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Jacksonville Business Growth Opportunity for Entrepreneurs

Posted by Onassis Krown on
jacksonville business growth opportunity for entrepreneurs

Business is booming in Jacksonville, FL. We are seeing significant growth in fashion retail, shopping centers, restaurants and manufacturing. Bringing more jobs to Jacksonville is an investment city leaders have spent more than $14 million of taxpayer dollars on since 2015. Data shows the return on the investment is better than expected. As of Oct. 2021, Jacksonville’s unemployment rate is 3.7%, which is below Florida – at 4.6% – and the nation – at 4.2%.

Jacksonville has an unemployment rate of 4.9%. The US average is 6.0%.

Jacksonville has seen the job market increase by 2.8% over the last year. Future job growth over the next ten years is predicted to be 44.4%, which is higher than the US average of 33.5%.

Tax Rates for Jacksonville
- The Sales Tax Rate for Jacksonville is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Jacksonville is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.

Income and Salaries for Jacksonville
- The average income of a Jacksonville resident is $25,496 a year. The US average is $28,555 a year.
- The Median household income of a Jacksonville resident is $46,768 a year. The US average is $53,482 a year.

Entrepreneurs looking for a new location to launch a business increasingly look to Jacksonville, Florida. The largest city in Florida offers many advantages to businesses, including high survival rates for new businesses, a great environment for startups, low taxes and cost of living, a growing workforce, and high quality of life.

Jacksonville also has a pro-business environment that offers businesses access to loans and other financial support. Jacksonville is focused on becoming one of the best cities for businesses, not only in the South but across the United States. Smart Jacksonville entrepreneurs know it’s a good spot to launch a new venture.

Top Reasons to Open a Business in Jacksonville

Both the state of Florida and the city of Jacksonville offer advantages you will not find in other parts of the country. That’s why the state currently ranks in the Top 10 states in terms of quality of life.

Successful Small Business Survival Rate

A report from WalletHub ranked Jacksonville as the best city in the country to open a new business, putting it at the top of a list of 150 cities. One of the reasons for the ranking is how well the area supports new businesses. The city has the second-highest five-year success rate for businesses in the country. The report stated that Jacksonville is “buoyed by hiring in the construction and professional services industries as well as a burgeoning start-up community.”

Creating A Great Environment for Business Startups

Jacksonville is the fourth-best city in the entire country, and the best in Florida, for startup businesses, according to a 2019 study done by real estate company Clever. Jacksonville ranked high in “startup density” (the number of new businesses in the area), the growth of startups, investment in business, diverse food, urban clothing and the cost of living.

High Quality of Life

Florida consistently ranks among the best places in the country to live. The Jacksonville area provides a great example of what the state has to offer. The city boasts many great neighborhoods for families and singles and no matter where you live you are never far from the beach.

U.S. News and World Report recently ranked all 50 states by quality of life, with Florida in the Top 10. Florida was the highest-ranked state in the South, and one of only three in the Top 20 (North Carolina came in 13th, and Georgia came in 18th). Texas, to which Florida is often compared, came in 31st. Florida finished in the top 10 in education, economy, and fiscal stability.

Low Taxes with a Low Cost of Living

That same study found Florida ranked the highest for metro areas that are great for startups and small businesses. Jacksonville, Orlando, Tampa-St. Petersburg and Miami-Fort Lauderdale-West Palm Beach all ranked in the top 10. Part of the attraction is the tax structure. Florida has no state income tax. Corporations are subject to a low 5.5% income tax, and there are no payroll taxes. Also, LLCs, sole proprietorships, and S corporations are exempt from paying state income tax.

A Growing Workforce with High Potential for Employees

Florida also has the highest representation of cities with self-employed workers, with four of the top 5 cities for the self-employed in the Sunshine State. All these cities have a high percentage of the workforce employed by startups. In Jacksonville, more than 6% of the workforce at startups. In addition, the Florida state university system continues to produce a skilled and ambitious workforce.

In the Jacksonville area, schools include Jacksonville University, the University of North Florida, and Florida State University – Jacksonville. Overall, U.S. News ranked Florida the third best state in the country for education.

For businesses, Florida offers one of the best states to start a business. And Jacksonville has emerged as one of the best cities to launch a business. Entrepreneurs owe it to themselves to check out what Jacksonville has to offer.

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