A fundamental strength of Florida’s economy is its ability to attract people to live there. It’s not just that the state has a warm climate and a large population. California has that, too. In fact, people from California are moving to Florida, a fact that politicians have been sparring about between the two states.
Population and tech growth
However, this population shift has involved more than just the general population. The people moving to Florida not only have wealth, but the ability to generate a surge in various economic sectors. And one of these sectors is tech, according to MPA magazine.
Specifically, it’s the phenomenon of tech executives moving to the state. This has led to the rise of mixed-use developments that combine commercial, residential and office space — all within walking distance of one another in a community. As a result, retail vacancy rates are extremely low, which helps boost commercial real-estate activity and, along with it, commercial mortgages.
Foot Locker migrates to Florida, too
As an example, the MPA article points to Foot Locker, the sports retail company, moving from New York city to St. Petersburg. Foot Locker very much wants to capitalize on Florida’s growing population, which include high-worth individuals in tech, to maximize its revenue potential. And there are many more companies just like Foot Looker that see amply opportunity in the state
And, as this phenomenon of wealthy individuals moving to Florida continues, greater opportunities within the state’s commercial mortgages sector can only continue to grow, too.
