Florida's Financial Sector is Booming

If you're a home seller in Florida, now is the time to cash in on the state's booming financial sector. Businesses and investors are flocking to Florida for its low taxes and friendly atmosphere, and that is reflected in the housing market. The median sales price for homes in Florida has risen by 5.6% over the past year, and continues to climb. So if you're looking to sell your home, now is definitely the time to do it. Thanks for reading!

The radars of financial and professional services firm executives perk up when a multinational company that specializes in decision data moves its headquarters.

Business intelligence has been offered by Dun & Bradstreet for nearly 200 years, and 90% of Fortune 500 companies rely on its analyses. As a result, they announced in 2021 that their world headquarters would relocate from Short Hills, New Jersey, to Jacksonville, Florida.

The transfer, which became official in February and was supported by organizations like Enterprise Florida and the City of Jacksonville, would bring with it a $75 million investment and 500 new positions with an average salary of $77,000. One of Jacksonville's fastest-growing neighborhoods, Town Center II in the St. Johns Town Center development, where the company is relocating.

When Bryan Hipsher, CFO of Dun & Bradstreet, was asked why his company, which generated more than $2.1 billion in revenue in 2021, should relocate 925 miles down the East Coast. He mentioned one "very fantastic" statistic right away:

He remarked, "We already have 100 people in the Jacksonville region, and we don't even have the name on the building yet. The whole executive staff is among the 30 who have moved, and the remaining are new employees.

During the company's 2019 transition to private ownership, a comprehensive business analysis led to the complicated relocation decision.

Hipsher claims that this process, which the epidemic paradoxically aided, allowed us to "take a fresh perspective." We switched to a complete work-from-home paradigm during the pandemic. The time was right to assess your real estate footprint. That was the ideal time to change, if you were going to do so.

In order to assess D&B's footprint, the team looked at "areas of the country we did not have a strong toehold in," according to Hipsher. They looked at things like the cost of real estate, the cost of living, which affects the cost of talent, and how to balance the financial and human perspectives. Texas, California, Massachusetts, New York, New Jersey, and Pennsylvania were among the places studied. Discussions about the cost of living, employment opportunities, work environments that are friendly to employees, and the tax climate on both the corporate and personal levels followed with state and local organizations.

In order to provide incentives, Hipsher claims that Jacksonville was "extremely decisive and very active in working with local and state partners." It "makes the choice fairly obvious from a financial perspective."

One of the initiatives driving the growing economy in the Jacksonville region is Dun & Bradstreet's $75 million, 500 job initial investment in a relocated world headquarters.

Photos courtesy of Visit Jacksonville and Dun & Bradstreet

A significant precedent also existed, as a result of the wave of financial services and technology firms that have swept through Florida in the previous 25 years: "Twenty-five years ago, Fidelity Financial moved from Santa Barbara to Jacksonville, and that brought FIS and Black Knight," Hipsher recalls. You were able to see what the city and state accomplished financially, and we experienced the same vigor and enthusiasm. Very early on, Enterprise Florida entered the discussion.

The project was part of a year that saw 63 economic development initiatives approved by Enterprise Florida and its statewide partners, totaling 12,108 new and maintained employment and more than $2 billion in capital investment.

Beyond project discussions, Hipsher has ties because he attended Jacksonville University, where he also played varsity basketball before beginning his professional career, and obtained his MBA there.

Jacksonville University President Tim Cost, a 1981 graduate who participated in varsity athletics and even pitched a no-hitter for the school, says, "We're happy to have him highly engaged in our University now as a member of our Davis College of Business & Technology Advisory Board." Decision-makers at Dun & Bradstreet were "very comfortable with the offerings that a world-class business would be primarily interested in as they evaluate a new home city," he says, "location, governance, taxes, land and building availability, downtown and surrounding resources, air and ground transportation support, and the like. What types of universities could employees go for graduate degrees? Is it simple to form partnerships? What about the services that great cities provide, such the arts, culture, sports, and events? Where will the growth take place, and how? Exists support for vital infrastructure? similar things We're happy to report that the talks went quite well, and we're excited that Dun & Bradstreet will be in Jacksonville. This is a growing city. Dun & Bradstreet recognized the trend and are aware of the opportunity.

So what’s the verdict? If you want to live in a vibrant, exciting city that’s buzzing with financial activity, Miami or South Florida are great options. The weather is amazing and there’s always something to do. Plus, our real estate market is hot right now so it might be the perfect time to invest. Contact me for more information about the best neighborhoods in Miami or South Florida—I would love to help you find your dream home!

Original Article: CLICK