Unleashing small business growth in Florida

Florida's population has surged in the past five years, with nearly 2 million new residents calling this state home.

One of the reasons so many have decided to call Florida home is the enactment of a slew of pro-growth policies that create jobs and promote competition. But more needs to be done. Gov. Ron DeSantis and the Florida Legislature have been working overtime to make Florida more business friendly, but small businesses are still struggling in many ways.

A recent report by the National Federation of Independent Business shows that the Small Business Optimism Index for May stood at 90.8, a slight increase over April’s numbers but below our historical average of 98 for the 29th consecutive month. The Uncertainty Index rose to 85, the highest reading since November 2020. Around 22% of small business owners cited inflation as their single most important problem. Business financing concerns have also reached their highest level since June 2010.

State regulations play a large role in hampering economic growth. A study from the Mercatus Center at George Mason University shows that in Florida, between 1997 and 2015, federal regulations caused more than 12,000 fewer businesses, 130,000 fewer jobs, and more than 300,000 people to live in poverty. Today, Florida still ranks eighth in the volume of burdensome regulations (out of 44 states where data is available).