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South Florida

Low wages, housing values drawing companies to relocate to South Florida

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The housing bust and the following recession hit South Florida particularly hard, but there is an upside to having an economy in the beginning stages of recovery — corporate relocation, the Miami Herald reported. South Florida is one of the cheapest areas of the country to do business, ranking sixth out of 35 in a recent survey from Boyd Company, a corporate-relocation firm in New Jersey. Because it has some of the nation’s lowest average weekly wage rates and some of its most affordable housing, South Florida has become more appealing to large companies looking to relocate. “It has proportionally made Miami particularly attractive right now,’’ said John Boyd, the founder of Boyd Company. But South Florida also faces challenges when attempting to attract business into the region. The labor market, besides being cheap, is also less qualified, lacking educated young professionals and technology firms. [Miami Herald]