As a bustling city in the heart of South Florida, Coral Springs is home to a diverse range of businesses. From small mom-and-pop shops to large corporations, this city has a thriving economy that attracts entrepreneurs and investors alike. But what is the average size of businesses in Coral Springs, FL? Let's take a closer look from an expert's perspective.
The Business Landscape in Coral Springs
Coral Springs is a city known for its strong sense of community and its commitment to economic growth. With a population of over 130,000 people, it is the fifth largest city in Broward County.The city's strategic location, just 20 miles northwest of Fort Lauderdale and 10 miles southwest of Boca Raton, makes it an ideal place for businesses to thrive. According to the Coral Springs Economic Development Foundation, there are over 9,000 businesses operating in the city. These businesses span across various industries including healthcare, education, retail, and professional services. The city also has a strong presence in the technology sector, with many startups and established companies choosing to call Coral Springs home.
The Average Size of Businesses in Coral Springs
When it comes to determining the average size of businesses in Coral Springs, there are a few factors to consider. One way to measure business size is by looking at the number of employees.According to the U. S. Census Bureau's County Business Patterns data from 2018, the majority of businesses in Coral Springs have less than 10 employees. In fact, 80% of businesses fall into this category. On the other hand, there are also a significant number of larger businesses in Coral Springs.
Around 15% of businesses have between 10-49 employees, while 4% have between 50-99 employees. The remaining 1% of businesses have over 100 employees, with some even reaching up to 500 employees. Another way to measure business size is by looking at revenue. According to the same data from the U. Census Bureau, the average annual revenue for businesses in Coral Springs is around $1.5 million.
However, this number can vary greatly depending on the industry and type of business.
The Impact of Business Size on the Local Economy
The size of businesses in Coral Springs has a significant impact on the local economy. Small businesses, which make up the majority of businesses in the city, play a crucial role in creating jobs and driving economic growth. They also contribute to the unique character and charm of the city, providing residents with a diverse range of products and services. On the other hand, larger businesses bring in more revenue and have a greater impact on the overall economy. They often have more resources to invest in research and development, which can lead to innovation and new job opportunities.These businesses also tend to have a larger customer base, which can bring in more visitors and boost tourism in the city.
