We have a saying in Orlando, “You Don’t Know The Half Of It”!
While Orlando is renowned worldwide as the #1 Vacation Destination, as well as for its tropical climate and relaxed lifestyle, the region also is one of the top 10 locations in the country for business catapulted by a growing population of more than 2.3 million. Orlando is the second-fastest-growing large metro area in the nation over the last few years, with more people expected to move here than any other point in history, with a net immigration of 350,000 new residents by 2020. Basically speaking, more people equals more economic opportunities and although Orlando is known for tourism and hospitality, more than two-thirds of the local workforce are at work in other industries.
Orlando is the world capital of Modeling, Simulation & Training (MS&T) and the top producing region for engineers in the Aviation, Aerospace & Defense industry. As the nation’s newest hub for Advanced Manufacturing, Orlando is home to the world’s first international consortium for advanced manufacturing and research. Life Sciences & Healthcare are growing here at exponential rates with more than 92,000 jobs and growing. Orlando added more jobs than any other metropolitan statistical area in the country in 2015, with 52,200 jobs created in the 12 months ending December 2015, according to revised data released by the U.S. Department of Labor.
Employment growth in 2015 came in at a revised 4.6 percent, making Orlando the fastest-growing of the 30 regions in the country with an employment base of at least 1 million jobs. The revised 2015 total is Orlando’s highest annual gain since 2004, extending a run of recent growth that now brings total net gains since early 2010 to almost 215,000 jobs.
From a educational perspective, the region offers more than 35 colleges, universities, technical schools and private institutions as well as continuing education programs that offer on-going opportunities for workers sharpening their skill. The University of Central Florida is the nation’s second-largest providing opportunities to 60,000 students offering 210 degree programs, and is one of 25 public universities with the Carnegie Foundation’s highest designation in two categories: community engagement and very high research activity.
Expansive growth and economic opportunities have positioned Orlando to become one of the hottest spots in the country with rising demand, positive gains in recovery, really good fundamentals and positive momentum. 2015 was a very good year for both home and condo sales, while statewide median prices have increased year-over-year for 49 months in a row. All recent reports project Florida’s real estate sector will continue to experience growth and positive momentum in the coming months, with home sales expected to increase 8-10 per cent in 2016, while home prices are likely to rise about 5 per cent.
With Orlando having one of the fastest growing rental returns in the United States, it’s no wonder that a growing number of real estate investors are considering buy-to-let. Orlando apartment rental returns grew at around 9% on average in the year to March 2016, according to the Apartment List report from the rentanomics website, taking it into the top three in the United States. Despite rising price levels of Orlando residences, there’s still opportunities to purchase real estate in prime locations, with excellent R.O.I., income and existing management from day one, from under $100,000.
As a tourist destination, the area continues to break records year on year with over 105 Million visitors to Florida in 2015, and approximately 60% of all visitors spending time in Orlando. With the evolution of new Vacation Resorts well underway, our Sister Company, Global Resort Homes, recently voted Property Management Company of the Year by the Central Florida Vacation Rental Managers Association, have seen a sizable shift in the number of visitors to the larger 8 and 9 bedroom homes within these well located and amenitized resorts, a trend validated by tax receipts collected for Short-Term rental properties versus Hotel properties in 2015. Of course with more visitors, the travel network can be put under a strain, however, with the widening of Interstate-4 in the works, a major expansion underway at Orlando International Airport, including the new $1.8B South terminal (early 2019) and a $3.1B Intercity train system (late 2017), along with additional car parking garages at Disney Springs and Universal Orlando to resort guests, the Orlando experience will continue to provide a memorable vacation, as well as generate substantial job growth and opportunities for new startups in a business and tax-friendly State.
The buoyant activity of the residential housing market, combined with a strong and vibrant local economy continues to enhance the worldwide appeal of Orlando, very evident in the continued high level of international interest and investment to secure funds in the safe-haven of Central Florida.
Once You Know The Other Half Of The City Beautiful… I’m Sure You’ll Agree That “Now Is The Time To Buy In Orlando!"