensive.
Broad changes in SB 102
Funding: The $811 million in total funding includes $252 million to SHIP (State Housing Initiatives Partnership) and $259 to SAIL (State Housing Initiatives Partnership Program). Going forward, it includes $150 million a year to SAIL for 10 years (total of $1.5 billion)
Hometown Heroes: It expands the Hometown Heroes Program strongly backed by Florida Realtors in the 2022 session of the Florida Legislature. SB 102 adds to the program by appropriating $100 million more. It also widens eligibility from career-based assistance to income-based down payment assistance. Previously, maximum loans were $25,000; under SB 102, that rises to $35,000.
Tax credits: It raises community contribution tax credit programs limits, which encourage Florida businesses to make donations towards community development and housing projects for low-income Floridians.
Private-sector investment: Encourages private investment in affordable housing through a new corporate tax donation program. Businesses can contribute to SAIL instead of paying portions of corporate and insurance premium taxes, up to $100 million a year. It also provides a small refund on sales taxes for building materials used by developments financed through the FHFC (Florida Housing Finance Corporation) and provides additional gap financing to workforce housing programs that may face construction hardships.
Property tax exemptions: The bill creates three new property tax exemptions: — It allows counties and municipalities to offer a property tax exemption to property owners who dedicate units for affordable housing at extremely-low-income, very-low-income or both. — It provides a property tax exemption for land owned by a nonprofit leased for at least 99 years as affordable housing for extremely-low to moderate-income people. — It authorizes a local-option property-tax exemption to property owners who dedicate units for affordable housing for extremely low income and/or very low income Floridians.
Missing Middle exemption: Creates a new “Missing Middle” property tax exemption for new or recently rehabilitated developments that set aside at least 70 current market rate units into affordable units.
Local government regulations: Under the bill, a local government cannot regulate the use, density or height (with some exceptions) of an affordable housing development if a proposed rental project is multifamily or mixed-use residential and in any area zoned for commercial, industrial or mixed use. It also defines, by percentages, what types of multifamily projects qualify. A local government cannot require an authorized development to obtain a zoning/land use change, special exception, conditional use approval, variance or comp plan amendment for use, density, or height.
Public property: It encourages the use of public property for affordable housing and allows for expedited permits and development orders for local governments.
Rent control: It removes provisions in current law that allowed local governments to impose rent control under certain limited circumstances. Under SB 102, rent control is banned under all circumstances.
Advertising affordable-housing land: Requires local governments to publish online their inventory of local government-owned property that may be suitable for affordable housing development. It also encourages local governments to consider “best practices” it requires technical assistance to help facilitate the use of public property.
“This is one of the most significant and transformative affordable housing bills seen in Florida since the Sadowski Act was passed in 1992,” says Florida Realtors Vice President of Public Policy Andy Gonzalez. “Not only does it allocate hundreds of millions of new dollars to the state’s affordable housing programs, it does so in a balanced way, prioritizing both homeownership and rental opportunities equally.”
Florida Senate President Kathleen Passidomo (R-Naples) created and strongly backed the bill, called the “Live Local” plan. On social media, Florida Realtors also thanked Speaker of the House Paul Renner (R-Palm Coast) and Rep. Demi Busatta Cabrera (R-Coral Gables) for their efforts in getting the bill passed.
“The Live Local plan … is the product of my discussions with stakeholders over a number of years,” Passidimo said when introducing the bill in January. “With their advice and input, we are tackling this complex issue from all angles – from incentivizing private sector investment, to increasing state funding, to common sense reductions in regulations, this plan will improve options for both homeownership and affordable rental units in communities across our state.”
No single solution exists for solving Florida’s affordable housing shortage, and the bill does not take a single approach. Any change that might help boost housing and provide shelter for Floridians was considered, and the final version passed on Friday is comprehensive.
Broad changes in SB 102
Funding: The $811 million in total funding includes $252 million to SHIP (State Housing Initiatives Partnership) and $259 to SAIL (State Housing Initiatives Partnership Program). Going forward, it includes $150 million a year to SAIL for 10 years (total of $1.5 billion)
Hometown Heroes: It expands the Hometown Heroes Program strongly backed by Florida Realtors in the 2022 session of the Florida Legislature. SB 102 adds to the program by appropriating $100 million more. It also widens eligibility from career-based assistance to income-based down payment assistance. Previously, maximum loans were $25,000; under SB 102, that rises to $35,000.
Tax credits: It raises community contribution tax credit programs limits, which encourage Florida businesses to make donations towards community development and housing projects for low-income Floridians.
Private-sector investment: Encourages private investment in affordable housing through a new corporate tax donation program. Businesses can contribute to SAIL instead of paying portions of corporate and insurance premium taxes, up to $100 million a year. It also provides a small refund on sales taxes for building materials used by developments financed through the FHFC (Florida Housing Finance Corporation) and provides additional gap financing to workforce housing programs that may face construction hardships.
