The Sunshine state is home to the fourth largest economy in the country. Its growth in 2018 significantly outpaced the US as a whole at a rate of 3.5% to 2.9%.
Small businesses are an integral part of Florida’s economic landscape, accounting for 99.8% of all businesses employing 3.3 million people. A person, which makes up more than 42% of the state’s workforce.
Currently, the unemployment rate in Florida is 3.4%, which is below the national average of 3.6%. The five main small business sectors in Florida are accommodation and food; health and social care; professional, scientific and technical services; construction; and retail.
These economic indicators are encouraging for the state, but they tell only part of the story. To truly understand the opportunities and challenges faced by entrepreneurs in Florida, it is necessary to analyze the seasonal dynamics faced by many businesses in the state, which falls into the subtropical and tropical temperature zone.