Orlando’s Economic Performance
When purchasing property anywhere in the world, it is a good idea to consider what are the economic fundamentals that will sustain and increase the local economy, because these are the factors that can affect the future value and rental returns of your Orlando property.
Along with many other areas of the world, the US is going through a difficult time at the moment. However, it is as well to remember certain basic facts about Florida’s economy.
Florida has on of the largest and most dynamic economies in the world. If it were an independent nation, Florida’s $750 billion annual economic output (2006) would rank it as the world’s 19th largest economy (also counting other US states individually).
Clearly, Florida is an important player on the global economic stage, and its stature is rapidly rising with each passing year. Compared to other nations, Florida’s overall economic performance is more robust than most of its competitors, either in the Americas or elsewhere. Florida’s extremely low unemployment rate – hovering below 4% - is virtually unheard of in most advanced countries. Being part of the USA, Florida enjoys a high degree of monetary stability with low inflation rates.
Very few countries enjoy per capita income levels as high as Florida and that includes some of the world’s most sophisticated economies such as the UK, Germany, Japan and China.
Orlando Location
Located near the very heart of Florida, Metro Orlando embraces about 4,000 square miles.
Situated about 150 miles from the Georgia border north
50 miles from the Atlantic Coast to the east
75 miles from the Gulf Coast to the west
237 miles from Miami
370 miles from the Florida Keys at the very southern tip of the state
DEMOGRAPHICS
The demographics of the Metro area have changed considerably over the last decade due to the volume and diversity of growth. Metro Orlando is now a thriving and dynamic metropolis of more than 1.5 million people. As one of the country's most dynamic and diverse markets, Metro Orlando attracts a continuing flow of new businesses and residents.
Statistics show a sample week in Metro Orlando produces:
- 462 new jobs
- 269 new businesses
- $321 million in retail sales
- 1,463 new adult residents
- 774,270 visitors
- 492,030 air travellers
- 308 residential buildings permits
- $456 million in buying income
International Gateway
Florida is on of the most international U.S. states with international business supporting about 1 million jobs. Florida is acknowledged as the foremost commercial gateway to Latin America and the Caribbean. Florida’s annual international trade exceeds $100 billion.
Within Florida, Orlando has a thriving and dynamic Business Environment
Behind the scenes of Metro Orlando's thriving technology, tourism and entertainment industries is a dynamic and diversified economy!
Orlando, apart from enjoying the distinction of being the world's foremost vacation spot is also the world’s most visited city with 58 million visitors in 2007. And agriculture, manufacturing, construction, finance and professional services are all vital elements of the region's economy.
The last decade has seen enormous growth and expansion in Metro Orlando. Led by rapid growth in business, medical and financial occupations, the service industry now accounts for nearly one in every three jobs. The retail/wholesale industry ranks second in total employment in the region. Metro Orlando ranked among the top twelve markets for apartment development in the country
Local Industry
There are over 4,500 manufacturers and distributors providing jobs for Central Florida's work force. 70% to 80% of the regions new jobs come from existing business. The Economic Development Commission of Mid-Florida, Inc. (EDC) established a proactive industry retention program to help existing companies prosper and expand. This program serves local companies by identifying sources of employee training, research and government assistance, which aids them in the generation of new jobs and the investment of new capital.
High Technology
In order to become the fastest growing technology center in the nation you have to have all your pins in place. You need an expanding base of high tech companies, a technologically oriented university with an adjacent research park, a skilled available labor pool, and a desirable quality of life. Metro Orlando has it all. During the past 10 years employment in Central Florida's high tech industries increased by more than 100%.
Manufacturing
There are almost 3,000 manufacturers in the region.
Metro Orlando's list of manufacturing facilities boast some of the biggest names in manufacturing in the country. Lockheed Martin ,active in defence and aerospace products; Siemens Stromberg-Carlson assembles electronic switching equipment for telephones; and Cirent Semiconductor formerly AT& T (micro electronics). Some others of note are FMC Corp. (aircraft loading equipment); Frito Lay (snack foods);Mercury Marine (electronic components); Wheeled Coach (ambulances); and Quaker Oats (Gatorade).
Warehouse/Distribution
Orlando is a major warehouse/distribution centre for Florida and the southeast due to its central location, and excellent transportation system. It is composed of more than 60 industrial parks with a total of 67.9 million square feet of space. Distributors include: Marriott International (food products); American Hotel Register ( hotel supplies); Behr Processing has a paint distribution center in north Orlando. Other major distribution centers include Walgreens (health care products);Whirlpool (appliances); Chrysler Corp. (auto parts); Circuit City (consumer electronics) and Toys R Us (toys).
Corporate/Regional Headquarters
A number of Fortune 500 companies have found Orlando the right place to set up corporate, regional and divisional headquarters. Among them are, AAA, The American Automobile Association has its' national headquarters in Heathrow, Seminole County. The international headquarters of Tupperware Home Parties is located in Osceola County. The Campus Crusade for Christ relocated its international headquarters to Orlando, Orange County. Others that have offices here are AT&T, Dardens Restaurant Group, Dixon Ticonderoga, Sun Trust, and Westinghouse Electric Corp.
Film and Television Production
The region has the largest base of vendors and support businesses outside of the East and West coast strongholds, New York and Los Angeles. There are 13 sound stages and almost 4,000 miles of locations that have been used for filming throughout the world.
Metro Orlando has a Film & Television Office which markets and promotes the development of feature film, television and commercial productions in the region. This office is a liaison for acquiring essential services necessary for a successful production. It goes into action the minute a production company arrives in Orlando.
Tourism and Conventions
Orlando runs neck and neck with Las Vegas in total number of hotel rooms. Orlando has more than 85,000 rooms, and employs well over 120,000 people in the tourist/entertainment trade.
There are 3 major meeting facilities in Orlando.
The largest, the Orange County Convention Centre, has over one million square feet and still expanding. Orlando Centroplex which has a 71,000 square foot Expo Center, 2,500 seat Bob Car Performing Arts Center, and the 17,300 seat Arena (O-rena). The Tupperware Convention Center has 35,000 square feet of exhibit space and a 2,000 seat theatre.
Agribusiness
Still another major industry in Metro Orlando is Agribusiness with companies like Southern Fruit Distributors, T.G. Lee Foods, and A. Duda & Sons. There are also citrus and cattle industries with a strong presence in the region. A developing industry is grapes for the production of wine. Apopka, in Orange County is the indoor foliage capital of the world.
International Business Development
In 1995 the Metro Orlando International Affairs Commission (MOIAC) was formed. It is the regions umbrella organization for international activities. Participating groups include the Economic Development Commission of Mid-Florida(EDC), Greater Orlando Aviation authority, Greater Orlando Chamber of Commerce, Canaveral Port Authority, Orlando/Orange County Convention & Visitors Bureau, Inc., the governments of Orange, Seminole, Lake and Osceola counties, the city of Orlando and area private industry. MOIAC promotes and aids local companies in international business activities.