Florida emerges as corporate migration magnet: headquarters influx surges by 86 percent

by | Jun 23, 2023



  • Florida experienced an 86 percent increase in corporations moving their headquarters into the state compared to those relocating their head offices out of Florida, leading the nation.
  • Three cities in Florida, namely Jacksonville, Tampa, and Miami, were among the top 10 cities in America for corporate headquarters relocation.
  • Ken Griffin, the founder of Citadel, one of America’s most valuable hedge-fund firms, announced the relocation of his company from Chicago to Miami last June due to Florida’s favorable tax structure and business-friendly environment.

Florida experienced the highest percentage of corporations relocating their headquarters to the state in America, according to data compiled by Hire A Helper from the U.S. Securities and Exchange Commission.

Florida had 86 percent more corporations move their headquarters into the state compared to the number of companies that chose to move their head office out of Florida, leading the nation, per the report.

Broken down by city, three cities in Florida are among the 10 with the highest net gains: Jacksonville (+67 percent), Tampa (+49 percent), and Miami (+33 percent).

According to the most recent figures, 8.9 percent of the approximately 6,700 publicly traded corporations in America moved their HQs in the past fiscal year (March 2022-March 2023).

Alongside Florida, Texas and Arizona attracted the highest number of corporate migrations, while Washington, New York, and California experienced the highest rates of headquarters abandonment.

Florida gained one of America’s most valuable companies last June when Ken Griffin, Illinois’ richest person and the founder of industry-leading investment firm Citadel, announced that he is relocating his company from Chicago to Miami, citing a more business-friendly atmosphere.

In a memo sent to employees, Griffin noted that Florida harbors a better corporate environment due to its favorable tax structure and lack of an income tax. The move is expected to be a multi-year process and will necessitate the construction of a new office building in the downtown Miami neighborhood of Brickell.

Citadel is one of the most successful hedge-fund firms, overseeing $51 billion in assets and regularly outpacing competitors and the market, making a swift recovery following the 2008 recession.

Griffin’s enterprise is estimated to be valued at $5 billion. Last January, Citadel Securities agreed to take its first outside investment in a deal valuing the electronic-trading operation at around $22 billion, a move seen at the time as a potential precursor to an initial public offering of the business, as first reported by the Wall Street Journal.

7 Comments

  1. Chris B.

    Yes, because Florida has become a bastion for corruption and forced breeding of cheap labor with no rights.

  2. Anonymous

    The progressive socialists continue to label our state as a backward oppressive place where women are forced to have babies and workers are exploited by the so-called fat cats. The truth is the opposite. Florida has maintained a philosophy of free markets, opportunity for all and less government intrusion into private lives. Floridians protect their children from predators and are striving to find a better way to educate all of Florida’s children, not just the rich kids in private schools. Conservatism is really rational everyday values we can all share if we just exercise our ability to compromise our beliefs with our neighbors’ beliefs.

    We stopped “Woke” corporate intervention. Disney is an object lesson for others who want to use their financial resources to brain wash Floridians. The same type of corporate partnership we once had with Disney is still available to corporations wanting to relocate to our fair state. All we ask is that they employ our citizens, pay their low taxes, and focus on their business rather than politics. Anyone can point out that Florida still has problems. For example, the insurance crisis is far from being solved. However, unlike those cities and states that chased big business away, Florida embraces these newcomers with the hope that they will become part of the solution rather than part of the problem.

  3. Frank Thompson

    Florida is only business friendly if you goose step to the policies of DeSantis.

    • Scott Dixon

      You mean the Ron DeSantis that graduated with honors from both Yale and Harvard? He then enlisted in the prestigious Naval Academy and was admitted to the Judge Advocate Generals program probably thee highest honor for a Military officer. Is it any wonder, that this past year we had the highest Surplus in Florida’s history which is saying something for Florida. I know as I have worked with the State of Florida for a very longtime now.

      • Anonymous

        See, now you’re presenting facts….Which the leftist “believe in the science” types can’t handle.

    • Anonymous

      Shout at the clouds much?

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