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Governor Scott will try to bring businesses from New York to Florida

Staff writer |
Governor Rick Scott will be leading another domestic economic development mission to New York City next week, trying to present all good sides of moving businessed to Florida.

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Governor Scott will be in New York City from October 6 to 8 meeting with hedge funds, financial institutions and businesses about moving or expanding in Florida.

Corporate income tax is 5.5% in Florida vs 7.1% in New York, and according to CEO Magazine Business Climate Ranking Florida is 2nd and New York is 49th.

Governor Scott will also be speaking to the Manhattan Institute for Policy Research on Florida’s economic resurgence on October 7th at 12:00 pm.

There are now 500 money-management firms headquartered in Florida that run hedge, private equity, venture capital or other funds that are closed to the average investor. South Florida alone is home to 60 hedge funds, 19 private equity firms and more than 200 family offices. About $300 billion is managed by the private-wealth industry in South Florida.

The majority of the nation’s leading finance companies have also already established major operations in Florida, including Deutsche Bank, Navy Federal Credit Union, USAA, and JP Morgan Chase. Florida is home to over 170 commercial banks and over 32,000 companies specializing in financial services.

Florida is on track to overtake New York to become the U.S. financial hub and the Governor looks forward to meeting with additional financial institutions about even more growth in this sector in Florida.

In the last year, around 250,000 people moved to Florida and we are now the third biggest state in the nation- bigger than New York. People are leaving New York, which lost $80 billion in adjusted gross income from 1992 to 2013, and their number one destination was Florida.

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