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Florida scores big gains in Forbes' 'best states for business' list but still does not crack top 10

 
Florida shot up the list of Forbes' best states for business thanks in part of a humming jobs market and growth prospects. Photo courtesy of NASA.
Florida shot up the list of Forbes' best states for business thanks in part of a humming jobs market and growth prospects. Photo courtesy of NASA.
Published Nov. 21, 2016

Here's some good news in the never-ending competition by states to make themselves more attractive to business:

Florida's cookin'.

Forbes' recently released its 11th annual "Best States for Business" list, which finds that Florida climbed more spots in the rankings than any other state, rising eight places to No. 12 from No. 20. We knew Florida was on the upswing, but this leap shows how much momentum is driving the Sunshine State over many of its peers.

Here's how Forbes explains an ascending Florida: "The Sunshine State's college attainment rate rose and the growth forecast rates are among the nation's best. Projected job and population growth are both expected to be second best in the country over the next five years with income growth fourth fastest." And, Forbes noted, Florida ranks second among larger states in the Kauffman Foundation's "index of startup activity" — a strong plug for the state's efforts to encourage entrepreneurism and small business.

Forbes' Best States for Business list factors in 40 metrics from 17 sources across six categories: business costs, labor supply, regulatory environment, economic climate, growth prospects and quality of life.

Florida rose to No. 12 based on gains in a majority of these key areas. It ranked a lowly 39th in business costs and 26th in quality of life. But it landed 14th in labor supply, 13th in regulatory environment, 8th in economic climate and an impressive No. 1 in growth prospects.

That's the good news.

Eleven other states are ahead of Florida. Tops in the country, and dominating for years, is Utah. The state does a lot of things right for its pro-business supremacy. But let's be frank. Utah's hot and has been for years, in large part because it enjoys the enormous overflow of tech companies and other businesses that relocate across the state border from super-expensive but still tech-vibrant California.

Imagine how different Florida's economy would be if California was its neighbor.

Contact Robert Trigaux at rtrigaux@tampabay.com. Follow @venturetampabay.