Recently, we looked at South Florida’s emergence as a tech renaissance. But it’s not just the tech sector that’s driving growth in the “sunshine state.” A hospitable climate for entrepreneurship has developed in Florida, thanks to the state’s low cost of living and lack of state income tax.
In recruiting, we often notice trends that escape the mainstream press. And in South Florida, we see a number of growth areas alongside the state’s perennial strong performers in health care, food and beverage, hospitality and education.
140 South Florida companies made Inc. magazine’s list of the 5,000 fastest-growing companies in the United States. Standout performers included consumer products company Inova US (based in Key Biscayne), ShipMonk, which is part of the burgeoning order fulfillment and inventory management space, reCommerce, which helps online retailers perform better on Amazon, and Experimac, a national retailer of certified pre-owned Apple products.
Zeroing in on areas of Miami, Fort Lauderdale, and Palm Beach, we see real estate, tech and medical dominating the burgeoning economy of South Florida, including the following companies that landed in the top 5 of South Florida Business Journal’s rankings of fastest-growing companies:
- Hayes Locums focuses on the important healthcare niche of “locum tenens,” or temporary position, by providing dependable and trustworthy placement services on a temporary and permanent basis to both physicians and healthcare institutions nationwide.
- The Revenue Outsourcing Company, or T-ROC, was founded in 2000 by CEO Brett Beveridge and is now one of the fastest growing outsource companies in the U.S. Through a suite of companies and services, T-ROC provides services, software and solutions to a variety of retail environments aimed at maximizing staff efficiencies and profitability.
- SMP Pharmacy Solutions was founded in 2003 as South Miami Pharmacy. Providing fertility, specialty, compounding and retail services nationwide, SMP Pharmacy Solutions competes with big box pharmacies on price, inventory and insurances accepted.
- In the high growth electronic health records, or EHR market is a company called Modernizing Medicine which provides a variety of software and process solutions for health care providers.
- Current Builders rounds out the top 5 fastest growing, with an annual construction volume of $150 million dollars. With a diversified portfolio of construction projects, Current Builders works on apartment buildings, dorms, senior living, shopping centers and industrial parks.
South Florida is also the gateway to a number of hospitality, entertainment and consumer goods brands who want to establish or expand their presence in Latin America. We often work with these companies to help them acquire local executives with the cultural acumen and skills to help them thrive in this vibrant market.
With a favorable local business climate, we expect South Florida to continue its impressive economic expansion and will continue to expand our network in this important geographic region.