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Orlando Market Observations are a series of up-to-date analyses created by the Research & Strategy team of the Orlando Economic Partnership. Observations are typically linked to a significant data release or cover areas crucial to advancing the Partnership’s mission of Broad-based Prosperity®. The Orlando area is emerging as a top global business location, yet there is limited information available about the true scope of the region’s international presence. Recent data gathered by the Orlando Economic Partnership (OEP) in a report titled “Global Orlando: Exploring the Orlando Region’s Connections to the World” establishes a starting point for monitoring the region’s rise on the global stage – documenting the foreign-born residents and international companies that call our region home, as well as the trade and investment that connect us to the world.
Around 1 in 5 of the current residents in the Orlando area were born in another country.
A Truly Worldwide Community
Orlando is already a diverse community on a global scale. Approximately 1 in 5 of the region’s current residents (or 572,000 individuals) were born in another country. South America (specifically Venezuela, Colombia, and Brazil) and the Caribbean (Haiti, Dominican Republic, and Cuba) are significant sources of Orlando’s foreign-born population.
Orlando’s foreign-born population is growing at a faster rate compared to the U.S.-born population, expanding at three times the speed. International migration has become a key factor in the region’s population growth, contributing to more than half (53%) of the total population increase in the year ending July 2023, and 41% since the 2020 Census. The foreign-born population in the region plays a crucial role in the labor force and diversity, with over half falling within the prime working age group, and 4 out of 5 belonging to a minority or non-white racial group.
More than half of the foreign-born population in Orlando is within the prime working age group.
A Global Business Environment
Initial research by the Orlando Economic Partnership indicates that there are at least 272 foreign-owned companies from 32 different countries currently operating in the Orlando area – including well-known names such as Siemens (Germany), Mitsubishi (Japan), Deloitte (United Kingdom), and KPMG (the Netherlands). The international business community in the region reflects longstanding cultural connections, with the United Kingdom and Canada being the main sources of foreign-owned companies in Orlando.
Foreign-owned businesses in Orlando are mostly concentrated in the retail and manufacturing sectors, reflecting the region’s status as a major population hub in the third most populous state in the U.S.
At least 272 foreign-owned companies from 32 different countries are currently present in the Orlando area.
Trading Globally
With strong cultural ties and a growing number of multinational corporations, trade with the world in Orlando reached $25.1 billion in 2022. China, Mexico, and Canada are the top trading partners for Orlando, with Brazil being the primary export destination.
Encouraging companies to expand internationally through exporting is a key long-term goal for boosting the economy. However, the immediate opportunity lies in attracting more multinational companies, which are generally more productive, offer higher wages, and are more inclined to innovate and export.
In the decade leading up to 2022, the Orlando region attracted foreign direct investment (FDI) totaling $1.2 billion, with 41 FDI projects secured by the Partnership paying wages 32% higher than the regional average. About 80% of FDI projects were focused on three key industries targeted by the OEP – digital technology, advanced manufacturing, and headquarters and regional offices – with the UK being a major source of inbound FDI.
The Orlando region attracted foreign direct investment (FDI) totaling $1.2 billion in the decade ending 2022.
Seizing the Opportunity
The Orlando region is at a turning point. Over the past decade, significant progress has been made in establishing Orlando as a prominent region in the U.S.
Now is the time to take the next step forward. Just like private businesses expand their customer base, communities should also broaden their horizons. There are numerous exciting companies worldwide whose growth is hindered by slow domestic economic growth – companies that could benefit from an Orlando location.
Orlando presents a compelling case for international companies. As one of the fastest-growing markets in a major economy, centrally located in a populous state with easy access to the rest of the U.S. and the Americas, operating costs in Orlando can be significantly lower compared to more traditional landing spots in the U.S. Orlando is also home to Florida’s busiest passenger airport (currently serving 63 international destinations) and offers world-class amenities that have made it the most visited destination in the U.S.
Orlando is already a region on the rise, but it’s time for the community to think bigger. It’s time to think globally. And it’s time for more international companies to become part of Orlando’s thriving global community.