Property tax exemptions: The bill creates three new property tax exemptions: — It allows counties and municipalities to offer a property tax exemption to property owners who dedicate units for affordable housing at extremely-low-income, very-low-income or both. — It provides a property tax exemption for land owned by a nonprofit leased for at least 99 years as affordable housing for extremely-low to moderate-income people. — It authorizes a local-option property-tax exemption to property owners who dedicate units for affordable housing for extremely low income and/or very low income Floridians.
Missing Middle exemption: Creates a new “Missing Middle” property tax exemption for new or recently rehabilitated developments that set aside at least 70 current market rate units into affordable units.
Local government regulations: Under the bill, a local government cannot regulate the use, density or height (with some exceptions) of an affordable housing development if a proposed rental project is multifamily or mixed-use residential and in any area zoned for commercial, industrial or mixed use. It also defines, by percentages, what types of multifamily projects qualify. A local government cannot require an authorized development to obtain a zoning/land use change, special exception, conditional use approval, variance or comp plan amendment for use, density, or height.
Public property: It encourages the use of public property for affordable housing and allows for expedited permits and development orders for local governments.
Rent control: It removes provisions in current law that allowed local governments to impose rent control under certain limited circumstances. Under SB 102, rent control is banned under all circumstances.
Advertising affordable-housing land: Requires local governments to publish online their inventory of local government-owned property that may be suitable for affordable housing development. It also encourages local governments to consider “best practices” it requires technical assistance to help facilitate the use of public property.
“This is one of the most significant and transformative affordable housing bills seen in Florida since the Sadowski Act was passed in 1992,” says Florida Realtors Vice President of Public Policy Andy Gonzalez. “Not only does it allocate hundreds of millions of new dollars to the state’s affordable housing programs, it does so in a balanced way, prioritizing both homeownership and rental opportunities equally.”
Attom ranked four Florida counties near the top as strong markets for 2023 single-family investments: Palm Beach, Indian River, Collier and Charlotte counties.
IRVINE, Calif. – Attom’s Q1 2023 Single-Family Rental Market report, which ranks the best U.S. markets for buying single-family rental properties in 2023, listed four Florida counties near the top as rental-return opportunities for single-family investors.
The report analyzed single-family rental returns in 212 U.S. counties with a population of at least 100,000 if it had sufficient rental and home price data. The analysis looked at median rents on three-bedroom properties and median single-family home prices collected from Attom’s property database, as well as publicly recorded sales deed data licensed by Attom.
Nationwide, the average annual gross rental yield on three-bedroom properties, (annualized gross rent income divided by purchase price) among the 212 counties analyzed is projected to be 7.5% in 2023. That’s up from an average 6.7% in 2022 in those same markets, and it marked the first time since at least 2019 that the figure rose across the country.
The single-family rental yield is increasing from 2022 to 2023 in 91% of those counties after declining in 72% of them from 2021 to 2022.
With rental yields on the rise, rents are increasing faster than home prices across most of the country. From 2022 to 2023, three-bedroom rents rose more than single-family home prices in 192, or 91%, of the markets analyzed. Rents commonly have risen by around 5% to 20% over the past year, while changes in home values have typically ranged from a 5% loss to a 5% gain.
“The broader housing market didn’t fare nearly as well in 2022 as it did in 2021,” says Rob Barber, chief executive officer at Attom. “Prices finally hit the wall, at least temporarily. But that appears to be benefitting the growing number of investors around the U.S. who rent out single-family properties. Rents for single-family homes are growing while prices have flattened out, which has helped boost yields for landlords for the first time in at least several years.”
Florida rental impacts noted in Attom’s report
Counties with the highest potential annual gross rental yields projected for 2023:
Indian River County: 15%
Collier County: 14.7%
Wayne County, Michigan: 13%
Mercer County, New Jersey: 12.7%
Charlotte County: 12%
Highest predicted 2023 yields for counties with a population of 1 million or more:
Wayne County, Michigan: 13%
Cook County, Illinois: 11.5%
Cuyahoga County, Ohio: 10.1%
Oakland County, Michigan: 9.1%
Palm Beach County: 8.5
Top current increases in annual gross rental yields (2022 to 2023)
Higher interest rates took a bite out of profits, even as home-flipping hit its highest rate in 15 years. But Orlando ranked high for both flips and profits.
IRVINE, Calif. – Attom’s 2022 U.S. Home Flipping Report finds that 407,417 U.S. single-family homes and condos were flipped in 2022 – up 14% from 2021 and up 58% from 2020, hitting the highest point since at least 2005.
Of all 2022 U.S. home sales, investors purchased 8.4%, or close to one in 10. That’s an increase of 5.9% compared to 2021 and 5.8% in 2020.
But 2022 profit margins are another story, according to Attom. Gross profit margins on home flips sank to their lowest level since 2008 following the second major drop in two years.
