Fox News recently reported that Boca Raton made the top-25 list of cities that are the best places to start a business in the United States. Boca Raton ranked number 17 on the list because it is a great place for tech-startups. A techie base existed in Boca Raton since IBM opened a plant there in 1970. Boca Raton beat out Bellevue, Washington that got 18th place, even though Bellevue is next to the Microsoft headquarters in Redmond.
Incentives for Businesses
The Boca Raton Economic Development Fund started in 2014. The city coordinates its efforts with the following organizations:
- Chamber of Commerce for Boca Raton
- County of Palm Beach
- Business Development Board of Palm Beach County
- Florida Department of Economic Opportunity
The incentives are based on the number of jobs created (or retained), the salaries for those jobs, and the capital investment made in the area.
Boca Raton will provide local matching funds for monies that come from the Florida state economic development programs, such as those shown on the Enterprise Florida website. Boca Raton’s local funds may also match any state funds that come from grants and/or loans or subsidized leases.
Business Climate in Boca Raton
In general, there is a good business climate in Boca Raton. This is why eight of the largest Florida public companies and seven of Florida’s biggest private companies make their headquarters in Boca Raton.
These major companies include Office Depot, Jarden, ADT, GEO Group, SBA Communications, and Sun Capital Partners. Office Depot is the fifth largest public company in Florida. Sun Capital Partners is the second largest private company in Florida. These are big important companies. They could choose to be anywhere, and they chose Boca Raton.
Boca Raton is a city known for having a terrific lifestyle. A ranking of the top cities in the United States by 24/7 Wallst gave Boca Raton the highest ranking for a city in Florida and 11th place for all cities in America.
Livability says the population of Boca Raton is 86,671, the median household income is $70,699, and the median home price is $355,600. There are no personal state income taxes in Florida. The cost of living in Boca Raton is 18.1% higher than an average American city.
Sperlings reports that the unemployment rate in Boca Raton is 4.50%, which is less than the average of 6.30% unemployment rate for the entire U.S. Recent job growth is 3.94%, compared to only 1.18% for the U.S. Future job growth in Boca Raton is predicted to be 43.40% over the next ten years, which exceeds the prediction for the U.S. of 36.10%.
Of all the cities in Florida, Boca Raton is an excellent candidate for businesses to consider, due to its long-standing pro-business culture and the incentives offered to businesses by the local government.