According to a recent article published by BNN Bloomberg; Florida, which has seen a sharp increase in migrants since the beginning of the pandemic, was the US state with the fastest-growing population in 2022, ranking first for the first time since 1957, as specified by the Census Bureau.
“Florida’s population increased by 1.9% to 22.2 million between 2021 and 2022, the data show, surpassing Idaho, which led last year. Florida had the second-largest numeric gains, behind Texas.”
The Census Bureau points out that since 1946, Florida’s population has grown more than nine times.
There is nothing new nor surprising about Florida attracting more individuals and families for its warm weather, absence of state income tax and geographical proximity to Latin America. Major banks and international companies have had regional offices in Miami or Palm Beach for a while. What is new is the accelerated migration of individuals, startups and corporations during and after the pandemic, enhanced by the growth of remote work options and the willingness for many to change the place where they live or work.
As a real estate professional, it’s somehow fascinating for me to witness how I keep on interacting with and meeting people who have recently moved to Southeast Florida or who confess that they will do so next year, with their family. They will either move the headquarter of their company or will open a regional office in Miami, Fort Lauderdale or West Palm Beach, hoping to live under the sun and palm trees while enjoying the international flavor we offer.
The people I engage with, either online via social media, video or in-person meetings are relocating from other parts of the United States, Canada or Europe (France, Spain etc…) and mostly work in tech (software engineering, crypto, medical tech or PropTech).
During the pandemic, several financial companies such as Citadel, Yield Street, Millennium Management and Bradesco bank have either relocated to Miami or Palm Beach or have expanded to Southeast Florida. The same trend goes for innovators in healthcare and life sciences such as eMed, Avema Pharma Solutions and InnFocus.
In the backstage of the attractive and relaxing Southeast Florida lifestyle, major economic and philanthropic organizations are working to attract startups and larger corporations to the Sunshine State.
For example; the Miami-Dade Beacon Council, a public-private partnership established in 1985 acting as the leading economic development wing for Miami-Dade County, aims to secure jobs and investment in Miami-Dade County and helps corporations relocate to Miami.
During the pandemic, the Alan B. Levan-NSU Broward Center of Innovation in Fort Lauderdale opened a 54,000 sf facility at the Nova Southeastern University to foster innovation and entrepreneurship. It offers incubator and accelerator programs, co-working spaces, workshops and seminars as well as professional networking events to nurture and expand an innovation ecosystem in Southeast Florida. The Florida-Israel Business Accelerator (FIBA) created a partnership partnered with the Center of Innovation back in June 2022. Through the collaboration, Israeli tech companies and startups working with FIBA will have access to using the Levan Center’s facilities and programs when they are in South Florida. The goal is to help the Israeli organizations establish a presence within the Florida market.
Another major player in the South Florida ecosystem is the Knight Foundation. The organization, which was founded in 1940 by the Knight Brothers, who owned The Miami Herald newspaper, primarily funds community projects in journalism, tech and the arts in 20 US cities, including Miami/Miami Beach. These projects either use technology to enhance the lifestyle of the community, expand the arts in local art organizations or in public places or attract individuals who create economic opportunities.