5 Smart Reasons for Business Expansion in Tampa
Business expansion is always a risk for businesses big and small. You have to weigh all the pros and cons of expanding a business and see if you’ll benefit the most rather than somewhere else. Continue reading about business expansion in Tampa…
So why should you consider taking that risk in the Tampa Bay area? Not only is the tax and business environment friendly, but there’s a low cost of living compared to other big cities.
Here are 5 Smart Reasons Why you Should Have Business Expansion in Tampa:
1. Thriving Industry
Tampa is one of the most well-known cities in Florida for a reason. It’s a thriving area with a booming industry for both real estate and small business owners.
Over 78% of people living in Tampa still reside in the same home they lived in a year ago.
As a result of the affordable living rates, the area is full of buying and selling opportunities such as if you want to lease a commercial space or invest in real estate.
2. Continuous Growth Opportunities
With such a large, young population, and affordable real estate, there are constant growth opportunities in the business sector.
Business.org ranked Tampa number one in 2018 among the best cities for women to start a business, and it has been listed in multiple top 25 ranking lists as one of the best cities for young entrepreneurs.
One of the reasons for this growth is the fact that it’s globally connected via a top-rated airport as well as the state’s largest seaport.
3. Increasing Population
Where there are people, there’s business. As Florida’s third-largest city, you can always find a high number of people moving into the area, even in the middle of a pandemic.
For the past five years, the population has steadily grown by at least 50,000. Of that population, at least 6,000 are new residents coming in every year.
According to the Bloomberg analysis of the US Census, nearly 150 people are moving to the Tampa Bay Area every day.
4. Strong Local Labor Force
As a result of the increasing and diverse population, Tampa also has access to a strong local labor force.
Though employment suffered worldwide throughout early to mid-2020, the civilian labor force in the Tampa – St. Petersburg – Clearwater area rose to roughly 1.5 million by the end of the year.
Additionally, the labor force is also supported by the local universities pumping out new potential hires and homeowners every year.
5. No Personal Income Tax
One of the best reasons to expand in Tampa is the lack of personal income tax. While this goes for all of Florida, you also have generally favorable corporate tax policies in the area.
There are several financial incentive programs to help businesses, whether you’re a start-up, relocation, or expansion.
Business Expansion in Tampa
Tampa is one of the best areas in Florida to grow a business. The city rewards new ones for coming into the city, and there’s plenty of available property for a business.
Considering business expansion into the area? Check out some available properties on our site and contact us with any questions you might have.< Back to Blog