#5 Fastest Growing U.S. Market for 2007
July 1, 2000: 1,656,485
July 1, 2006: 1,984,855
Percent change: 19.82 percent
* Population statistics from the U.S. Census Bureau
Percent change: 18.19 percent
* Job statistics from the Bureau of Labor Statistics
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|Table of Contents|
|The Top 10 Fastest Growing Markets in America|
|1.||Las Vegas, Nevada|
|7.||Charlotte, North Carolina|
Most of the population growth in the Orlando MSA took place within the city of Orlando, which experienced 18.45 percent growth from 2000 to 2006. Particularly large growth occurred in children under 14 and in adults aged 45 to 64.
Growth in the 45 to 64-year-old age group reflects the area’s attractive lifestyle for those nearing retirement. Orlando’s weather and year-round outdoor recreation draw retirees and young people alike.
The population of young adults in the city saw solid growth in most categories as well, except for the 20 to 24-year-old age group, which declined slightly. The 25 to 34-year-old age group grew by 9.54 percent and the 35 to 44 age group grew by 11.56 percent. Orlando is attractive to young people for its entertainment, recreation and strong job market.
With Walt Disney World, Universal Studios, Sea World and many other entertainment attractions located within the MSA, Orlando is a popular tourist destination. The tourism industry is the largest employer in Orlando, according to the Orlando Convention and Visitors Bureau.
Metro Orlando has almost 50 million visitors per year, the fourth largest destination airport in the U.S., proximity to two deep water ports and extensive road and rail systems, according to the Metro Orlando Economic Development Commission (EDC).
In addition, Orlando has a $13.4 billion technology industry that employs nearly 65,000 people, according to the Metro Orlando EDC.
The area is home to the University of Central Florida, the sixth largest university in the U.S., with more than 47,000 students, according to the Metro Orlando EDC.
From 2000 to 2006, the city of Orlando experienced job growth of 35.51 percent in construction; 34.49 percent in retail trade; 26.52 percent in wholesale trade; 28.81 percent in finance and insurance, and real estate and rental and leasing; 25.29 percent in professional, scientific, and management, and administrative and waste management services; 30.51 percent in educational services, and health care, and social assistance; and 26.22 percent in public administration.
Overall, the MSA experienced little job growth from 2000 to 2002, but the market recovered and showed strong annual numbers in the 4 to 6 percent range from 2004 to 2006.
The Orlando-Kissimmee MSA experienced dramatic declines in building permits in recent years; single family building permits declined by 46 percent from August 2006 to August 2007, and multi-family permits declined by 11 percent for a total decline of 38 percent—significantly higher than the national average decline of 24 percent, according to the National Association of Home Builders (NAHB).