Central Florida Economic Indicators
Medical City steams ahead, and work on the first phase of the 61-mile SunRail commuter line will provide an economic boost. Meanwhile, Osceola welcomes a regional headquarters of Colt Manufacturing.
Orlando/Orange County
Nemours Children's Hospital at Lake Nona will open this year. [Photo: Nemours Childrens's Hospitatl] |
Orlando posted strong gains in tourism last year, helping to push Disney share prices up by 11% since the beginning of 2011.[Photo: Disney] |
Residential construction remains the weakest contributor to the region's economy, and modest growth is forecast for the coming year. But healthcare, education and science-related development in the Lake Nona area of east Orange is creating hundreds of jobs. Two major facilities open this year: The University of Florida's Research and Academic Center followed by Nemours Children's Hospital. Work on the Orlando Veterans Affairs Medical Center continues, but construction problems have pushed the completion date to 2013.
SunRail will stop at 17 stations from Osceola to Volusia. [Photo: SunRail] |
And power could shine this year. NAI Realvest in Orlando, one of central Florida's largest integrated commercial real estate companies, launched a site-selection team for alternative-energy projects after getting interest from potential clients. Waste-to-energy and biomass have potential, but solar-panel costs are dropping so fast that even without subsidies solar looks poised to surprise on the upside, says George Livingston, NAI's chairman.
Businesses to Watch
» Darden Restaurants: Orlando's only Fortune 500 company is investing heavily in its Olive Garden brand.
Darden's Orlando headquarters [Photo: Alex Stafford] |
» Wyndham Vacation Ownership: The timeshare company is leasing the 300,000-sq.-ft. former Harcourt-Brace headquarters and plans to invest $24.7-million in the property and fill more than 230 jobs during the next three years.
» ZeroChaos: The fast-growing staffing and back-office service outfit in Orlando, bought by a New York private equity firm last year for more than $200 million, is expanding its national reach after acquiring controlling interest in workforce management company WorkforceLogic in San Francisco.
People to Watch
Ducan |
» Gina Duncan: The transgender leader of the 250-member gay business chamber is running for a seat on the Orange County Commission.
» Craig Ustler: The developer heads the major downtown redevelopment effort of the former Amway Arena and Centroplex property called Creative Village.
Orange Population: 1,192,551 | ||||
Population Growth Rate (2008-12): 1.68% | ||||
Population by Age: | ||||
0-14 | 15-19 | 20-39 | 40-64 | 65+ |
19.29% | 7.10% | 32.22% | 31.34% | 10.05% |
Per Capita Income: $37,879 |
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Jobs | ||||
MSA | Dec. 2011 | Dec. 2010 | % Change | Jobless Rate |
Orlando/Kissimmee/Sanford | 1,008,325 | 996,137 | +1.2% | 9.5% |
Source: Agency for Workforce Innovation |
Homes - Single-family, existing-home sales | ||||
MSA | 2011 Sales | 1-Year Change | 2011 Price | 1-Year Change |
Orlando | 27,400 | +2% | $125,200 | -5% |
Source: Florida Realtors; year-end sales, median price |
Orange County Consumer Bankruptcies | ||||
2010 | 2011 | Change | ||
8,389 | 7,136 | -14.9% | ||
Source: National Bankruptcy Research Center |
Lake Mary/Sanford/Seminole County
The 118-foot, 3,500-year-old tree known as "The Senator" burned earlier this year. [Photo: Joe Burbank] |
Seminole's highly regarded school system and cities are making do with less again this year. Sanford fears another decrease of $1 million or more in property tax collections, but the community is benefiting from downtown revitalization efforts. Lake Mary and Winter Springs are helped by their proximity to the University of Central Florida's campuses and high-tech developments.
Businesses to Watch
» Convergys: The management solutions company, with about 1,800 employees, says it will add another 414 customer service and technical support positions at its Lake Mary center this year.
Seminole Population: 439,890 | ||||
Population Growth Rate (2008-12): 1.37% | ||||
Population by Age: | ||||
0-14 | 15-19 | 20-39 | 40-64 | 65+ |
18.07% | 7.02% | 27.06% | 35.11% | 12.73% |
Per Capita Income: $46,014 |
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Kissimmee/Osceola County
Osceola County sealed a deal that pays off this year as Colt Manufacturing opens a regional headquarters and begins filling more than 60 jobs paying an average of about $45,000. The weapons maker is investing $2.5 million in return for rent concessions and $250,000 from a state incentive fund.
Says County Commission Chairman John Quiñones: "Attracting an American icon like Colt ... is a real coup for our economic development efforts." AES Inc., an Indiana company that overhauls electronics, weapons systems and accessories for the military and prime contractors, also announced it will move to Osceola, bringing 20 jobs paying an average of $60,526. Look for more relocation interest driven in part by the local expansion of Valencia College and its reputation for workforce education. The college is designing specialized training courses for Colt.
Tourism continues to gain importance, and Fun Spot Action Park in Kissimmee is expanding, while agriculture struggles with citrus pests, competition and higher costs.
Osceola Population: 289,736 | ||||
Population Growth Rate (2008-12): 2.57% | ||||
Population by Age: | ||||
0-14 | 15-19 | 20-39 | 40-64 | 65+ |
20.93% | 8.27% | 26.89% | 32.56% | 11.36% |
Per Capita Income: $27,688 |
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Lake County
With its economy driven in recent years mostly by residential development, Lake County took a severe hit with the collapse in construction and housing prices, but the county's other main source of income — transfer payments to retirees — has been a stabilizing factor.
Now both are poised to grow as residential construction gradually picks up, mainly in the Villages development. Leesburg, the county's largest city, hopes to regain momentum and grow jobs by developing a Florida Energy and Aerospace Park near Florida's Turnpike
Lake Population: 314,977 | ||||
Population Growth Rate (2008-12): 1.77% | ||||
Population by Age: | ||||
0-14 | 15-19 | 20-39 | 40-64 | 65+ |
17.02% | 5.75% | 19.91% | 32.42% | 24.90% |
Per Capita Income: $35,205 |