Economic transformation is a critical component that drives economic growth in the economy, creates new jobs and accelerates better housing, which includes better access to the opportunities created by economic growth for current and future residents.
The Orlando Economic Partnership’s economic development team works to create and maintain jobs for the Orlando region, as well as to grow existing industries. The partnership is also working to provide the region with a vision of regional growth that will increase local economic participation (a vision called the Broad-Based ProsperityTM Partnership).
While the work of economic developers has always fallen under the radar, building and maintaining the region’s economy is a critical part of a successful community.
There are six major reasons to know about the economic growth rate and how it plays a vital role in every region.
Diversification in the field
The basic component of economic growth works to diversify the economy and reduce the region’s vulnerability to industry. Tourism is playing a major role in the sake of creating jobs for powerfully seeking the economic development for developing the industries outside of the area of tourism.
These include advanced manufacturing, aerospace and defense, the aerospace industry, autonomous vehicles, biotechnology and pharmaceuticals, business services, games, entertainment technology and financial technology.
Continue and expand your business
A large percentage of economic jobs in Orlando are created by existing companies expanding their operations.
Last year, the Partnership’s Economic Development Group conducted a series of business residences and expansion visits to local businesses to help with their operational needs.
Economic consolidation
SA economic recovery plan will be helpful in protecting the local economy from the economic downturn. This is merely done by straight expanding few of the major employers in this region.
For example, if the 19-COVID pandemic hit the global entertainment and hospitality industry severely, many technology companies shifted their focus to clients in the regional modeling, simulation and training sectors.
Higher tax revenues
The increased presence of companies in the region translates into higher tax revenues for the community and local infrastructure projects.
Economic growth will also support major employment initiatives, such as the NEOCITY semiconductor research and development campus.
Improvement in quality of life
The quality of the site is more important than ever to attract a large amount of talent at a time of growing staff.
In addition, inclusive Economic transformation supports community viability through initiatives.
These include support for the region’s transport network, affordable housing, innovation and entrepreneurship, as well as opportunities to develop the skills of local workers. For more information visit our Website.