A guide to help you understand the ins and outs of business in Florida
Florida is the most Southeastern state in the US. The Sunshine State shares borders with Alabama and Georgia, but most of the state’s border is shared with the Gulf of Mexico and the Atlantic Ocean. Florida has the longest coastline in the continental United States. Its capital is Tallahassee, while its largest city by land mass is Jacksonville. Its most populated city is Miami. Florida may only be the 22nd largest, in terms of land mass, but it is the 3rd most populous state in the US. In 2019, the state of Florida had a GDP of $1,106,500,000,000.
The top industries in Florida are aviation and aerospace, life sciences, manufacturing, defense and homeland security, IT, financial and professional services, logistics, and cleantech. Florida has the second most aviation and aerospace companies in the US, with over 2,000 companies that employee 83,000 people. Florida is also the fourth largest in terms of IT; there are over 27,000 IT companies and 237,000 IT workers in Florida.
In 2019, Florida imported $29,753,309 from Qatar. Its top imports are: mineral fuel, mineral wax, bitumen substances, special classification provisions, and plastics. In 2019, Florida exported $63,353,549 to Qatar with its top exports being: nuclear reactors, boilers, machinery, electric machinery, sound/tv equipment, aircraft, spacecraft, and parts.
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Florida’s corporate income tax rate is 5.5%. Florida has 21 free trade zones: Orlando, Jacksonville, Panama City, Tampa, West Palm Beach, Port Canaveral, St. Petersburg, Daytona Beach, Fort Myers, Fort Pierce Station, Pensacola, Sanford Leesburg, two in Port Everglades, two in Port Manatee, and four in Miami.