Orlando--a dynamic metropolitan market. (Building Blocks).Orlando, Fla.,--the site of the 2002 Education Conference & Exposition--is among the top 20 fastest growing metropolitan areas in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Its dominant economic activity is tourism related, but it has a more diverse economy than one may think. The following is a history of the area, data on its demographics The attributes of people in a particular geographic area. Used for marketing purposes, population, ethnic origins, religion, spoken language, income and age range are examples of demographic data. and economy, and recent rental apartment conditions. Climate Temperature: * Annual average--72.2 [degrees] F * Monthly average--January 60.6 [degrees] F * Monthly average--July 82.5 [degrees] F * Annual average rainfall (inches)--30.38 * Annual average snowfall--0 Source: Local Climatological cli·ma·tol·o·gy n. The meteorological study of climates and their phenomena. cli  ma·to·log Data Annual 2000 Summary
Demographics The Orlando metropolitan area is the 26th largest metropolitan area in the United States and had a population of 1,615,957 in 2000. Its population will exceed 1.7 million persons this year. The metro area This article is about the music production team. For the article about population centers, see metropolitan area. Metro Area are a Brooklyn-based dance music production team composed of Morgan Geist and Darshan Jesrani. ranked 16th in population growth in the 1990's with an annual growth rate of 3 percent. There were 625,248 households in the metro area in 1990 and they contained an average of 2.58 persons (about the same as the national average of 2.59 persons). Economy Orlando has a very strong economy, but some softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. began to occur as the national economy slowed last year. The softening became more pronounced in the aftermath of the September terrorist attacks. Employment in the Orlando metropolitan area totaled 954,300 jobs in December of last year. Unemployment reached a 5.1 percent rate at the end of last year, up markedly from the 2.3 percent rate a year earlier. Some revival of tourism has already started to occur and a return to stronger overall economic growth is expected in the spring as the national economy revives. Orlando is known worldwide for its theme parks, but is also among the top locations in the country for business. The metro area composed of Orange, Seminole, Lake and Osceola counties Osceola County is the name of three counties in the United States:
Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. , Cirent Semiconductor, American Automobile Association American Automobile Association (AAA), federation of American automobile clubs, est. 1902. AAA provides a number of benefits to its members, including emergency road service; national and international travel assistance, e.g. , First USA, Planet Hollywood, Tupperware and Oracle Corp., among others. Economic Incentives for Business The State of Florida, county and local governments in the Orlando area offer numerous incentives to attract business. Some of the economic incentives offered are: State Tax Incentives * no state personal income tax * no sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. on food and medicine * no state-level ad valorem tax Ad Valorem Tax A tax based on the assessed value of real estate or personal property. In other words ad valorem taxes can be property tax or even duty on imported items. Property ad valorem taxes are the major source of revenues for state and municipal governments. * no inventory tax * no ad valorem tax on goods-in-transit * exemptions from sales tax on manufacturing machinery and equipment used in production * exemptions from sales tax on electricity used during the manufacturing process * sales and use tax Sales and use tax refers to:
* sales tax exemptions for the motion picture, television and recording industries * tax refunds Tax refund Money back from the government when too much tax has been paid or withheld from a salary. of up to $3,000 per job created for qualified target industries State Financing Incentives * Industrial Revenue Bond (IRB IRB See: Industrial Revenue Bond ) financing authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: for industrial use * Enterprise Bonds for Industry Program is an independent financing corporation Financing Corporation (FICO) A government agency chartered in 1987 to bail out the Federal Savings and Loan Insurance Corporation (FSLIC) by issuing bonds. that promotes financing for small manufacturers at attractive rates. * Enterprise Florida provides capital for start-ups, expansions, technology-transfer and businesses seeking to export goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. . * Florida First Capital Finance Corp. is a nonprofit corporation nonprofit corporation n. an organization incorporated under state laws and approved by both the state's Secretary of State and its taxing authority as operating for educational, charitable, social, religious, civic or humanitarian purposes. certified See certification. to issue SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government debentures. * International transactions exempted from documentary stamp tax stamp tax, method of collecting duties on certain transactions by means of a validating stamp attached to the taxable instrument, which may be a judicial act, a commercial document, a transfer of property, or law proceedings. and international banking transactions from intangible tax intangible tax A tax imposed by some states or local governments on the value of intangible assets such as stocks, bonds, money market funds, and bank account balances. . * Florida Black Business Investment Board provides financing for black-owned businesses. County Incentives * Orange County provides inducements to those companies creating a significant impact on the economy. Companies receiving incentives in the past have typically been well-established, high-tech, high-impact and high value-added corporations. They include Cirent Semiconductor (formerly AT&T Microelectronics), Standard Motor Products and Hewitt Associates Some of the information in this article may not be verified by . It should be checked for inaccuracies and modified to cite reliable sources. Hewitt Associates . * Seminole County Seminole County is the name of several counties in the United States:
