There’s no question that Miami is a top destination for vacationers, retirees, snowbirds, and those with an appreciation for the good things in life. But in the past couple of years, Miami has also become a prime destination for work.
With the recent influx of companies establishing locations in the Sunshine State, career-minded executives and others looking to expand their career opportunities have flocked to Miami in droves.
Why is Miami the New Hotspot for Work?
Here are the top five reasons why Miami is 2022’s hottest spot to work:
Miami is famous for its beaches, nightlife, and vibrant culture. The city vibe is incredible, the restaurants are world-class, and the tropical atmosphere is everywhere you look. It’s warm year-round, so you won’t have to shovel another sidewalk again. If you love sunshine, there’s no better place. Of course, there’s extreme weather too, but most condos and homes are retrofitted with the right protective gear to ensure your safety—and you won’t have to worry about mudslides, wildfires, or devastating earthquakes like you do on the west coast.
Florida Tax Breaks
Companies are flocking to Florida for several reasons. Rising real estate prices in NYC and California have spurred a mass exodus in favor of lower commercial cost-per-square-foot and a favorable tax environment. Florida does not impose state income tax on individuals, and Florida corporations are taxed at a low 5.5%. LLCs and sole proprietorships, on the other hand, are exempt from state income tax, which is just one of many attractive reasons to live and work in Miami. Last but not least, Florida sales tax is just 6%, which makes the cost of living here that much more manageable.
Lower Cost of Living
Compared to NYC, San Francisco, Silicon Valley, or Los Angeles, Miami clocks in at about 30% less on the cost-of-living scale. The median home price is about half what it is in Los Angeles, meaning you can get a lot more house for your money without trying very hard. Factor in lower taxes, and you can actually have a life and a career—which is a massive motivator for most people these days.
You won’t find a more diverse culture anywhere than you will in Miami. The Latinx community is very strong, and companies here are committed to equity and diversity throughout their organization. As a result, you’ll find more high-level executive opportunities for people of color, and certainly, if you feel your career trajectory is headed that way, Miami is the place to achieve it.
Along with the companies setting up shop in Florida, you’ll find many tech startups and CEOs making Miami their home. As venture capitalist David Blumberg said, “Florida is open for business. They want entrepreneurs to succeed.” Miami is an undisputed gateway for growth for any business looking to expand into international markets.
Bottom line? Miami is hands-down THE hottest place to work. If you’re looking to advance your career, launch a new business or startup, or relocate your company to the Magic City of Miami, Miami Recruiters is here to help. Reach out today, and let’s talk talent.