Gov. Ron DeSantis, alongside Texas Gov. Greg Abbott, highlighted the rapidly growing economic corridor known as the "Boom Belt" between both states at the Texas Stock Exchange Boom Belt Event in Miami this week.
"As you see the movement of businesses and people to this boom belt, I think the importance of the Texas stock exchange is only going to continue to grow," DeSantis said. "I often tell people, as governor of Florida, my job is to closely follow California, Illinois, New York, so I can do precisely the opposite of what they do. And I think, and unfortunately, that's been a pretty good way to go."
Gov. DeSantis has often clashed with California Gov. Gavin Newsom over their gubernatorial terms, including on each state's economy and fiscal responsibility over the years.
"Florida has had more adjusted gross income move into our state since I've been governor than has ever moved into any state in the history of the United States, even adjusted for inflation. And part of that is the good policies, but part of it is some of what's going on in these other states," DeSantis said, specifically mentioning California's wealth tax.
Gov. DeSantis also critcized New York City Mayor Zohran Mamdani for tax policies on high-income earners resulting in business leaders leaving the state.
"You can imagine the founders of some of these companies who own a lot of stock and are very valuable, but then to impute to them massive more that they have to pay tax on. A lot of them don't want to mess with that," DeSantis said. "And so we've seen the plight of really, really significant folks into Florida, many of them here in the Miami area."
Citadel Securities President Jim Esposito praised Gov. DeSantis for making Florida a magnet for "talent and capital" for business growth. Citadel Securities was also an early investor in the Texas Stock Exchange (TXSE).
"Across Florida, Texas, and other high-growth states, government officials have created environments where businesses can operate, invest, and, importantly, grow with confidence," Esposito said.
Citadel Securities, a leading global market firm, moved its headquarters from Chicago to Miami, Florida, during the COVID-19 pandemic.
"Based on our own experience, it's no surprise that Florida continues to lead the nation in net business relocations. It's also why trillions in capital have flowed to the boom belt from states like New York and California," Esposito said. "Florida offers exceptional talent, regulatory clarity, and a wonderful quality of life. These clear advantages tend to compound over time."
According to TXSE CEO Jim Lee, the Boom Belt, referred to as the Southeastern United States, generates more than 9 trillion dollars in annual GDP [gross domestic product]. A report also found Texas and Florida to be the two best states for business in the country.
"Florida and Texas represent two of the anchors of the eleven states that comprise the boom belt," Abbott commented. "But it's not just us two states, it's all eleven that contribute mightily to the most robust economy of any region in the United States of America."
