The Real Deal Miami

Lower taxes drawing more companies to Miami

Recent re-locators will add 374 jobs and $15.65M to Miami's economy
March 12, 2014 03:45PM

Brickell Bay Office Tower

Brickell Bay Office Tower

Pleasure seekers have long flocked to Miami’s warm weather and beaches, but now it’s the area’s low taxes that are attracting new residents.

Both individuals and businesses, once located in highly taxed areas like New York and California, are relocating to Miami’s more “business friendly” environment, according to Miami Today.

For example, at Brickell Bay Office Tower, one company from California and two from New York recently opened, and executives at two more businesses from those states are considering moving their operations to Miami, said Christian Driussi, Brickell Bay Office Tower vice president.

“It’s something that’s been going on in the past 12 to 18 months,” Driussi told Miami Today. “They feel, obviously, that Florida and Miami are business friendly.”

Three recent New York companies that have moved to Miami will add approximately 374 jobs and $15.65 million in capital investment in the community, according to a Beacon Council report.

“When these people come here and they do the math, they say, ‘Oh my goodness, I have all this money that I don’t have to pay in income tax, and I can apply that to either home payment or other things,” said Ron Shuffield, president and CEO of Esslinger-Wooten-Maxwell Realtors. [Miami Today] Christopher Cameron