Business Climate: The Florida Job Growth Fund

Encompassing an increase of 1.37 million new jobs, an unemployment rate reflecting a 10-year low, and a job growth rate surpassing the national rate for five consecutive years, there is no better place to develop, cultivate and promote a business than Florida. Throughout the past six years, state legislators cut an excess of $6.7 billion in taxes, reduced 4,800 burdensome regulations and constructed crucial investments to create and actualize opportunities across Florida for present and future generations.

During a special legislative session held this summer, Governor Rick Scott negotiated a lucrative deal regulating usage of taxpayer money, decreasing taxpayer-financed corporate subsidies and boosting economic development. Overseen by the Department of Economic Opportunity, the recent establishment of the $85 million Florida Job Growth Grant Fund provides noteworthy resources Florida needs to encourage startups, second-stage businesses and national corporations to relocate or expand in the Sunshine State.

The flexible, transparent economic development program has certain restrictions as to how the money is dispersed. For example, it cannot be used for the exclusive benefit of any single company, corporation or business entity. The Florida Job Growth Grant Fund aims to finance projects promoting public infrastructure and workforce training urging businesses to develop, grow and invest throughout the state. Local governments and state colleges can apply for money that finances specific projects such as building or expanding roads, improving or upgrading bridges, or establishing and implementing programs to train workers in new skills.

This economic support increases job growth and generates business prospects throughout Florida. Businesses, small and large, welcome and support this initiative knowing it is vital to attracting high-wage jobs in targeted industries such as aerospace, biomedical research and information technology.

Florida’s business climate is prime for companies wanting the best of all worlds – low taxes, less regulations, reliable education system and an overall high quality of life. Governor Scott continues to persuade and entice businesses to choose Florida because it is a “right-to- work state” with a higher private growth rate, no personal income tax, lower state debt per capita and beneficial fiscal conditions.