Orlando Insight is a publication of the Orlando Economic Forum, an initiative of the Orlando Economic Development Commission (EDC). Comprised of local industry leaders, the Forum meets quarterly to discuss both current economic conditions and issues of regional significance in the four-county Orlando Metropolitan Statistical Area (MSA). Orlando Insight reflects those discussions and draws from the most recent data available at time of preparation.
Appreciating the Present Few regions have earned as many accolades over the last few years as Orlando. Our state-leading job growth is well-documented. We have been featured in more ‘Top Cities’ rankings than are possible to list. Our regional branding campaign has caught the attention of national media. Sometimes lost in the rush to measure recent gains is an appreciation for what the area has already become – a regional economy whose companies, global linkages and integrated workforce has created an economic footprint greater than that of sixteen U.S. states. Domestic & Global Reach The extent of trade corridors now connecting Orlando to different regions of the country and world is little known. The most recent analysis estimates $102.1 billion in commodities flow in and out of Orlando each year – $92.3 billion exchanged with domestic partners and $9.8 billion with international partners. Intuitively, we trade the most with our statewide partners – approximately $44.9 billion, with Tampa our single largest partner at $10.0 billion. Orlando is the third largest commodity market in Florida after Miami and Tampa.
“Central Florida’s economy has grown considerably over the past few years, fueled by the completion of the Dr. Phillips Center and the Citrus Bowl, the beginning of the I-4 expansion and the upcoming soccer stadium. These projects have not only had an impact on job creation, but are also stimulating new business development.” - David Fuller Chairman, President & CEO SunTrust Bank, Central Florida Division
“Global reach is a critical enabler for Lockheed Martin in Orlando. With a vast network of customers spanning the globe, the region’s advocacy for global commerce has been instrumental to our success.” - Jon Rambeau Vice President & General Manager Lockheed Martin Training and Logistics Solutions (TLS)
*excluding Florida; regions as defined by U.S. Census Bureau Source: Brookings Institution, 2014
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Second Quarter 2015 | 2
“International trade is alive and well in Central Florida. We’re seeing significant participation in educational seminars, and a growing list of Central Florida importers and exporters.” - Jerry Ross Executive Director National Entrepreneur Center & Central Florida International Trade Office
“It is important to have a full understanding of the commute patterns of the region’s workforce and the importance of these commute patterns on economic development within the region. Our workforce is unquestionably regional and our recruitment strategies should reflect that.” - Robert Chandler, CEcD Director, Economic Growth Department Lake County Board of County Commissioners Chair, Regional Economic Developers (RED) Team
“If our aspiration is to be a nationally-respected center of commerce and innovation, understanding how we measure up in simple, yet high-impact benchmarks will allow the region to make informed and high return on investment resource commitments for growing our economy in a purposeful manner.” - Scott Faris CEO AeroSonix, Inc.
Yet more than half of all goods leave Florida borders and approximately 10 percent are traded globally. In excess of $3.0 billion of Orlando-origin products – goods grown, manufactured, assembled, or that otherwise have value added in Orlando – are sent overseas in return for $6.7 billion of global imports. The region’s top international partners are China, Canada and Mexico. Mod