A recent study released by the Boyd Company, a corporate-relocation firm in Princeton, New Jersey, found South Florida to be gaining popularity as a place to do business. This rise in popularity is due largely to low cost labor, a result of the American recession.
According to the report, the average weekly wage in South Florida is $870, one of the country’s lowest. The slow-to-improve housing market has also lead to favorable conditions for company executives to relocate, as the cost of living is lower in South Florida than other regions.
“One of the biggest benefits of having this adjustment we’ve all been through is that we [South Florida] are now on the radar of these companies,” explains Ron Shuffield, a residential brokerage with Esslinger-Wooten-Maxwell, one of the area’s leading relocation outfits. He adds, “They say we’ve wanted to look at Miami for the past 15 years, but we couldn’t afford it.”
Now may be the time for many existing and development business projects. In 2005, the housing bubble was at its climax, and South Florida ranked 15th among the list of the country’s most expensive housing markets (National Association of Realtors). Now, it’s the 35th most expensive. Furthermore, in the Boyd ranking of 35 metropolitan areas seen as potential headquarter sites, South Florida ranked fifth for lowest labor cost.
The region shows high-qualifying marks in other sectors as well. South Florida stands in 12th place out of 35 in terms of business taxes, 16th place in real estate costs and 16th for air-travel costs. It also boasts ease in business with Latin America.
Bruce Hoch, managing director of DCG Corplan, a corporate relocation firm in West Orange, NJ, explains, “You pick Miami because you want to be in a great metropolitan market with lots of global reach…If they want to be plugged into a Spanish-speaking global marketplace, Miami is the place to be.”
The South Florida region also pays heavy incentives for firms to relocate in their vicinity. Astor & Black, a clothier with a network of tailors across the US, recently received nearly $500,000 from state and local agencies to move its 30-person headquarters to Pembroke Pines (Fort Lauderdale area) from Ohio.
If you are interested in relocating or beginning a business in South Florida, now’s the time.
This report was brought to you by Florida Regional Center. Established as an agent of the 1990 Congress-approved EB-5 Regional Center Program, the firm represents EB-5 investment-related projects in the greater South Florida area and beyond. Florida Regional Center works with foreign investors and their families to obtain EB-5 Visas and permanent residency in exchange for investments in community developing and economy boosting campaigns.
For m ore information on EB-5 Visas and the EB-5 Visa Program, to learn about Florida Regional Center or to speak with a representative from Florida Regional Center, visit visaeb-5.com.