Homes flipped in 2022 typically generated a gross profit of $67,900 nationwide – the difference between the median sales price and the median amount originally paid by investors. That’s down 3% from $70,000 in 2021 and translates into just a 26.9% return on investment (ROI) compared to the original acquisition price. It’s down from 32.6% in 2021 and 41.9% in 2020.
Attom calculates the ROI without accounting for mortgage interest, property taxes, renovation expenses and other holding costs.
Investors saw profit margins drop for the fifth time in the past six years, largely because the median value of the homes flipped rose more slowly than the median price they paid to purchase properties – 12% versus 17%.
“Last year, home flippers throughout the U.S. experienced another tough period as returns took yet another hit. For the second straight year, more investors were flipping but found no simple path to quick profits,” says Rob Barber, chief executive officer at Attom.
Barber says returns have hit a point where “they could easily be wiped out by the carrying costs during the renovation and repair process, which usually accounts for 20 to 33% of the resale price.”
Only one Florida city made Attom’s list of top cities for home flipping growth – Orlando – which also topped the list for ROI.
Among the 25 largest increases in annual flipping rates in metros with a population of at least 200,000, 20 were in the South and West. They were led by Burlington, Vermont (rate up 283.7%); Prescott, Arizona (up 183.1%); Bremerton, Washington (up 182.7%); Jackson, Mississippi (up 176%) and Honolulu, Hawaii (up 172.6%).
Honolulu also topped the list of flipping rate increases for metros with at least 1 million people, which includes Orlando:
Honolulu: Up 172.6%
Sacramento, California: Up 116.4%
Atlanta: Up 94.3%
Minneapolis: Up 72.8%
Orlando: Up 72.2%
The only metro areas with fewer home flips in 2022 were New Orleans (down 8.2%) and Green Bay Wisconsin (down 2.9%).
Nationally, the percentage of flipped homes purchased with financing decreased in 2022 to 35.2%, down from 35.9% in 2021 and from 41% in 2020.
2022 return on investment
The gross profit margin on the typical home flip fell to 26.9% – the smallest investment return since at least 2005. The ROI on median-priced home flips dropped 15 percentage points since 2020 and 24 points since 2016.
Margins fell as the median nationwide resale price on flipped homes increased just 12.3% – from $285,000 in 2021 to $320,000 – in 2022. But the price investors paid for homes rose 17.3%.
The typical home-flipping investment return decreased from 2021 to 2022 in 168 (77%) of the 218 metro areas analyzed.
In metros with at least a million people, Orlando also ranked in the top 5 for returns on investment in 2022 compared to 2021:
Cleveland: ROI up from 26.8% in 2021 to 41.4% in 2022
New Orleans: Up from 54.1% to 64.6%
Cincinnati: Up from 38.4% to 47.4%
Honolulu: Up from 5.7% to 7.4%
Orlando: Up from 17.6% to 18.7%
Other 2022 home flipping takeaways
•Flips took an average of 164 days (about 5 ½ months) to complete, up from 152 days in 2021 but down from 182 days in 2020.
•8.4% of 2022 flips were sold to buyers using a Federal Housing Administration (FHA) loan – up slightly from 8% in 2021 but below 13.9% in 2020.
•More than 200 counties had a home flipping rate of at least 10% in 2022
“While declining margin is certainly a cause for caution, it is important to remember that these numbers are somewhat backward looking in that they reflect dispositions of properties that were acquired in 2021 or early 2022 amidst the Covid-induced bidding wars in many locales,” says Maksim Stavinsky, co-founder and president of Roc360.
“On the other hand, it is encouraging that investors were able to clear in excess of four hundred thousand properties – the most ever – in an environment of rising interest rates, without a meaningful increase in project timelines,” he adds.
Last week, the average 30-year, fixed-rate mortgage averaged 6.6%. It’s the second weekly drop and a dash of hope for anxious spring homebuyers.
NEW YORK – The average long-term U.S. mortgage rate fell for the second straight week which, combined with moderating home prices, could give house hunters a break and the housing market a boost as the spring buying season begins.
Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.42% from 6.6% last week. The average rate a year ago was 4.42%.
Even though financial markets remain jittery over recent bank collapses and the Fed raised its benchmark lending rate by another 25 basis points Wednesday, some economists think there may be light at the end of the tunnel for the downtrodden housing market.
“On the homebuyer front, the news is more positive with improved purchase demand and stabilizing home prices,” said Sam Khater, Freddie Mac’s chief economist. “If mortgage rates continue to slide over the next few weeks, look for a continued rebound during the first weeks of the spring homebuying season.”
Last year’s big rise in mortgage rates – which can add hundreds of dollars a month in costs for homebuyers – chilled the housing market. Before surging 14.5% in February, sales of existing homes had fallen for 12 straight months to the slowest pace in more than a dozen years.
