Economy & Jobs
Why Millennials Should Move to Florida to Advance Their Careers
Florida Gov. Rick Scott is continuing his quest to recruit jobs as he shifts his focus from Pennsylvania to California. In an effort to urge more people to move to Florida, he sent letters to shipping companies in California earlier this year, stating that Florida is “on a mission to be the number one destination in the world for jobs.”
What does this mean for Millennials? Let’s take a look at the pros and cons in comparison to California’s economy. Here are some of the economic benefits that a move to Florida can provide for your career as a Millennial.
No Personal Income Tax
One of the greatest perks to being a Florida resident is that the state has no personal income tax. This makes it a great state to live in regardless of where your income bracket lies. This is especially beneficial for Millennials living on tight budgets and trying to get the most out of their low-paying salaries.
In comparison, California holds the spot for the nation’s highest personal income tax, with income bracket rates as high as 13.3 percent.
Let’s look at an example: If you are a single 28 year old, earning $34,000 with no dependents, moving from California to Florida, you would save an average of $714 per year. According to SaveTaxesByMoving.com, if you invested that annual savings at 6 percent interest until retirement, you would gain an extra $103,518.
Gov. Scott is correct about the business climate. Florida has been a high-growth state for businesses for the past several decades. Recently, the state was ranked second in the nation for creating a business-friendly climate. So if you’re hoping to launch your own business or work for a company with a culture that appeals to you, the Sunshine State may be your next destination.
California, meanwhile, is tied with Louisianna for 47th highest unemployment rate in the country, coming in at 6.7 percent. Florida comes in at 29th with its 5.6 percent unemployment. This, plus the fact that California is much more densely populated, means that Millennials will be much more likely to find a job in their chosen career if they move to Florida.
In addition, Florida has paid down $7.5 billion in state debt over the last four years, making it a stable environment for any startup business or young professional.
Gov. Rick Scott’s commitment to investing in Florida’s Department of Transportation’s Work Program is another great reason for Millennials to consider moving. He recently approved plans for $35 million in funding for three of Florida’s main ports: Port Canaveral, Port Everglades, and Port of Tampa. This will allow for easier shipping and transportation overseas, while creating more jobs and shifting shipment centers from California to Florida. Most importantly, these upgrades will bring revenue to the Sunshine State.
If you’re thinking of a move to Florida, there are many things to consider, but these three main points may help persuade you. There is a reason behind Gov. Scott’s recruitment strategy. Are you on board?