Ft. Lauderdale is located in Broward County in Florida. Its population is around 176,000. There are 1.9 million in Broward County. Ft. Lauderdale is a thriving city that expanded past it historical roots as a tourist location and college town, to bring more business to the area. In the past five years, 123 companies have relocated to Broward County. Broward County has the second largest population concentration in Florida after the Miami-Dade County area.
Ft. Lauderdale Offers a Good Deal for Businesses
Many businesses recently moved to Ft. Lauderdale after doing a cost-benefit analysis comparing Ft. Lauderdale to Miami. Ft. Lauderdale has a major international airport and an executive airport for private jets and smaller planes. It has a modern convention center and a vibrant Riverwalk area.
The annual Ft. Lauderdale International Boat Show is the largest boat show in the world. It brings in about $650 million in revenues to the local economy, which is a larger amount than the Super Bowl.
International Companies Flock to Ft. Lauderdale
Nearly 200 international companies have their headquarters located in Ft. Lauderdale and the surrounding thirty cities in Broward County. These companies include AmeriJet International, AutoNation, BFC Financial, Chiquita, Citrix Systems, Huizenga Holdings, SATO, Resolve Marine Group, and many others.
A few examples of businesses that thrive in the area include light manufacturing, technology companies, media and advertising groups, consumer retailers, and yacht companies.
The Job Market is Dynamic
Because of all the new companies coming in to Broward County, the job market in and around Ft. Lauderdale is very robust. There is no personal income tax in the state of Florida, which makes it an attractive place to live for workers. Property taxes are lower when compared to other parts of the U.S.
Significant redevelopment efforts made downtown Fort Lauderdale a really nice place to live. Mixed-use commercial properties combine with attractive condominium complexes, and office buildings in the downtown area, to create the perfect live/work environment. An article in the Miami Herald noted that many living in downtown Ft. Lauderdale walk or ride a bicycle to work.
Economics of Ft. Lauderdale
Forbes reports that the median household income in Fort Lauderdale is $51,694. The median home price is $184,400. Unemployment is 5.1% and job growth is 3.4%. The cost-of-living is 8.8% above the national index. Residential property values are increasing and commercial properties are selling well. Predictions are that the area will continue to do well in the future.
Ft. Lauderdale has plenty to offer businesses that relocate to the area in terms of lower taxes and other incentives. Families are moving to Ft. Lauderdale because of the quality lifestyle and the availability of good jobs.