In 2022, existing U.S. home sales fell 17.8% from 2021, the weakest year for home sales since 2014 and the biggest annual decline since the housing crisis began in 2008, the National Association of Realtors reported earlier this year.
But recently there has been some good news for those seeking to move: The national median home price slipped 0.2% from February last year to $363,000, marking the first annual decline in 13 years, according to NAR.
The average long-term rate hit 7.08% in the fall – a two-decade high – as the Federal Reserve cranked up its key lending rate in a bid to cool the economy and stymie persistent, four-decade high inflation.
In their latest quarterly economic projections, the policymakers forecast that they expect to raise that key rate just once more – from its new level of about 4.9% to 5.1%, the same peak they had projected in December.
While the Fed’s rate hikes do impact borrowing rates across the board for businesses and families, rates on 30-year mortgages usually track the moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans. Investor expectations for future inflation, global demand for U.S. Treasurys and what the Federal Reserve does with interest rates can also influence the cost of borrowing for a home.
Treasury yields have fluctuated wildly since the collapse of two mid-size U.S. banks two weeks ago, with the 10-year falling to 3.47% Thursday. The 10-year yield reached 5.07% before the bank collapses, its highest level since 2007.
The rate for a 15-year mortgage, popular with those refinancing their homes, also came down again this week, to 5.68% from 5.9% last week. It was 3.63% one year ago.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
With an unemployment rate lower than the national average, The Sunshine State offers programs to continue developing its diverse and talented workforce.
By BF Editors
From the January / February 2023 Issue
On track to be the home to 26 million people by 2030, Florida has an ever-growing economy. With the expectant workforce growing there will be a need for 1.62 million new jobs. To aid in the growth of the economy, The Sunshine State offers the Florida Job Growth Grant Fund. This program is designed to promote public infrastructure and workforce training statewide specific to the needs of communities around the state.
Despite the continued population growth in Florida, the state has an unemployment rate of 2.2%, which is lower than the national average of 3.5%. In addition to having a low unemployment rate, Florida also continues to exceed the national job growth rate for the last 21 months. This is in line with the state’s Florida 2030 plan, which is a two-year research program designed to identify key trends that contribute to regional success.
Florida 2030 offers the opportunity for collaboration to strengthen communities and businesses for the future of all 66 counties. With the addition of nearly 1,000 residents a day, the state is motivated to attract businesses of all industries. Even in current economic conditions, Florida is forecasted to create more than 250,000 jobs in 2023, continuing the state’s leadership as one of the nation’s top job creators. The Sunshine State is already home to over 22,000 manufacturing companies that employ more than 411,000 workers.
In 2022, The Sunshine State was ranked as the #1 state for attracting and developing a skilled workforce in the nation in a Lightcast study. The nationwide research assesses growth areas of the most recent five-year period including net migration of counties adding new residents, education attainment, job creation, skilled job creation, competitive effect, and average annual job openings.
People See Opportunities In Florida’s Hollywood
The migration into Florida of people and businesses continues from the Northeast and West Coast, and the City of Hollywood on Florida’s southeast coast continues to be a destination of choice. Those looking to grow their businesses find more than just seven miles of beautiful beach with a city attached. They also find a prime location for conducting international trade and easy access to major employment centers and transportation routes. Hollywood is where successful businesses want to locate, and successful people want to be.
Hollywood, FL offers an envious beach lifestyle in the heart of the cultural and entertainment options South Florida has to offer.(Credit: City of Hollywood)
A Closer Look At Hollywood, FL. Strategically located in sunny South Florida between Miami and Fort Lauderdale, the City of Hollywood is home to the Fort Lauderdale — Hollywood International Airport, Port Everglades, and corporate headquarters for industry leaders such as HEICO Corporation, Sintavia, and Quantum Marine. With a daily population of 157,000 and an annual visitor log of over five million to the area, people are taking a closer look at Hollywood, FL.
Investment Underway. To support and encourage private redevelopment, the city is committing millions of dollars in public infrastructure improvements. Water and sewer line updates are ongoing, miles of new sidewalks are being installed, and flood control solutions are being deployed to combat the effects of sea level rise. Hollywood is home to more than 60 parks and recreational facilities and the city is about to break ground on an updated 18-hole public golf course and clubhouse.
Prime Location Is Key To Success. Hollywood’s commercial corridors are well positioned to capture foot and drive traffic and provide easy access to deliver customers to your door and product out to market. The South Florida Design and Commerce Center is a 150-acre mixed-use business park offering high visibility from Interstate 95 and convenient commuter rail connections within one of Hollywood’s two designated Opportunity Zones. Another sought after location for business in the city is the Port 95 Commerce Park, a leading industrial business park with over two million square feet of warehouse and industrial space. Port 95 is strategically located near I-95, the Florida Turnpike, I-595, FLL, and Port Everglades. This is the perfect location for companies in the aviation/aerospace, marine technology, and advanced manufacturing space.
