One of the Best Business Climates in the Southeast
Since the 1700s, the Pensacola Region has boasted one of the best business climates in the Southeast due to its trade and commerce significance. Major industries such as aerospace & defense and advanced manufacturing are benefiting from the stable economy and low cost of doing business in Pensacola.
Pensacola has recently been ranked in the Forbes Top 100 cities for cost of doing business (5.80% lower than the U.S. average according to Sperling's BestPlaces).
The Pensacola Region has a successful track record and is home to more than 500 companies, a strong manufacturing workforce, and many entrepreneurs. Perhaps that's why, over the past five years, new and expanding businesses, such as those listed below, have invested millions of dollars in our region.
Competitive Cost of Doing Business:
The Pensacola region offers a cost-efficient alternative to many other competitive business locations. Our land, labor, and capital are more affordable than in many other regions of the US which cannot compete with the natural beauty of the area. In addition, for businesses in certain targeted industries or specialized locations, we offer additional financial incentives. Businesses looking for workforce training, road infrastructure or specialized locations, may also qualify for specific incentive programs.
Pensacola’s progressive legislation ensures that the region will remain a magnet for existing and expanding businesses. Florida ranks 5th in the Tax Foundation’s 2013 State Business Tax Climate Index, which compares the states in five areas of taxation that impact business: corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes, and taxes on property (residential and commercial)
NO corporate income tax on limited partnerships
NO corporate income tax on subchapter S-corporations
NO state personal income tax guaranteed by constitutional provision
NO corporate franchise tax on capital stock
NO state-level property tax assessed
NO property tax on business inventories
NO property tax on goods-in-transit for up to 180 days
NO sales and use tax on goods manufactured or produced in Florida for export outside the state
NO sales tax on purchases of raw materials incorporated in a final product for resale, including non-reusable containers or packaging
NO sales/use tax on co-generation of electricity
Sales and Use Tax Exemptions on…
Labor, parts and materials used in repair of and incorporated into machinery and equipment
Electricity used in the manufacturing process
Certain boiler fuels (including natural gas) used in the manufacturing process
Semiconductor, defense and space technology-based industry transactions involving manufacturing equipment
Machinery and equipment used predominantly in research and development
Labor component of research and development expenditures
Commercial space activity — launch vehicles, payloads and fuel, machinery and equipment for production of items used exclusively at Spaceport Florida
Aircraft parts, modification, maintenance and repair, sale or lease of qualified aircraft
Production companies engaged in Florida in the production of motion pictures, made for television motion pictures, television series, commercial music videos or sound recordings.
More tax information
As one of the premier Cities located in one of largest states in the nation, Florida offers a large and talented pool of workers to employers. Florida's labor force is also more affordable compared to other competitive high-tech states, thanks to a favorable tax structure and a lower cost of living. In addition, Florida's professionals are more culturally and linguistically diverse, providing additional competitive advantages to employers in the global marketplace.
More workforce information is available here.
We understand that businesses need certainty, predictability and efficiency in government regulations. The state's regulatory agencies and local governments provide quicker, less costly and more predictable permitting processes for significant economic development projects without reducing environmental standards.
As an example the City of Pensacola offers a free, one-stop service weekly development review meeting, with no application or fee required (http://www.cityofpensacola.com/onestop)
Need custom cost analysis information? Contact our TeamCon
117 West Garden Street | Pensacola, FL 32502
T: 850.898.2201 | F: 850.438.6369
March 29, 2017