BUSINESS ENVIRONMENT
Jacksonville offers an unbeatable business climate
So you probably guessed that a Florida location offers a great climate to live and play, but you may not realize that it is also a perfect location for business. In fact, Inc. magazine ranked Jacksonville as the 12th “Best Large City for Business.”
Jacksonville has a very established business base, home to three Fortune 500 companies — CSX, Fidelity National Financial and Winn-Dixie — and more than 80 other corporate, regional and divisional headquarters. Northeast Florida boasts an impressive list of existing businesses with a great track record of success in our market.
In 2005, Cornerstone, in an effort to expand the region’s economic development efforts, identified seven key target industries that have led to a more diversified and larger economic base in Northeast Florida. The target industries are:
- Advanced Manufacturing
Aviation and Aerospace - Finance and Insurance Services
- Headquarters
- Information Technology
- Life Sciences
- Logistics and Distribution
These industries were identified based on the core strengths and competitive assets of Jacksonville and Northeast Florida. The core strengths include sites and infrastructure, including the large deep water ports, Cecil Field, intermodal connections and multiple highways; the location and its proximity to large east coast metro areas; and the overall business climate. The competitive assets include an excellent quality of life, average wage rates and the overall tax structure.
The tax environment in Florida is very favorable for both businesses and individuals. Florida has no corporate franchise tax, no state personal income tax, no taxes on inventories and no taxes on foreign income. And our state and local governments offer competitive tax incentives for businesses that relocate or expand in Northeast Florida.
Jacksonville has been compared to a “sleeping giant,” and has continued its emergence as a significant international business center. Centrally located with three time zones to the east and west, Jacksonville is positioned as a low-cost entry point for international businesses.
Working in partnership with such entities as the U.S. Department of Commerce, Enterprise Florida, the International Committee and the Jacksonville International Business Council (JIBC), Cornerstone operates a one-stop shop for international business development and business recruitment.