Orlando News
Orlando is one of the best places to buy rental property and real estate in the state of Florida in 2020. Located in Florida’s “sun belt” region, the area is known for its warm climate, beautiful beaches, world famous amusement parks, entertainment, and attractions.
With a growing population of over 2.5 million residents, the Orlando real estate market is fueled by job seekers, baby boomer retirees, and students who want to live in a “cheap and cheerful” area that offers a high quality of living at a reasonable cost.
The industry, which includes support operations such as the Orlando International Airport, Port Canaveral and others, are vital to the health of the region. And a new study shared by Visit Orlando and compiled by Oxford Economics shows just how much of a role the industry dominated by Mickey Mouse ears and more plays for Central Florida. In fact, tourism is the region's top economic engine and can result in business opportunities for all sectors of Central Florida.
The funding will help Central Florida compete for major events like the next WrestleMania, NFL Pro Bowl or other marquee event that not only brings hordes of new visitors to Orlando, but also can be televised globally and provide free promotion of Orlando's amenities. Sports events generate more than $44 billion in annual economic impact, based on industry data.
“As the busiest airport in Florida we continue to track and closely monitor our growing passenger totals,” says Phil Brown, Chief Executive Officer of the Greater Orlando Aviation Authority. “Not only is each monthly increase a travel record for us, it also re-affirms the value and importance of having the facilities and staff to meet the needs of business and leisure travelers to our region.”
Kingwood International Resorts has purchased the AAA Four Diamond-rated Reunion Resort and released an ambitious expansion plan for the Disney-area golf destination. Kingwood announced plans to make significant investments in Reunion Resort, including the addition of 1,200 rental accommodations, a new 400-room hotel with convention and meeting facilities to enhance the resort’s condominium and private home rentals.
Being able to move guests at a much faster rate would make vacations smoother and help improve the Orlando experience. “We’ve been working with U.S. Customs & Border Protection on a facial recognition system for international arrivals,” Brown said during Orlando Business Journal’s Feb. 8 Making the Connection: Smart Cities, Smarter Transportation luncheon at the airport. “The next step is to install a camera that actually can take a family at one time and process them in the system.”
The passenger numbers for 2018 have been counted and once again Orlando International Airport (MCO) is the busiest airport in the state of Florida with a record 47.7 million annual passengers, up 6.9 percent over 2017. MCO surpassed 150 non-stop domestic and international destinations in 2018, which contributed greatly to the airport’s increased airline activity, seat availability and passenger traffic numbers.
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%.
