Tourism annually generates approximately $71 billion in economic impact and supports roughly 449,000 jobs (41% of Orlando’s workforce). Visitor spending, in the neighborhood of $45 billion, provides more than $2 billion in state taxes and $3 billion in local taxes. Also, since 2009, visitation has increased 55%, while visitor spending is up 75%.
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.”
Forbes crunched fed data to determine which U.S. cities offer the best return for a real estate investment; in Fla., Orlando, Tampa and Jacksonville ranked high. Florida boasts fairly low housing prices statewide, many people are still opting to rent instead of buy. As a result, rental rates are skyrocketing.
Now add into the mix low property taxes and insurance, as well as no state income tax. Great climate and top-of-the-line healthcare are bonuses that help make Florida one of, if not the best, states for America’s retiring Baby Boomer masses.
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.
Park Square Homes will launch a trio of new subdivisions on Polk County's U.S. 27 corridor this year, all designed to appeal to first-time home buyers. The Orlando-based home builder has already started clearing land for two communities. Goldenridge, near the intersection of Holly Hill Road and Davenport Boulevard, has 131 lots. Trinity Ridge, which has 62 lots, is closer to Walt Disney World and U.S. 192.
The new product line is being designed and priced to appeal to millennials who want to utilize SunRail to access jobs and entertainment. But they're also including features that could appeal to baby boomers, such as first-floor master suites. AV Homes expects to break ground in February and begin vertical construction in early August.
Orlando’s population has become increasingly educated and is closing the gap between the region and rest of the country. Since 2012, the number of bachelor’s degrees awarded within the seven-county region increased 11.8 percent, 3.9 percent above the national average during the same period. Over the last five years, an average of 23,500 baccalaureate students per year have graduated from Central Florida’s higher education institutions.