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What the numbers say: According to data from fintech platform Stripe, the number of "breakout startups" — new businesses with unusually rapid revenue growth — in Miami increased by 89% between 2016–17 and 2021–22. Miami, the Bay Area, New York, and Los Angeles are the top startup hubs in the U.S. What happened: The data shows that startups are moving away from previous hubs, such as San Francisco. Many have either moved out of the city or transitioned to a completely remote work culture. 26% of U.S.-based breakout startups were based in California, down from 31% in 2018. Relevance: Many businesses choose to relocate to South Florida due to low tax rates, supportive governmental policies, and lower cost of living. Data from census.gov shows that the number of startups established in Florida is growing, with the gap between the state and California widening in recent months. |