A component of the Employment Situation Summary, reported monthly by the Bureau of Labor Statistics. The job growth figure is expressed as the gross number of jobs created in the American economy in the previous month. Incentive Fund for companies creating new jobs. Seminole County will consider providing dollars for items such as training, relocation costs and the payment of impact fees for companies that create more than 25 new jobs paying an average salary that is equal to the county's average wage. This program is available to new and expanding companies in Seminole County. * Lake County is the owner of an industrial park with affordable and expedited permitting. Lake County has enacted the Job Growth Investment Trust Fund, which awards a qualified business up to $4,000 for each new job created at a salary of 110 percent of the county's average annual wage. The county also offers a deferral deferral - Waiting for quiet on the Ethernet. plan for the payment of transportation impact fees for qualified projects. * Osceola County created an incentive fund to assist targeted projects. Awards are typically based on the level of capital investment associated with a build-to-suit project and the total number of jobs being created that pay' at, or above, 115 percent of Osceola County's average wage. Use of incentive funds is generally at the discretion of the company. An "early start" construction process is available and targeted economic development projects may also be eligible for five-day "fast-track" development review for all local permitting. Source: Metro Orlando Economic Development Commission Air Transportation The Orlando area has both an international airport and one that serves commercial and charters. The Orlando International Airport “KMCO” redirects here. For other uses, see KMCO (disambiguation). “MCO” redirects here. For other uses, see MCO (disambiguation). Orlando International Airport (IATA: MCO, ICAO: KMCO, FAA LID: MCO)[2] serves Metro Orlando with full customs services and a designated Foreign Trade Zone. Orlando International Airport rankings: * 19th largest in world * 13th largest in the U.S. * seventh in airport passenger growth * first in customer satisfaction * world's fourth most convenient airport * more than 1,000 flight operations per day * domestic passengers (2000)--28,285,725 * International passengers (2000)--2,537,784 * Cargo tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. (2000)--299,187 * seven domestic and 18 international major scheduled airlines serve Orlando International Airport The Orlando Sanford International provides charter and commercial service with full customs services and cargo handling. Orlando Sanford International rankings Country specific See: Economic
* domestic passengers (2000)--171,765 * international passengers (2000)--987,935 * cargo tonnage (2000)--12,760 * 125-acre industrial park * 50,000 square feet cargo building * four paved pave tr.v. paved, pav·ing, paves 1. To cover with a pavement. 2. To cover uniformly, as if with pavement. 3. To be or compose the pavement of. runways Source: Metro Orlando Economic Development Commission Rental Apartment Market Orlando had a very strong rental apartment market from 1997 until the middle of last year. The national economic recession and the Sept. 11, 2001, terrorist attacks have impacted the tourism market and this, in turn, produced easing in the Orlando apartment market. There are about 131,800 apartments in the Orlando metro area. Apartment vacancy rates began to climb at the end of the third quarter of 2001 in the Orlando metro area and continued to rise into the fourth quarter to roughly 8 percent, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Marcus Millichap. The Northeast/University submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. has been performing better than most other areas due to its student population with an average vacancy was of less than 5 percent. The Central Orange County area has remained tight as well, with vacancy less than 6 percent. Short-term losses in the airline and tourism industries could lead to an increase of two to three percentage points through the first quarter of 2002. Apartment construction activity in the Orlando area was very high from 1997 through early last year. This has meant that 9,000 new apartment units have been coming online each year since 1998. Employment growth softened soft·en v. soft·ened, soft·en·ing, soft·ens v.tr. 1. To make soft or softer. 2. To undermine or reduce the strength, morale, or resistance of. 3. in 2001 and demand for apartments, also began to ease. A total of 23,800 jobs were added to the metro area last year. This was enough to place it fourth among all metro areas, but it was down from the 36,500 jobs added in 2000. Apartment permits dropped to 6,400 units last year, from 9,200 in 2000. Apartment starts are expected to drop to 6,000 units this year. Rents are highest in the Southeast/Airport submarket at approximately $870, according to Marcus Millichap. Rents overall, they reported, were up between 4 percent and 5 percent over the year period ending in December. Lake County and Osceola County received the largest rent increases, with rises of more than 7 percent each. Sales of apartments in the Orlando metro area fell markedly, Marcus Millichap reported. They expect that apartment prices, "should be nearly fiat [Latin, Let it be done.] In old English practice, a short order or warrant of a judge or magistrate directing some act to be done; an authority issuing from some competent source for the doing of some legal act. in 2002, as investors closely monitor the absorption levels of the large amount of new units that have hit the market over the past few years." They reported an average price of $43,000 per unit in 2001, about the same as that for 2000. The lack of increase in the average sales price, they reported, can be attributed to no sales of Class-A properties. "A majority of sales last year involved Class-C properties, which still managed to post impressive increases over the previous year. Class-B volume was down slightly in 2001, but the median price per unit rose by more than 5 percent over the previous year."
