For the last 15 years, Orlando has been the location surgical robotics companies choose when introducing new technology to the U.S. market, and for good reason. With approximately 610 surgeons at 59 hospitals, the seven-county Orlando region presents a huge market opportunity. That’s not to mention the presence of a dedicated space for surgical robotics training.
The Orlando region is No. 1 in the nation for job growth for the fourth consecutive year. According to the Bureau of Labor Statistics, the Orlando-Kissimmee-Sanford metropolitan statistical area (MSA) continued its trajectory as the fastest growing job market in the country for 2018. Forbes cited Orlando’s science, technology, engineering and mathematics (STEM) job growth in recent years as one contributing factor, explaining “Orlando (is) actually now adding STEM jobs at a faster clip than the Bay Area metros."
There are some signs that the trend is away from the West Coast and toward the South and Southeast,” said Zillow senior economist Aaron Terrazas. “Affordability is attractive—for both young professionals and booming businesses, earning markets like Orlando, Minneapolis, Dallas and Nashville top billing in 2019.”
Florida's geographic location makes it one of the primary logistics sites for any business seeking to access either the East Coast or Gulf Coast of the United States. Florida is the only state with seaport access in both the Gulf of Mexico and the Atlantic Ocean. In addition, Florida's location allows for cost-efficient access to the Caribbean and South America.
Governor Scott said, “Florida’s tourism industry and our entire economy continue to flourish. After having record-breaking tourism in 2017, Florida started off the first half of 2018 by welcoming back-to-back record quarters of visitors. These record-breaking achievements allow our economy to create more jobs and adds to our success of having nearly 1.6 million private-sector jobs created in seven and a half years while our state’s unemployment rate is the lowest in over a decade.”
Fortunately for Orlando, the housing market is bolstered by a healthy economy, prices that compare favorably to other major cities, and a quality of life that attracts an influx of new residents by the thousands each year. In addition, the Orlando market benefits from international home buyers who look to Orlando for investment and vacation properties.
Florida is growing faster in terms of employment growth than the rest of the U.S., which is good for Florida real estate. The three major drivers of the state’s economy are 1) Florida’s business climate, including real estate sales; 2) the U.S. economy and financial market trends; and 3) the global economy.
Job creation in 2017 injected a significant chunk of spending money into the region’s economy with projected direct impact of an additional $2.2 billion in annual payroll added by the growing labor force. That spending power is expected to add $3.4 billion to the gross regional product (GRP) and new state and local tax revenue of $236.9 million.