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Economy
Economy
A large part of the Orlando area economy is involved in the tourist industry.
Over 48 million visitors came to the Orlando region in 2004.
The convention industry is also critical to the region's economy.
The Orange County Convention Center, expanded in 2004 to over two million square feet (200,000 m²) of exhibition space, is now the second-largest convention complex in terms of space in the United States, trailing only McCormick Place in Chicago.
The city vies with Chicago and Las Vegas for hosting the most convention attendees in the United States.
Lockheed-Martin has a large manufacturing facility for missile systems, aeronautical craft and related high tech research.
Other notable engineering firms have offices or labs in the Central Florida area: KDF, General Dynamics, Harris, Westinghouse, Siemens, Veritas/Seagate, multiple USAF facilities, Naval Air Warfare Center Training Systems Division (NAWCTSD), Delta Connection Academy, Embry-Riddle Aeronautical University, GE, Air Force Agency for Modeling and Simulation (AFAMS), Army Simulation Training and Instrumentation Command (STRICOM), U.S.
Army Program Executive Office for Simulation, Training, and Instrumentation (PEO STRI), AT&T, Boeing, CAE Systems Flight & Simulation Training, HP, Institute for Simulation and Training, Northrop Grumman, Raytheon Systems.
The Naval Training Center until a few years ago was one of the two places where nuclear engineers were trained for the US Navy.
Now the land has been converted into the Baldwin Park development.
Another developing sector is the film, television, and electronic gaming industries, aided by the presence of Universal Studios, Disney's Hollywood Studios, Full Sail School, the Florida Interactive Entertainment Academy, and other entertainment companies and schools.
Numerous office complexes for large corporations have popped up along the Interstate 4 corridor north of Orlando, especially in Maitland, Lake Mary and Heathrow.
The U.S.
modeling, simulation, and training (MS&T) industry is centered around the Orlando region as well, with a particularly strong presence in the Central Florida Research Park adjacent to UCF.
Orlando is the home base of Darden Restaurants, the parent company of Red Lobster and Olive Garden and the largest operator of restaurants in the world by revenue.
They are building a new world headquarters and central distribution facility on John Young Parkway. Orlando's medical leadership will be further advanced with the completion of UCF's College of Medicine and a new VA Hospital, both of which will be located in a new medical district in the Lake Nona area of the city.
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There is a very low unemployment rate in Greater Orlando, 3.1% as of March 2007.
The result is growth that has led to urban sprawl in the surrounding area and, in combination with the 2007 Subprime mortgage financial crisis, to the rising cost of home prices.
Housing prices in Greater Orlando went up 34% in one year, from an average of $182,000 in August 2004 to $245,000 in August 2005, and eventually to a record $255,000 in February 2007.
They are tapering off, however, down to $211,000 in April 2008.
Source: CIA Factbook, Wikipedia
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