An Enviable Beach Lifestyle. As a world-class tourism destination, Hollywood offers an envious beach lifestyle in the heart of the cultural and entertainment options South Florida has to offer. In Hollywood, the Art and Culture Center-Hollywood, the ArtsPark at Young Circle, Hollywood Hot Glass, and the Downtown Hollywood Mural Project are all amenities within the historic downtown district. If water activities or a slower beachfront lifestyle is what you are after, then Hollywood Beach awaits. The family-friendly 2.5-mile world-famous Hollywood Beach Broadwalk is an oceanfront promenade that welcomes nearly five million visitors annually to stroll, bike, or dine steps from the sand. And with just over seven miles of sandy beach, there is a place for everyone to relax and take in all Hollywood has to offer. See Life. See Opportunities in Florida’s Hollywood.
Countless companies from startups to Fortune 500 call Greater Fort Lauderdale their address for success. With a large pool of skilled professionals, an inviting quality of life, and one of America’s most competitive tax climates, Greater Fort Lauderdale ranks among the world’s highly attractive business destinations.
Greater Fort Lauderdale (metropolitan Broward County) is home to more than 200 corporate and international regional headquarters, including AutoNation, Chewy, Citrix, El Al Israel Airlines, Hotwire Communications, JetBlue Travel Products, Kaplan Inc., Magic Leap, Spirit Airlines, West Marine, and UKG. It is the geographic and business center of South Florida, the largest metropolitan region in the Southeast United States with a population of 6.1 million and a workforce of over 3.1 million.
Representatives of El Al Israel Airlines, the Greater Fort Lauderdale Alliance, Broward County and the City of Margate announce El Al’s Americas Headquarters relocation from Manhattan to Greater Fort Lauderdale. (Credit: Greater Fort Lauderdale Alliance)
Brokers and site location consultants hold a very high perception of Greater Fort Lauderdale as a location of choice for corporate headquarters, according to a survey by consulting firm Boyette Strategic Advisors for the CEO Council of the Greater Fort Lauderdale Alliance. About 94% of respondents view Greater Fort Lauderdale as a positive or very positive potential location for a corporate headquarters.
U.S. and international companies appreciate Greater Fort Lauderdale’s strategic location and convenient access to global markets, its multilingual and multicultural professional workforce, and numerous education and workforce training programs. Aviation, technology, business, financial and professional services, life sciences, manufacturing, and other knowledge-based companies benefit from the region’s large and growing pool of highly skilled, college-educated workers.
With an unmatched quality of life, including a wide array of housing choices, excellent schools, and year-round golf, boating, and other outdoor activities, Greater Fort Lauderdale offers an ideal location for CEOs, mid-level executives, entrepreneurs, and young talent to “Work in the Cloud and Live in the Sun.”
The region also offers easy access to domestic and international markets with three international airports, including convenient service to Latin America, the Caribbean, and Europe.
When El Al Israel Airlines rerouted its U.S. headquarters from New York to Greater Fort Lauderdale in the city of Margate, the carrier landed in a destination known for its low taxes and cost of living, global business community, and easy access to world markets. Its employees will find an unmatched quality of life and world-class cultural offerings. El Al isn’t alone. It joins a strong cluster of headquarters for tourism companies that call the area home—including Spirit Airlines, JetBlue Travel Products, Silver Airways, and the North American headquarters of Norway-based Norse Atlantic Airways and SIXT rent a car. Another offering is the region’s robust, multicultural and multilingual talent pool—and area colleges training future aviation professionals right here in Greater Fort Lauderdale.
Hernando County, in the dynamic Tampa Bay Region, welcomes you with the perfect blend of business and lifestyle opportunities. Availability, affordability, accessibility, and community, that’s what we’re all about.
The Brooksville–Tampa Bay Regional Airport and Technology Center (BKV) serves up an abundance of opportunity just 40 minutes north of Tampa International Airport. Perfect for aviation-related businesses, this general aviation airport features a 7,000ft ILS equipped primary runway (with plans to extend to 8,000ft), an air traffic control tower, and newly revealed airside development parcels. The Technology Center is a premier business location and Hernando County’s epicenter of economic development. An expansive 2,400 acres, BKV’s master-planned campus boasts features that include available manufacturing buildings, over 1,000 acres of land for development, sites with direct access for aircraft movement and parking, and a Duke Energy Ready Site 285-acre parcel with infrastructure in place.
Construction on the new Barrette Outdoor Living facility in Hernando County is well underway. This 175,000-square-foot vinyl extrusion manufacturing plant will employ 150 people and feature a PVC recycling center. (Credit: Hernando County Office of Economic Development)
With access to more than 300,000 workers within a 30-minute drive, a technical high school, and Wilton Simpson Technical College nearby, you can see why BKV is home to successful businesses such as Airdyne Aerospace, Pem-Air Turbine Engine Services, American Aviation Flight Academy, AccuformNMC, Barrette Outdoor Living, and Micro-Matic USA to name just a few.
