Rent Woes and Growth Spurts: A Snapshot of Florida’s Small Business Scene

Recent developments in Florida’s business landscape reveal both challenges and growth opportunities. A recent report highlighted that over half of Florida’s small businesses are struggling to pay rent, with 54% of business owners unable to cover their rental costs in June 2024. This situation has worsened due to rising rent prices, lingering effects of the COVID-19 pandemic, high interest rates, and inflation. Many businesses are still struggling to reach pre-pandemic revenue levels.

On a more positive note, North Port in Sarasota County has seen significant growth, welcoming 71 new businesses in the second quarter of 2023. This growth is attributed to the area’s rapid population increase and ongoing development projects, such as Wellen Park and Myakka Crossings Commercial Park. The city has been actively supporting these new businesses by organizing events to help them establish connections and navigate the local market.

These trends indicate a complex business environment in Florida, with some regions and sectors experiencing expansion while others continue to face financial challenges.