How Florida’s swelling population presents business opportunities
By: Margie Manning
Businesses that make products, the stores that sell them and the real estate professionals who find the sites where they can house their companies are among potential big winners as Florida’s population grows.
Population gains in the Sunshine State are twice those of the national average, saidRichard Hokenson, head of global demographic research at Evercore Partners’ International Strategy and Investment business.
In an interview just before speaking toEvercore Wealth Management clients in St. Petersburg, he cited a business-friendly environment, in part because of low taxes, as well as a good climate and other quality of life factors such as proximity to water and colleges and universities, that are drawing people to Florida.
That creates growth opportunities across the spectrum, he said, singling out several sectors:
Manufacturers, who have a bigger labor pool from which they can draw qualified workers
Retailers, with more potential customers
Real estate professionals, both in commercial and residential real estate — “You can’t move your house,” Hokenson said about people who move into the state.
it also creates opportunities for the financial sector, including investment banking firm Evercore Partners (NYSE: EVR), which established Evercore Wealth Management in 2008, and now has $5.9 billion in assets under management. The company set up the Tampa office, its first office in Florida, a year ago.
Hokenson's presentation focused on global demographics, including population growth worldwide, and he did not have specific numbers for population gains in Florida.
About 800 people a day move into the state, according to Ernie Pinner, chairman and CEO of CenterState Banks Inc. (NASDAQ: CSFL). Pinner, who commented during a CenterState earnings call, said that’s just below the peak of 1,000 people a day moving to Florida in the early-to-mid-2000s.
Margie Manning is Print Editor of the Tampa Bay Business Journal. She also covers the Money beat. For original article go to to http://www.bizjournals.com/tampabay/news/2015/04/24/how-florida-s-swelling-population-presents.html