Accessibility and transportation are essential to business and with five major highways crisscrossing Hernando County, shipping and receiving are a breeze. On the east side of the county, just a mile from Interstate 75 and State Road 50—central Florida’s east-west artery—and 40 miles from the Florida Turnpike, several developers are planning large-scale projects. Besides Interstate 75, north-south routes include US 19, the Suncoast Parkway (FL589), and US 41. The latter two run adjacent to the Brooksville-Tampa Bay Regional Airport and Technology Center, providing a two-stoplight direct connection to Tampa International Airport.
A business-friendly community, Hernando County is committed to growing. The county has invested in the BKV Tech Center by providing infrastructure-ready sites for business expansion needs. Road, water, and sewer are available throughout the park; drainage and water retention are master planned affording significant construction savings. By combining State of Florida incentives, workforce training programs, and our Expedited Permitting and Inspection Certification program (EPIC), Hernando County is the ideal place for your business to thrive.
Building the pipeline for your future workforce needs is a top priority in Hernando County. Our relationships with the local school system and post-secondary institutions help influence curriculum and workforce training programs to suit specific business requirements. Partnerships with the Wilton Simpson Technical College, Pasco-Hernando State College, St. Leo University, University of South Florida, University of Florida, and University of Central Florida, along with a robust technical high school, ensure access to business expertise as well as a pool of well-trained and motivated employees.
Hernando County is also known as Florida’s Adventure Coast, thanks to an abundance of coastal and outdoor recreational activities. On the Gulf of Mexico, the Hernando County coast will lure you to some of the best fishing, scalloping, and shallow water boating in west central Florida. Inland, enjoy playing championship golf courses and kayaking on a matrix of waterways.
The metro markets of Tampa and Orlando are a short drive away for Hernando County. Residents here enjoy big-city conveniences while living in an active suburban community where the cost of living consistently ranks lowest in Tampa Bay’s seven-county region.
Indian River County: Where Your Business Needs to Be
Indian River County—Vero Beach, Sebastian, Fellsmere—strikes a perfect balance between business and pleasure. Those who live, work, or visit Florida’s Central East Coast experience a safe and affordable community that’s rich in history and natural resources. Year-round mild temperatures and the azure waters of the Atlantic Ocean provide a variety of outdoor activities. The county was recently awarded a Bronze-level recognition as a Bicycle Friendly Community from the League of American Bicyclists.
Corporate executives often locate their companies in this area because of their positive vacation experience, plus many have winter homes in Vero Beach. The partners in Kessel Medical, a medical device manufacturer, made the decision to relocate from the traffic-burdened Atlanta area to Vero Beach for a less hectic environment.
Vero Beach is the second most populous city in Indian River County. (Credit: Indian River County Chamber of Commerce)
Located midway between West Palm Beach and Cape Canaveral, Indian River County is within three hours of over 18 million consumers, or 90% of Florida’s population, with easy access to Latin markets. The Indian River Chamber’s Economic Development Office is assisting a Canadian-based manufacturer with his expansion into the county to better serve his customers in the U.S. and Latin America.
Advanced industries from aviation to aquaculture and emerging tech to health care benefit from a low cost of doing business and some of the lowest taxes in the nation. Commute times within the county are no more than 30 minutes, and an hour or less within the tri-county region, with none of the urban sprawl, traffic, or congestion found elsewhere.
Indian River County is also a cost-competitive place to locate or expand your business. The Indian River Chamber participates in the national Cost of Living survey, comparing a variety of cost factors with 300 other markets throughout the country. Year after year, the Vero Beach-Sebastian area is typically on par, or slightly lower, than the national average.
The county has hundreds of acres of low-cost land available for commercial or industrial development, much of it located near I-95, a major north-south transportation route along the East Coast—perfect for warehouse/distribution operations. The county offers competitive property tax rates, local incentives, and no state income tax.
Air transportation in the area is served by two general aviation airports which primarily cater to private and corporate aircraft. Sebastian Airport is home to Whelen Aerospace Technologies, a global leader in high-end lighting products for the aerospace industry.Vero Beach Regional Airport is home to Piper Aircraft, an internationally recognized manufacturer of small personal aircraft. Both airports have plenty of airside and non-aviation land available for future development.
Because location is central to success, Indian River County isn’t just where you want to be—it’s central to where you and your business ought to be.
Putnam County, FL is a progressive, rural community with easy access to major metropolitan areas, a competitive business climate, and an attractive lifestyle. We are in the northeastern region of Florida, just south of Jacksonville, which is Florida’s largest municipality by population and size. We’re nearly equal distance to Jacksonville, Ocala, Daytona, Gainesville, and Orlando, making us the hub of Northeast Florida. We are located within two hours’ driving distance to all major attractions in Central Florida, international airports, and many of Florida’s beautiful beaches. While having a favorable low cost of doing business, we take pride in a relaxing waterfront life with affordable utilities and proximity to over 20 colleges and universities.
