Orlando Ranks High In This Important Economic Driver

Downtown Orlando

ORLANDO—Conventional says if you want to become the next Mark Zuckerberg or Sophia Amoruso, you need to head west. But the reality is America has many cities—both large and small—that are ripe for entrepreneurs to thrive with a lower cost of living. As it turns out, Orlando is one of them. According to banking site MoneyRates , which evaluated 380 cities on four key metrics, cities in Texas and Florida dominate the top 10 rankings. Even opportunistic multifamily developers are targeting Orlando. “Unfortunately, Orlando has suffered some very prominent heartbreaks this year, but with an eye towards the future, it is important to remember that the area still represents a place of unusually strong opportunity as one of the MoneyRates.com Top Ten Cities for Young Entrepreneurs,” Richard Barrington , senior financial analyst at Moneyrates.com. Population growth was one of the factors. A growing population means more consumer demand, plus it is a sign that people are attracted to the area. Low state business tax burdens make it an attractive area for startups. “People tend to be attracted to places with thriving economies, and that additional population in turn creates new demand for products and services,” Barrington says. “Orlando is also helped as a business incubator by being in Florida, a state with a favorable business tax environment. According to the Tax Foundation, Florida’s taxes are the fourth most business-friendly in the nation.” Young adult affluence is another factor. This indicates both economic opportunity for young people and a healthy market for new products or services. Looking at the percentage of the population with a bachelor’s degree or better indicates where a skilled workforce is available to a growing business, as well as where there is likely to be a sophisticated and affluent consumer market. “Nearly 26 percent of Orlando’s adult population has a Bachelor’s degree or better; for cities nationally, this average is just 20%,” says Barrington.  For new businesses, a well-educated population represents both a relatively affluent potential market and a supply of skilled employees.” Central Florida CRE remains strong with Multifamily, Retail and Industrial leading the way. Are You In The Know? How can you profit? Join us at RealShare Central Florida on September 7th for impactful information from the leaders in Central Florida CRE.Learn more.