MAJOR EMPLOYERS
Walt Disney World Co 55,000
Orange County Public Schools 25,000
State of Florida 14,612
Universal Orlando 14,500
Orlando Regional Healthcare 12,000
Florida Hospital 12,108
Seminole County Public Schools 6,700
Orange County Government 5,657
Lockheed Martin 5,053
Central Florida Investments 5,000
University of Central Florida 4,808
Darden Restaurants 4,675
Sprint 4,295
Sea World Orlando 4,000
AT&T Wireless 3,928
Sun Trust 3,473
Source: Economic Development Commission of Mid-Florida Inc.--2001
BUSINESS START-UPS
1997 1998 1999 2000
16,150 23,334 27,127 29,681
Source: Market Force Corp.--2000
ORLANDO, FL MSA ECONOMIC & HOUSING CONSTRUCTION DATA & FORECAST
1992 1993 1994 1995
Total Non-ag. Empl. (1) 618.9 650.4 683.2 714.4
Manufacturing 51.8 51.8 50.2 51.1
Non-Manufacturing 567.1 598.6 633.0 663.3
Services 230.1 249.6 268.5 288.2
Unemployment Rate (3) 6.4 5.7 4.7 3.9
Population 1302.9 1334.3 1363.2 1397.6
Households 490.2 501.8 512.7 526.9
Per Cap. Personal Inc.
current $'s $19,424 $20,105 $20,737 $21,796
2001 $'s $24,433 $24,548 $24,687 $25,227
Housing Starts total 12.2 16.6 16.7 16.0
Single Family 9.8 12.5 12.4 10.9
Multifamily 2.4 4.1 4.3 5.1
Apartments 2.3 4.0 4.0 4.9
1996 1997 1998 1999
Total Non-ag. Empl. (1) 749.8 794.8 837.9 876.6
Manufacturing 51.6 52.3 53.8 54.4
Non-Manufacturing 698.2 742.8 784.1 822.2
Services 304.4 329.7 352.5 371.5
Unemployment Rate (3) 3.2 2.9 2.5 2.4
Population 1430.5 1467.0 1512.5 1567.8
Households 535.4 551.6 602.3 630.6
Per Cap. Personal Inc.
current $'s $22,911 $24,124 $25,541 $26,568
2001 $'s $22,911 $26,539 $27,642 $28,144
Housing Starts total 16.1 21.4 25.8 29.6
Single Family 12.4 13.7 15.0 16.4
Multifamily 3.7 7.7 10.7 13.2
Apartments 3.6 7.4 10.6 12.9
2000 2001 2002
Total Non-ag. Empl. (1) 907.9 935.4 949.1
Manufacturing 54.7 54.5 54.1
Non-Manufacturing 853.2 880.9 895.0
Services 395.0 415.2 414.8
Unemployment Rate (3) 2.3 5.1 5.6
Population 1644.6 1682.6 1720.4
Households 625.2 686.5 702.7
Per Cap. Personal Inc.
current $'s $27,684 $28,795 $29,981
2001 $'s $28,365 $28,795 $29,250
Housing Starts total 24.9 23.3 22.9
Single Family 15.4 16.7 16.6
Multifamily 9.5 6.6 6.3
Apartments 9.2 6.4 6.0
Average Annual
% Change (2)
1992-97 1998-2002
Total Non-ag. Empl. (1) 5.1% 3.6%
Manufacturing 0.2% 0.7%
Non-Manufacturing 5.5% 3.8%
Services 7.5% 4.7%
Unemployment Rate (3)
Population 2.4% 3.2%
Households 2.4% 5.0%
Per Cap. Personal Inc.
current $'s 4.4% 4.4%
2001 $'s 1.7% 2.0%
Housing Starts total 16.5% 25.3%
Single Family 11.9% 16.0%
Multifamily 4.6% 9.3%
Apartments 4.4% 9.0%
(1.) All data in table presented in thousands with the exception of
Unemployment Rate (%) and Disposable Per Capita Income (in dollars)
(2.) Housing starts given in annual averages
(3.) December of each year
Souces: U.S. Departments of Commerce and Labor, forecasts by Regis J.
Sheehan & Associates
Robert J. Sheehan is President of Regis J. Sheehan Management Economics Consultants in McLean, Va., and serves as NAA's Consulting Economist. He can be reached at 703/893-9185 or via e-mail at gdad@erols.com |
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