Putnam County combines quality of life, abundant natural resources, and opportunities for businesses to thrive. (Credit: Putnam County Chamber of Commerce)
Ready Workforce. The available workforce to companies looking to expand or locate in Putnam County is very diverse. Putnam County’s workforce size is 27,877. Putnam County’s labor pool draw area, as calculated by combining Putnam’s labor force plus neighboring Alachua, Bradford, Clay, Flagler, Marion, St Johns, and Volusia counties, is 756,539. Putnam County’s unemployment rate is 5.9%. The workforce’s median age is 44 years old, with 70.4% of residents aged 25 and older having a high school diploma and 9.4% of the same age group having a college bachelor’s degree or higher.
Unique Characteristics. Putnam County is the rural heart of North Florida, combining a high quality of life, abundant natural resources, and opportunities for businesses and residents to thrive. The beautiful St. Johns River, one of the few rivers in the world that flows north, is the centerpiece of the county and runs the length of it, making for great waterfront living, as well as providing commercial working waterfront locations.
Vision for the Future. Our plan is to continue progressively welcoming balanced growth and further diversifying our industrial base ensuring success and prosperity for all. Our future includes the attraction of quality sustainable jobs that pay competitive wages, providing a prepared workforce with increased skill and education levels, and having more available shovel-ready commercial and industrial sites.
Class A Logistics Space Serving South & Central Florida
What do the Sansone Group, Tambone Companies, Hope Commercial Holdings, JBL Asset Management, Seefried Industrial Properties, Stonemont Financial Group, and others have in common? All are developing Class A industrial facilities in St. Lucie County, FL.
Located midway between Miami and Orlando, within a three-hour drive of 70% of Florida’s population, St. Lucie County offers, by far, southeastern Florida’s lowest costs, unmatched speed-to-market, and 10 commerce parks with more than six million square feet of industrial facility space, ready now or build-to-suit.
This industrial facility by the Sansone Group is one of several Class A facilities for lease in St. Lucie County. (Credit: St. Lucie EDC)
The sites have easy access to Interstate 95 and Florida’s Turnpike, as well as options for rail, ocean, and air transit. St. Lucie County is the northernmost point in Florida where I-95 and the turnpike meet. All sites are within Foreign Trade Zone 218.
The county and its two cities, Fort Pierce and Port St. Lucie (Florida’s seventh largest city), provide exceptional speed-to-market. For example, a 106,000-square-foot expansion with environmental considerations was approved in 41 days, and 1.1 million square feet of new construction in 89 days.
“In addition to our location, land availability, low costs, and workforce; our county, municipalities, and the EDC work closely together to ensure companies interested in creating jobs here receive expedited review, tax incentives if qualified, and the kind of sincere welcome not often experienced elsewhere,” said Pete Tesch, President of the Economic Development Council of St. Lucie County.
Industrial and commerce parks include:
Legacy Park at Tradition by the Sansone Group: 168,000 SF Class A industrial facility slated for early 2023 occupancy, 520,000 SF ready mid-2023, plus 5.4 million SF of development-ready vacant land;
Interstate Commerce Center by JBL Asset Management: from 20,000 to 207,458 SF ready in 2023;
Interstate Crossroads Logistics Center: 1 million SF ready now; and
Additional parks leasing from 16,000-1.1 million SF ready in 2023.
The Port St. Lucie MSA offers a dynamic workforce of 230,000+ and low average labor costs. A 2022 study noted that 61% of the county’s workforce out-commutes, highlighting the opportunity to draw these commuters to new local jobs.
Robust career and technical training programs are offered by St. Lucie Public Schools and Indian River State College (IRSC). In addition to degree programs, IRSC provides short-term, in-demand career certifications. With a 98% high school graduation rate and more than 35 career and technical education programs, St. Lucie’s non-college-bound youth have many options to prepare for successful careers in targeted industries.
In addition to direct access via I-95 and Florida’s Turnpike, Highway 70 connects the county to Florida’s west coast. FEC Railroad runs along US 1 and the 3,660-acre Treasure Coast International Airport has customs officials on-site and a full-service FBO.
St. Lucie County is located in a spectacular setting with enviable natural resources—21 miles of pristine coastline and beaches, more than 20,000 acres of parks and preserves, and miles of waterways.
Competing in today’s global market can be demanding, so you want to be in a thriving business region with all the right amenities: safe, modern, and convenient transportation, technological infrastructure, and a positive environment for your business sector and employees.
If you’re considering the southeast United States, look no further than Cape Coral, FL, a rich and supportive business environment that enables companies to grow quickly—and a paradise for your workforce.
