Over the last 4 years, Central Florida has seen growth in numbers that are almost unheard of. Not only has the economy been booming on the backside of the pandemic, but our population continues to grow each and every year. In fact, since 2020, Central Florida has seen a 1-2% increase in population year over year, which puts us at just about 100,000 new residents since after the pandemic. Why is that?
Economy Stayed Afloat:
As a whole, Florida was one of the few states that had very minimal shut downs during the pandemic era of 2020-2021. This allowed small businesses to stay afloat and grow, but even more so, Florida became a place where a lot of people moved their businesses. With that, came all of their employees, executives, and their families.
Another aspect to consider is that while a massive percentage of companies were forced to go remote during the COVID-19 shutdown, this allowed those employees who became permanently remote to reconsider their living situation. Why be in New York with the snow and insanely high taxes if I can make the same money and have a bigger home in sunny FL??
Ultimately, Florida's economy has fostered growth and prosperity to many businesses and it's residents. On the back of that, came increasing home values and tax dollars. This continued to fuel the economy and allow current residents to take advantage while still catering to the newcomers!
Business Growth:
With a thriving economy, comes massive business growth. We already mentioned that a ton of outside companies moved headquarters to Florida where they had less restrictions and the economy was still relatively thriving during 2020. Beyond that, the Florida economy just kept getting bigger and bigger and bigger! A huge thanks is due to the Orlando Economic Partnership, as a sector of Orlando, their main focus has been to recruit and retain businesses locally to keep our growth steady.
OEP has continued to value some of our key industries like Life Science and Healthcare, Technology, Manufacturing, and Aerospace and Defense. The organization has also invested in Small Business programs and Young Entrepreneur programs to encourage the establishment and growth of the local business owners! If you are questioning what they've done, just look at massive companies like AdventHealth, Siemens, Lockheed Martin, and more.
Business growth will continue to be a pillar here in Central Florida. Currently Orlando is ranked #2 in the nation for Job Growth, #2 in the nation for Business, and #4 in the nation for Development opportunities. As we see a rise in Tech companies planting seed in Orlando, we will notice even more economic growth to come.
Conclusion:
As long as our state government and the entities at play continue to provide a safe haven and "robust soil" for businesses to plant seeds, you will see Florida rise up among one of the best States to live in throughout the US. Not only will this growth bring amazing opportunities to our Florida residents, but it will bring more tax dollars, more wealth, and more resources for us to tap into on a regular basis!
What are your thoughts on the growth Florida has experienced over the last few years?
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