Construction activity in Florida is part of a broader business expansion that has added more than 106,000 employer businesses statewide since 2020, although the pace of new business formation has slowed in recent years.
Florida added a net 106,297 businesses with employees between early 2020 and early 2025, accounting for roughly 11% of the nation’s net business formation, according to the Pioneer Institute, a Boston-based, free-market public policy think tank. Private-sector employment grew 12.2%, or nearly 967,000 jobs, from January 2020 through August 2026, ranking fifth nationally. The expansion has reached professional and technical services, not just tourism and construction. But the boom is losing momentum. Annual net business formation fell from 46,129 in 2021 to 9,755 in 2023, while applications most likely to produce employers have declined since 2023. Florida’s business base continues growing, though more slowly.
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