ORLANDO RECORDS FASTEST GROWING POPULATION IN THE US
AS INVESTORS LOOK TO THE SUNSHINE STATE
Orlando is number one destination for population growth, welcoming over
60,400 new residents in 12 months (US Census Bureau)
FOLLOWING IN THE FOOTSTEPS OF ITS MOST FAMOUS RESIDENT, MICKEY MOUSE, THE US CITY OF ORLANDO IS CONTINUING TO ATTRACT A SIGNIFICANT NUMBER OF NEW INHABITANTS.
According to the most recent figures released by the US Census Bureau, Orlando is the number one destination for population growth, adding over 60,400 new residents in just 12 months (July 2014 to July 2015).
This substantial increase accounted for a 2.6% growth in Orlando’s total population during the 12 month period, making it the fastest growing of the US’s 30 largest regions. Orlando’s rising population ensured that it was also named in Forbes.com’s prestigious list of America’s fastest growing cities.
Compiled by ranking the 100 largest metro areas and their surrounding suburbs, they factor in population growth for 2015 and 2016, year-over-year job growth for 2015, the metro’s economic growth rate, unemployment, and median annual pay for college-educated workers in the area.
Currently ranked 7th, with a substantial projected growth rate of 2.03% for 2016, Orlando is definitely a city to watch this year. With a rising population comes growing housing demand, and savvy international investors are increasingly looking to Orlando and the Sunshine State of Florida as a safe and secure destination, with a wealth of opportunities.
In 2015 Orlando greeted over 66 million tourists, a 5.4% growth in comparison to 2014
As well as experiencing strong population growth, Orlando has also witnessed a surge of tourism in recent years, adding to its already strong position as a hub of real estate investment.
2015 saw Florida become the first state to ever welcome more than 100 million out-of-state and international tourists, with over 105 million people visiting the Sunshine State throughout the year. Will Seccombe, President and Chief Executive Officer of Visit Florida, the state’s tourism authority, emphasised Orlando’s part in this record breaking achievement, explaining,
“Orlando is the most visited destination in the United States. It’s the most visited city, and certainly the home of the theme park capital of the world, right? No place else on earth can compare to that.”
The city itself attained a new tourism record in 2015 as ‘The City Beautiful’ welcomed over 66 million tourists. George Aguel, President and Chief Executive Officer of Visit Orlando, the region’s tourism arm, recently revealed 2015’s 5.4% growth, which comes just a year after Orlando became the first US destination to surpass 60 million visitors.
Orlando was America’s number one employment centre for job growth in 2015 (Labour Market Data)
Orlando’s attractions, including Walt Disney World Resort and Universal Studios Florida, allow for visitors to make repeat trips in order to experience the latest additions to the theme parks. Combining this with its growing number of first time visitors enables Orlando’s tourism industry to remain strong and reliable, an important factor for many prospective real estate investors.
Another key factor for prospective real estate investors, especially those exploring the market from outside the US, is the state of the economy. The US economy has definitely gained momentum in recent years and is currently set on a much more positive trajectory. The US dollar has strengthened quite significantly against both the British Pound and the Euro, creating a more consistent environment for potential buyers.
The US outlook is currently a healthy one, with the GDP growth rate expected to remain within 2-3%, the ideal range, during 2016. Unemployment is set to continue at a natural rate, between 4.7% and 5.8%, with the US Bureau of Labor Statistics’ most recent figures showing March’s rate at 5.0%. The latest revised labour market data also confirm that Orlando is now America’s number one employment centre for job growth in 2015, further suggesting the city’s future stability.
Orlando’s property market value grew by 19.8% in Feb 2015 – Feb 2016 – more than any other metro area (Freddie Mac)
Looking at all these factors collectively, Orlando is definitely creating an attractive environment for prospective property investors. It’s housing market alone is celebrating an encouraging start to the year with Orlando being ranked 4th in HomeVestors and Local Market Monitor’s first quarter 2016 Top 10 markets for real estate investing.
The current excitement surrounding the city and its property potential was confirmed by Freddie Mac, The Federal Home Loan Mortgage Corporation, who recently described Orlando’s real estate market as the top performer in the United States. According to their latest Multi-Indicator Market Index (MiMi), from February 2015 to February of this year, Orlando’s property market value grew by 19.88% which was more than any other metro area.
Bill Cowie, Director of British Homes Group, specialists in Florida real estate, is confident in the Sunshine State’s investment prospects and believes 2016 is set to be an extremely prosperous year. He explains,
“Florida has always been a popular destination with second home owners, however, recently we have also noticed a surge of interest from overseas investors. Florida can provide a safe and secure environment, and as a city Orlando is not only a hotspot for residents and tourists but also real estate buyers from overseas. We certainly expect to see a rise in those international investors throughout the next 12 months.”
British Homes Group, who have been helping international investors in Florida for over 30 years, have launched their latest investment opportunity in collaboration with Virgin Holidays and Contempo Homes.
From just $334,000, and no additional second home UK stamp duty to pay, prospective clients can invest in Florida’s most recent Buy-to-Let scheme, with up to $2,500 a month guaranteed for up to 5 years and the option to renew for another 5 years if it suits.
With over 20,000 investment homes to choose from, British Homes Group can provide a fully managed leaseback agreement and bonus access to an exclusive rental partnership with Virgin Holidays. The partnership can assist and support investors in finding reliable tenants in order to make the most of the property.
For more information please contact British Homes Group today on +1 407 396 9914 or visit www.britishhomesgroup.com
Orlando Florida, USA
Office: (1) 407 777 9307