{"id":23478,"date":"2011-04-30T10:09:10","date_gmt":"2011-04-30T14:09:10","guid":{"rendered":"https:\/\/www.ucf.edu\/news\/?p=23478"},"modified":"2026-04-03T09:19:11","modified_gmt":"2026-04-03T13:19:11","slug":"orlando-pulling-florida-out-of-recession","status":"publish","type":"post","link":"https:\/\/www.ucf.edu\/news\/orlando-pulling-florida-out-of-recession\/","title":{"rendered":"Orlando Pulling Florida Out of Recession"},"content":{"rendered":"

Miami and Orlando continue dragging Florida out of recession, but only Orlando is performing above its economic weight class.<\/p>\n

Though Orlando represents just 14 percent of Florida\u2019s 7.2 million-person workforce, it accounts for 46 percent of the Sunshine State\u2019s 44,000 new jobs in the latest monthly report. South Florida, home to 30 percent of the state\u2019s workers, accounts for 44 percent of the new jobs.<\/p>\n

Orlando\u2019s muscular role in the recovery makes sense, given the tourism rebound that hit Florida well before other industries showed signs of life. But Orlando\u2019s vitality also highlights Central Florida\u2019s lead over South Florida when it comes economic growth, and why analysts increasingly look north for the Sunshine State\u2019s next boom.<\/p>\n

“Orlando\u2019s position has risen compared to its peers,” Wells Fargo economist Mark Vitner told reporters Thursday during his annual review of Florida\u2019s economic outlook. \u201cIt\u2019s certainly coming out ahead of the other large metropolitan areas in this recession.\u2019\u2019<\/p>\n

Vibrant medical and technology sectors give Orlando bragging rights as economic development agencies across Florida try to supplement low-wage hospitality jobs<\/a> with industries generating well-paying careers.<\/p>\n

A new \u201cMedical City\u201d park tied to the University of Central Florida\u2019s medical school<\/a> is expected to jumpstart an already bustling $3 billion industry tied to bio research, according to the Metro Orlando Economic Development Commission.<\/p>\n

Orlando\u2019s strong video-game industry also supports a lucrative niche of combat simulation<\/a>, pumping tens of millions of dollars worth of Pentagon contracts into Central Florida.<\/p>\n

\u201cThe high-tech workforce in Orlando is growing,\u2019\u2019 said Chris Lafakis, who follows Florida\u2019s economy for Moody\u2019s.<\/p>\n

South Florida boasts its own bio-medical hopes, most notably in the new Scripps research center in Palm Beach County, but also a University of Miami medical park under construction in the health district centered around Jackson Memorial.<\/p>\n

And Orlando lacks the boost from foreign trade enjoyed by South Florida, where commerce tied to booming Latin American economies helped shield Miami-Dade from an even bigger downturn during the recession.<\/p>\n

In the last 12 months, South Florida added 1,100 financial jobs compared to Orlando\u2019s loss of 1,500, hints of a broader recovery, said Jaap Donath, vice president of research for the Beacon Council, Miami-Dade\u2019s economic development agency.<\/p>\n

\u201cCompanies are hiring,\u2019\u2019 Donath said. \u201cThey\u2019re hiring across the board.\u2019\u2019<\/p>\n

For all the talk of Central Florida\u2019s diversifying its economy, theme parks continue to dominate. Eighty percent of the Orlando area\u2019s new jobs in March came from the leisure and hospitality sector, compared to 41 percent in South Florida. (Healthcare was South Florida\u2019s top growing industry, with 8,700 added positions.) A new Harry Potter park at the Universal Studios theme park opened last summer, boosting tourism and prompting more marketing by Disney and other rivals.<\/p>\n

Part of Orlando\u2019s comeback story stems from its David status compared to the Goliath of Miami. Along with having less than half the workers of the South Florida metropolitan area, the Greater Orlando\u2019s $100 billion economy also is about 40 percent the size of South Florida\u2019s $253 billion economy, according to the federal Bureau of Economic Analysis. The smaller the economy and the smaller the workforce, the easier it is to show big gains.<\/p>\n

Between 2001 and 2009, Orlando\u2019s economy grew 55 percent compared to South Florida\u2019s 39 percent gain, according to the BEA. While no 2010 data is available yet, forecasters expect the trend to continue. By 2014, a UCF forecast has Orlando\u2019s economy up 31 percent compared to 16 percent growth for South Florida.<\/p>\n

\u201cOrlando is the most dynamic, and the strongest, economy in Florida,\u2019\u2019 said William Fruth, president of Policom, a financial research firm in Palm City, near Stuart. Policom ranks Orlando the 27th strongest metropolitan economy in the country, compared to No. 53 for South Florida, an area that includes Broward, Miami-Dade and Palm Beach counties.<\/p>\n

Tourism will continue fueling both economies, but real estate factors favor Orlando\u2019s growth. Situated in the center of the state, it faces none of the natural development boundaries squeezing South Florida.<\/p>\n

South Florida\u2019s coastal boundary also makes housing more expensive, in part thanks to the high cost of hurricane insurance and in part thanks to pure demand for vacation homes near the ocean. At the end of 2010, the median price for a Miami-Dade home ($191,000) was 45 percent higher than the median Orlando price ($131,000.)<\/p>\n

\u201cThe Everglades are crimping you,\u2019\u2019 said economist Sean Snaith, who compiles the UCF forecasts. \u201cYou\u2019ve got nowhere to go.\u2019\u2019<\/p>\n

Source: Miami Herald, Orlando pulling Florida out of recession, Florida\u2019s economic slide reversed thanks to Miami and Orlando, though Central Florida is posting a stronger recovery, by Douglas Hanks,\u00a0DHANKS@MIAMIHERALD.COM<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Miami and Orlando continue dragging Florida out of recession, but only Orlando is performing above its economic weight class. Though Orlando represents just 14 percent of Florida\u2019s 7.2 million-person workforce, it accounts for 46 percent of the Sunshine State\u2019s 44,000 new jobs in the latest monthly report. South Florida, home to 30 percent of the state\u2019s workers, accounts for 44…","protected":false},"author":20,"featured_media":170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-twocol.php","format":"standard","meta":{"_acf_changed":false,"lazy_load_responsive_images_disabled":false,"footnotes":"","_links_to":"","_links_to_target":"","_wp_rev_ctl_limit":""},"categories":[6,21],"tags":[490,1317,1490,2211,3053,3895,4194,4604,4758],"tu_author":[],"class_list":["post-23478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-community","category-opinions","tag-biomedical-sciences","tag-digital-media","tag-economy","tag-hospitality","tag-medical-city","tag-real-estate","tag-sean-snaith","tag-technology","tag-tourism"],"yoast_head":"\nOrlando Pulling Florida Out of Recession | Central Florida News<\/title>\n<meta name=\"description\" content=\"Miami and Orlando continue dragging Florida out of recession, but only Orlando is performing above its economic weight class. 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