Orlando Economy and Downtown Orlando

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Perhaps the most critical event for Orlando's economy occurred in 1965 when Walt Disney announced plans to build Walt Disney World. Although Disney had considered the regions of Miami and Tampa for his park, one of the major reasons behind his decision not to locate there was due to hurricanes— Orlando's inland location, although not free from hurricane damage, exposed it to less threat than coastal regions. The famous vacation resort opened in October 1971, ushering in an explosive population and economic growth for the Orlando metropolitan area, which now encompasses Orange, Seminole, Osceola, and Lake counties. As a result, tourism became the centerpiece of the area's economy. Orlando is consistently ranked as one of the top vacation destinations in the world, and now boasts more theme parks and entertainment attractions than anywhere else in the world.

Another major factor in Orlando's growth occurred in 1962, when the new Orlando Jetport, the precursor of the present day Orlando International Airport, was built from a portion of the McCoy Air Force Base. By 1970, four major airlines (Delta Air Lines, National Airlines, Eastern Airlines and Southern Airways) were providing scheduled flights. McCoy Air Force Base officially closed in 1975, and most of it is now part of the airport. The airport still retains the former Air Force Base airport code (MCO).

In addition to McCoy Air Force Base, Orlando also had a naval presence with the establishment of Naval Training Center Orlando on the former Orlando AFB in 1968. The newest of three Naval Training Centers in the United States providing training to recruits, as well as being a base for selected post basic training programs for enlisted personnel, NTC Orlando also conducted nuclear power training for commissioned officers and the base had a prominent presence in the area. In 1993, the Base Realignment and Closure Commission ordered that NTC Orlando be closed, along with a companion installation, NTC San Diego. NTC Orlando continued in a diminished capacity until the base closed for good in 1999 with the last graduates of the base's Naval Nuclear Power School leaving in December 1998. The former base has been developed into tracts for upscale housing called Baldwin Park. Other than Reserve and National Guard activities, the Orlando area's remaining military presence is the Naval Air Warfare Center Training Systems Division/Naval Support Activity Orlando, located just east of the city limits in the Central Florida Research Park. The U.S. Army's Program Executive Office for Simulation, Training and Instrumentation (PEO-STRI), the U.S. Marine Corps' Program Manager for Training Systems (PMTRASYS) and the U.S. Air Force's Agency for Modeling and Simulation are also collocated at that location.

Lake Eola in 1911

The SunTrust Center, the tallest building in Orlando at 441 ft (134 m), was built in 1988. The next tallest buildings are the Orange County Courthouse (1997, 416 ft (127 m)./127 m), the Bank of America Center (Formerly Barnett Plaza, 1988, 409 ft (125 m)./123 m), Solaire at the Plaza (2006, 359 ft (109 m)./109 m) and the Orlando International Airport ATC Tower (2002, 346 ft (105 m)./105 m). The VUE at Lake Eola, currently under construction, will become the second-tallest building in Orlando upon completion at 426 ft (130 m) tall, but with 35 stories it will have more stories than the SunTrust Center. [6] [7] The SeaWorld SkyTower, at 400 ft (122 m) tall, is the tallest tower in Orange County outside Orlando proper. There are also several tall transmission towers in Orange County, the tallest of which is the WFTV transmission tower in Christmas at 1,617 ft (491.6 m) tall.

In the hurricane season of 2004, Hurricanes Charley, Frances, and Jeanne battered the Orlando area, causing widespread damage and flooding and impeding tourism to the area.

Economy

See also: List of Florida companies and List of notable companies in Orlando, Florida

The North Concourse of the Orange County Convention Center. The convention center is vital to Orlando's tourist-based economy, hosting lots of visitors every year.

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.

Nearby Maitland is the home of Tiburon, a division of the video game company Electronic Arts. Originally Tiburon Entertainment, it was acquired by EA in 1998 after years of partnership, particularly in the famous Madden NFL series and NCAA Football series of video games.

Orlando has two non-profit hospital systems: Orlando Health and Florida Hospital. Orlando Health's Orlando Regional Medical Center is home to Central Florida's only Level I trauma center, and the adjacent Winnie Palmer Hospital for Women and Babies has the area's only Level 3 neonatal intensive care unit. Florida Hospital's main campus is ranked as one of the best hospitals in the nation, and has a renowned brain attack facility.[citation needed] 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.

There is a very low unemployment rate in Greater Orlando, 3.1% as of March 2007.[14] 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.