Cape Coral ranked 13th for establishing small businesses

Cape Coral was named the 13th best city in the country for starting a small business by CoworkingCafe.

The blog set out to find the top U.S. cities where aspiring business owners can thrive in 2024. They conducted a study that analyzed 136 cities across various key metrics, including gross domestic product, number of business applications, labor costs, and more. 

Here’s what they said about Cape Coral:

“Cape Coral’s unique landscape of canals and waterfront properties is paralleled by a high self-employment rate of 14%, ranking 6th nationally. The city’s cost of living index is 105.7, and labor costs are $39,129. With a business application rate of 2,748 and a GDP growth rate of 34%, Cape Coral is a vibrant community for businesses in real estate, construction, and tourism.”

Sharon Woodberry, economic and business development manager for the City of Cape Coral, said the lack of a state income tax, combined with a family-friendly lifestyle, makes people want to put down roots.

“It’s typically some attraction that brought them here recreationally first. Then they see the opportunity to build their business here,” she said. “It’s cheaper to do business in comparison to other places. The fact that the city is always growing and the year-round sunshine doesn’t hurt.”

Woodberry said this off-season proved particularly difficult for the small businesses in Cape Coral. She hopes the flow of people anticipated to come down in the next few months will provide some relief very soon.

To learn more about CoworkingCafe go to their website.