Fast Florida Facts. Florida is known as the Sunshine State, and for good reason. Beyond the sunshine, you’ll find there are other key factors business leaders and decision-makers need to know about Florida which include:
Florida’s 0% income tax
Home to the nation’s third largest workforce, totaling more than 10 million
Florida’s biggest companies cover a variety of sectors and industries including aviation and aerospace, fintech, manufacturing, and life sciences
One of the world’s most extensive multimodal systems, featuring international airports, deepwater seaports, extensive highway and rail networks
A cost-efficient alternative to high-tech states with more affordable land, labor, and capital than its competitors
Florida’s tourism industry was responsible for welcoming 122 million visitors in 2021, representing a 54% increase from 2020
As one of the world’s Top 20 economies, Florida has attracted nearly $100 billion in investment from companies based outside the U.S.
So now that you’re considering Florida as a paradise for growing businesses, let’s take a closer look at Cape Coral.
Insight into Cape Coral’s Forecast. Cape Coral is the largest city in Southwest Florida and stands apart from all other communities in the region. With a population of over 200,000 and growing, Cape Coral is home to the largest workforce between Tampa and Miami and one of the nation’s fastest growing cities—the city’s population is expected to grow by 4,300 people annually over the next 10 years.
The sprawling, 120-mile city—the third largest geographically in the state—is only 50% percent built, offering wide-open opportunities to find a prime location for your business along with demographics to suit your goods and services.
In addition to an ideal, year-round climate, Cape Coral has been nicknamed “Waterfront Wonderland” due to the city’s 400 miles of canals, more than any other city in the world. It is no wonder why Cape Coral frequently ranks as a favorite place to live, vacation, and start a business.
The Cape Coral Economic and Business Development Office is working on several fronts to attract new investors and businesses; facilitate the expansion of existing businesses; and create new and improved employment opportunities. The team has created a robust incentive program and is recruiting select business sectors to create a rich and diverse business environment. If you’re looking to relocate or expand your business, it’s time for you to consider a move to Cape Coral, FL, and discover the city that is “flowing with possibilities.”
Situated along the scenic Indian River Lagoon on Florida’s central east coast, the City of Titusville is a full-service community that provides its nearly 50,000 residents with a comprehensive array of public amenities. The “Space Coast,” whose name is derived from the awe-inspiring launches that depart from NASA’s Kennedy Space Center (KSC), encompasses more than 72 miles of shoreline and 16 municipalities, including Titusville, in Brevard County.
Titusville is experiencing an unparalleled resurgence, not only because of its notable history with the United States space program but also due to the increasing number of private-sector companies that continue to emerge in the aerospace industry. Private aerospace pioneers such as SpaceX, Blue Origin, and Space Perspective, have all said Yes to Titusville.
Titusville offers unrivaled viewing of rocket launches, which have become a near-daily occurrence on the Space Coast. (Credit: Rick Allen Photography)
In close proximity to pristine beaches and a myriad of activities, life in Titusville is nicely balanced. The area is renowned for its numerous outdoor recreational opportunities, and the historic downtown now serves as the junction of three major multipurpose trails. A mere 45-minute jaunt to the west transports inhabitants and their guests to Orlando and all of its legendary theme parks and attractions.
A transportation gateway, the city is served by three international airports Orlando International (MCO), Orlando-Sanford (SFB), and Melbourne-Orlando (MLB), which are all within one hour of Titusville. Just minutes away, the Space Coast Regional Airport (TIX) welcomes private and corporate aircrafts and is also one of only about 20 designated Spaceports in the country. Interstate 95, U.S. Highway 1, and the Florida East Coast Railway traverse directly through the city, and nearby Port Canaveral features numerous advantages of Foreign Trade Zone (FTZ) 136 for businesses engaged in international trade.
Statewide, business owners contemplating The Sunshine State for location or expansion will find Florida’s business climate to be much like its weather—quite favorable. Some advantages that prospective entrepreneurs can expect include few obstacles to becoming established, thanks to streamlined and minimal business regulations, coupled with a business-friendly, cost-competitive tax structure. Since most startups are S-corporations, limited liability companies, partnerships, or sole proprietorships they will not incur state income taxes, nor is a state income tax imposed on individuals.
An outstanding workforce, welcoming business climate, exceptional quality of life and unprecedented financial resources are drawing aviation industry leaders to Northwest Florida.Read more…
The talent pipeline in the state is continually ranked among the greatest in the country due, in part, to 12 public universities, six prestigious medical schools, and numerous private institutions of higher learning. In Titusville, new hires can be recruited from nearby Florida Institute of Technology, Embry-Riddle Aeronautical University, and the University of Central Florida.
Although an ample supply of preexisting housing is available, Titusville continues to incorporate additional residential units of the single- and multi-family varieties. Housing starts are a useful indicator of community viability and vitality when determining locations for new retail and commercial venues.
In a word, Titusville is resilient. Not only has it survived the cessation of two United States space programs but, as a result of steadfast elected leaders and dedicated administrators, the city has managed to emerge stronger and capable of reaching new heights each time.
Aerospace And Defense Soar In Florida’s Great Northwest