Orlando is at the center of Florida’s emerging economy. The city is the financial, commerce and government hub. Under Mayor Dyer, Orlando City has striven to create business-friendly environment so that companies can grow. Here is a brief overview of the economy of Orlando.
The aerospace and aviation industries have been strong in Orlando for decades. Thanks to Orlando’s favorable year-round climate, the city is a great place for flight training industry, and even the military air bases were first established here during the World War II. Since then, thanks to many regional and international airports, as well as thriving technology expertise, companies have been established to offer airport as well as ground support services.
Signature Air Services, one of such companies, is to be found here in Orlando. Orlando also boasts some of the most advanced flight training institutions in the world, like Flight Safety International and Delta Connection Academy. Lockheed Martin Corp, a notable defense contractor, is also present in Metro Orlando. Others include The Boeing and Harris Corp.
Thanks to the influx of technology companies to Orlando, it has become one of the most rapidly growing technology hubs in the country. The metro area boasts one of the biggest concentration of MS&T businesses in the country. There are also research centers and educational facilities. With roots in the military sector, the MS&T provides applications i diverse fields like emergency services, homeland security, information technology, medical technologies and optics. The technology is responsible for more than some 100 companies in the area, as well as $2.5 billion in gross regional products.
Software is yet another strong part of the high technology industry and, also an offshoot of military applications, it focuses on financial services although it includes other areas like billing, utilities, multimedia, higher education, military training and animation. There are over 1000 area companies in Metro Orlando, and they are responsible for almost $1billion in annual revenue.
Motion Picture and TV production
Another notable element of the economy of Orlando is motion picture and television production. The industry raked in more than $500 million last year, a massive improvement from $2.5 million 20 years ago. Digital media combines 2 of the top industries of Orlando, Film/TV, production and MS&T, which together, earned the city $9B. regarded as one of the country’s top 12 clusters in digital media.
Orlando employs some 30,000 people in its over 1000 digital media companies. Some of the applications of this field include interactive video, trade shows, website design, video game development, military simulation, computer simulation and special effects.
Another field that has directly benefited from Orlando’s specialization in high technology is advanced manufacturing. Companies under this field are tasked with providing high-tech parts for a wide range of applications and products, like wireless communication, power generation systems, medical imaging, computers automotive systems, and instruments and control. Agere Systems is one of the most advanced manufacturers under this area. Others include Westinghouse Power Corp and Mitsubishi Power Systems.
Overall, the Orlando economy outlook is positive, with lots of industries and a huge market. Its business-friendly legislations and competitive structures make setting companies here easy, which is good for employment and the overall economy.