One of the most popular destinations for tourists, retirees and established businesses is Florida. Employee relocation services are a booming business in the state, however there are some current and emergent trends that may complicate a relocation either to or from the state. Either way, you’ll want to take all these specific variables into account when considering the pros and cons of accepting an assignment in or out of Florida.
Employee relocation is one of many growth industries in Florida. The very same sub-tropical climate that attracts so many people during the winter months attracts new businesses as well as people from all of the US and the world to work for established corporations. However, the rate of new businesses relocating to Florida and employee relocation has decreased in recent years, with businesses favoring places further north, such as the Carolinas and Virginia. Though partly due to increasing levels of business taxation, the major force driving mid- to large sized corporations out of the state is insurance.
Since a pair of very destructive hurricanes in the early 1990s, the State of Florida has become an increasingly risky place to own property. Add to that a major increase in the number of sinkholes opening up in certain counties, drought and fire – one would have to have a very compelling, non-financial reason to want to relocate a business to Florida.
Employee relocation out of the state is also fraught with a financial incentive to stay put. The real estate market in Florida has become over-saturated and some people are finding it can take as long as two years to sell their mid-priced homes.
However, in Florida, employee relocation, like everything else, is subject to the passion of people who simply fall in love with the place. And there’s plenty to love. Aside from the climate, there are opulent cities such as Miami and Tampa Bay. There is no part of the state that is more than a hundred miles or so from the ocean. Seafood is plentiful and if you get bored, there’s always Disney World.
When considering a move to or from Florida, an employee relocation package should definitely be included, no matter where you’re moving from. This should be scrutinized very carefully for clauses that guarantee some sort of financial compensation for money lost in the Florida real estate market. Check for clauses that make provisions for temporary housing and be sure there isn’t an unreasonable limit on how long such arrangements are good for, especially if you’re bringing a family with you. Home prices are relatively high in most of the state, so it could be a while until you’re able to settle down.
Weigh your options carefully when considering a move to Florida, but be prepared to fall in love with this little slice of paradise, no matter how complicated making money there might be.