Coral Springs, Florida is a bustling city located in Broward County, known for its beautiful parks, top-rated schools, and diverse community. It is also home to a thriving business scene, with a variety of industries and companies calling it home. But for entrepreneurs and business owners looking to set up shop in Coral Springs, one question often comes to mind: what is the cost of doing business in this city compared to others?
The Business Landscape in Coral Springs
Before we dive into the cost of doing business in Coral Springs, let's take a closer look at the business landscape in this city. According to the Coral Springs Economic Development Office, there are over 10,000 businesses operating in the city, with a majority of them being small businesses.The top industries in Coral Springs include healthcare, retail, professional services, and technology. One of the main reasons why businesses choose to set up shop in Coral Springs is its strategic location. The city is situated between two major airports - Fort Lauderdale-Hollywood International Airport and Palm Beach International Airport - making it easily accessible for both domestic and international travel. It also has a well-developed transportation system, making it convenient for employees and customers to get around.
The Cost of Doing Business in Coral Springs
Now let's get to the main question at hand - what is the cost of doing business in Coral Springs compared to other cities? To answer this question, we need to look at various factors that contribute to the overall cost of running a business.Real Estate Costs
One of the biggest expenses for any business is real estate. In Coral Springs, the average cost per square foot for commercial space is around $25, which is slightly lower than the national average of $28. This makes it an attractive option for businesses looking to save on real estate costs.Additionally, the city offers a variety of commercial spaces, from office buildings to retail spaces, giving businesses plenty of options to choose from.
Taxes and Fees
When it comes to taxes and fees, Coral Springs is considered to be business-friendly. The city has a low property tax rate and does not have a local income tax. It also offers various tax incentives for businesses, such as the Florida Enterprise Zone Program and the Targeted Industry Incentive Program. However, businesses in Coral Springs are subject to state taxes, including sales tax and corporate income tax. In terms of fees, businesses in Coral Springs are required to obtain a business tax receipt (BTR) before operating.The cost of a BTR varies depending on the type of business and can range from $50 to $500 annually.
Labor Costs
Another significant expense for businesses is labor costs. In Coral Springs, the average salary for employees is slightly higher than the national average. However, this can be attributed to the city's high standard of living and quality of life. The cost of living in Coral Springs is 5% higher than the national average, but it is still more affordable compared to other major cities in Florida like Miami and Orlando. Additionally, Coral Springs has a highly educated workforce, with over 40% of residents holding a bachelor's degree or higher.This means businesses have access to a skilled and knowledgeable talent pool.
How Does Coral Springs Compare to Other Cities?
Now that we have looked at the various costs associated with doing business in Coral Springs, let's compare it to other cities in Florida and the United States. When it comes to real estate costs, Coral Springs is more affordable compared to cities like Miami and Orlando, where the average cost per square foot is $40 and $35, respectively. However, it is slightly higher than cities like Tampa and Jacksonville, where the average cost per square foot is $22 and $20, respectively. In terms of taxes and fees, Coral Springs is considered to be more business-friendly compared to other major cities in Florida. For example, Miami has a higher property tax rate and also charges a local income tax. Orlando also has a higher property tax rate and requires businesses to obtain a local business tax receipt in addition to a state BTR. When it comes to labor costs, Coral Springs is on par with other major cities in Florida.However, it is more affordable compared to cities like New York and Los Angeles, where the cost of living is significantly higher.
