‘Pro-American, Optimistic, Pro-Business’: JP Morgan CEO on His Love for Florida and Texas

Jamie Dimon, CEO of JPMorgan Chase, takes part in a panel discussion about investing in Detroit at the Kennedy School of Government at Harvard University in Cambridge, Mass., on April 11, 2018. Brian Snyder/Reuters

Jamie Dimon, CEO of JP Morgan Chase, expressed his choice of Florida and Texas for their pro-business approach, suggesting that other states have much to learn from these red states.

“We’ve loved Florida. We’re growing in Florida left and right, you know, small businesses, large companies … I’ve forgot how many total employees we have here. I’m on my way to Tampa. We’ve got major operations there. Orlando, major operations. We’re opening branches. The mayor just joined us at a small business that we did here. We’re very pro, pro-Florida,” Dimon said in an interview with Bloomberg at the JP Morgan Leveraged Finance Conference in Miami, Florida.

Dimon believes Texas is just like Florida in terms of openness to business. “So, Florida likes business. They want you to come … Texas is the same way.”

“If I was some other states, I'd be thinking about why do people like going to these states. It’s their taxes, it’s their pro-business. They want a better life for the people.”

Dimon pointed out that his investment company now has more employees in Texas than in the state of New York. “Texas loves to be there. I mean, you go there, they’re optimistic. They’re optimistic here. Pro-American, optimistic, pro-business.”

Florida and Texas Attracting Business

Multiple businesses have migrated to Republican states like Florida and Texas in recent times. In June, Caterpillar, a major manufacturer of mining and construction equipment, announced that it will move its global headquarters to Irving, Texas. Hedge fund Citadel announced shifting to Miami, Florida the same month.

Major companies like Tesla, Oracle, and Hewlett-Packard are among hundreds of firms moving out from states like New York, New Jersey, Illinois, and California to places like Texas, Arizona, Tennessee, and Florida.

A 2022 survey of 700 CEOs picked Texas and Florida as the top two states for business, with California and New York getting lower rankings.

“There is a great migration going on, and I expect it to accelerate,” Glen Hamer, president of the Texas Association of Business, told The Epoch Times in July 2022.

“When the Caterpillars and the Elon Musks relocate, it’s an advertisement to the entire country and the entire world that something positive is going on in that state. And there is a multiplier effect.”

Data from the Bureau of Labor Statistics (BLS) showed that there were 9,578,500 nonfarm jobs by the end of 2022 in Florida, higher than the 9,576,100 jobs in New York. This was the first time since 1982 that Florida had more employees than New York state.

“Unlike @chuckschumer’s New York, Florida’s low taxes and business-friendly environment is inspiring more job growth across the state. Florida is the best state to get a job and raise your family!” Sen. Rick Scott (R-Fla.) said in a Feb. 3 tweet.

Florida’s Business Plan

On Feb. 1, Florida’s Republican Governor Ron DeSantis announced his “Framework for Freedom” budget proposal for fiscal year 2023-2024 which includes several initiatives to boost the state’s economy.

One hundred million dollars was set aside for the Job Growth Grant Fund that will provide local regions with funding for “proposed public infrastructure and workforce training projects,” according to Feb. 1 news release.

Thirty million dollars was set aside for the Rural Infrastructure Fund aimed at supporting projects for roads, telecommunication facilities, and so on. To boost tourism, $100 million was allocated for marketing and promotion efforts of the “Visit Florida” campaign.

“Florida’s focus on freedom has led us to outpace the nation on all fronts,” DeSantis said. “Through the Framework for Freedom Budget, we are establishing freedom first policies to benefit Florida workers and families and to provide a framework for future prosperity.”