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Economic yearbook 2009
Central Fla. Yearbook 2009
The health sector grows in an otherwise contracted economy.
"Efforts to diversify the region’s economy have already paid dividends." — Sean Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida’s College of Business Administration
Orlando / Orange County
 UCF’s Sean Snaith says an effort to form a clean technology cluster fueled by federal stimulus money could be “the next version of the life sciences cluster.” [Photo: Jeffrey Camp] |
“Efforts to diversify the region’s economy have already paid dividends,” says Sean Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida’s College of Business Administration. “Health is the one sector that is growing in an otherwise contracted economy. It’s a sector that is recession-resistant. ... You can’t delay an emergency appendectomy until the economy turns around.”
A new biotech and life sciences cluster at Lake Nona remains the region’s brightest spot, growing ahead of schedule with more than $1.5 billion in active construction projects. Anchors include a $656-million Veterans Affairs Medical Center and a $400-million Nemours Children’s Hospital — both set to open in 2012 — a $160-million UCF Health Sciences campus and a $85-million Burnham Institute for Medical Research facility, which are ramping up operations this year.
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Meanwhile, downtown, construction of an events center to replace the Amway Arena is on schedule and under budget, Orlando Mayor Buddy Dyer says. But two companion projects to build a performing arts center and renovate the Citrus Bowl stadium are on hold while officials determine how to replace $270 million worth of tourism taxes that were supposed to fund the projects.
With incentive dollars tight, the area is toning down goals of bringing in new companies, focusing instead on helping existing businesses survive and grow. The city, county and other partners are expanding programs aimed at accelerating small businesses, including the Disney Entrepreneur Center, a one-stop shop of multiple service providers; a growing chain of UCF business incubators; a UCF Venture Lab, which helps high-growth companies raise capital; and programs affiliated with private Rollins College in Winter Park and the Orlando Regional Chamber of Commerce.
“You can’t be in the game if you don’t have bait to attract companies here,” Snaith says. “So you’ve got to focus on what’s already here and help those businesses grow and do what you can do locally until we can right the fiscal ship.”
