Posted on September 17, 2019 · Posted in Investments, Office, Retail

A recent report found that the Miami-Fort Lauderdale-West Palm Beach metro area is among the most affordable regions for entrepreneurs looking to launch startups.

The report, which was compiled by Clever Real Estate, found that South Florida ranks among the Top 10 most affordable metro areas in the U.S. for startups. To determine the ranking, the report evaluated the nation’s Top 50 metro areas on different criteria, including cost of living, density of new businesses and investment in new businesses.

South Florida‘s high ranking was helped by its startup density, which is less than a percent shy of the Austin, Texas metro area’s startup density. However, South Florida‘s collective startup growth rate is much lower than the growth rate for startups in other Florida metro areas that made the list.

The Sunshine State had a strong showing on the list overall with four metro areas in the Top 10.

Among the Florida markets, the Miami metro area boasted the best percentage of workers who worked for a startup as well as the best percentage of workers who identify as self-employed in Florida. Orlando had the highest startup density and Jacksonville had the best startup growth percentage among the four cities.

South Florida startups and technology companies are expected to attract a record amount of venture capital funding in 2019, according to eMerge Americas’ latest Insights report. Health care technologies make up a large percentage of the local companies attracting significant investments.

Below is a comparison of startup activity across the Florida markets, according to Clever Real Estate’s report.

MIAMI
Rank: No. 10
Startup Density: 27.48 percent
Startup Growth: 7.69 percent
VC Growth: 0.5 percent
Workers Employed By A Startup: 9.39 percent
Self-Employed Workers: 6.8 percent
People With Bachelor’s Or Higher Degrees: 24.91 percent
Cost Of Living: 108.4 percent

TAMPA
Rank: No. 7
Startup Density: 25.83 percent
Startup Growth: 12.64 percent
VC Growth: 0.5 percent
Workers Employed By A Startup: 6.36 percent
Self-Employed Workers: 5.4 percent
People With Bachelor’s Or Higher Degrees: 24.35 percent
Cost Of Living: 98.9 percent

ORLANDO
Rank: No. 5
Startup Density: 28 percent
Startup Growth: 15.37 percent
VC Growth: 0.4 percent
Workers Employed By A Startup: 6.03 percent
Self-Employed Workers: 5 percent
People With Bachelor’s Or Higher Degrees: 23.42 percent
Cost Of Living: 98.3 percent

JACKSONVILLE
Rank: No. 4
Startup Density: 25.21 percent
Startup Growth: 18.62 percent
VC Growth: 0.6 percent
Workers Employed By A Startup: 6.10 percent
Self-Employed Workers: 4.4 percent
People With Bachelor’s Or Higher Degrees: 22.9 percent
Cost Of Living: 95.4 percent

 

Source: SFBJ

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