Socio-Economic Overview

In addition to Metro Orlando being renowned worldwide for its tropical climate and relaxed lifestyle, the region is also one of the top 10 locations in the country for business. From corporate headquarters to regional distribution centers, manufacturing to high-tech research, the region of Orange, Seminole, Lake and Osceola counties, and the city of Orlando span a dynamic economic spectrum.

The Orlando population is young, diverse and well-educated. The median age in Metro Orlando is 36.3, which is below the Florida median age of 39.5. According to Claritas, Inc., the 2007 estimated population for Metro Orlando is 2.03 million and will continue to grow at a rate of 13.8 percent over the next five years. Metro Orlando’s population is expected to increase by 21 percent during 2000-2010, and the region is projected to remain among the nation’s fastest-growing areas throughout this decade. Orlando’s 2007 estimated average household income is $64,033, which is higher than Florida’s average household income of $62,905. The current overall cost-of-living index was 103.4 as of first quarter 2007, above the national average of 100, according to the American Chamber of Commerce Researchers Association, but significantly below many other major metropolitan areas.

Metro Orlando’s civilian labor force exceeds 1 million, ensuring a strong, stable labor pool for a community expected to remain among the nation’s top 10 employment markets. According to the Bureau of Labor Statistics, the Orlando MSA has experienced low unemployment rates, with the December 2007 rate at 4.3 percent, below the U.S. unemployment rate of 5.0 percent in December 2007.