DOWNTOWN ORLANDO CRA
1Q24 MARKET REPORT EXECUTIVE SUMMARY | MAY 2024 This executive summary highlights the key findings from the 1st Quarter 2024 (“1Q24”) Orlando Market Report produced by GAI Consultants, Inc. in May 2024. If you have questions regarding the information contained herein, or to request a copy of the full 1st Quarter 2024 Orlando Market Report, please contact Michael Whiteman at 407.246.2102 or Michael.Whiteman@orlando.gov.
ABOUT THIS MARKET The mission of the Orlando Downtown Development Board/ Community Redevelopment Agency (“DDB/CRA”) is to aggressively pursue redevelopment and revitalization activities within the 1,664-acre Downtown Redevelopment Area (“CRA”). The emphasis is on providing more housing and cultural arts opportunities, improving long-term transportation needs, and encouraging retail development.
LEGEND Downtown Orlando CRA Central Business District Eola North Quarter Parramore
The CRA is made up of several neighborhoods and unique districts, which have been assembled into four distinct planning areas. The planning areas are illustrated in the following map.
BUSINESS MARKET TRENDS The Downtown Orlando CRA has a population of approximately 21,350 people, with nearly 95,180 employees and 4,990 businesses as of 1st quarter 2024. Business Licensure Activity Business licensure data is a way of tracking concentration and composition of business activity and employment in the City of Orlando and the CRA. In 1st quarter 2024 (“1Q24”), the CRA issued 48 business licenses, composing 11% of the business licenses issued in the City at 447. Business licenses issued within the CRA experienced significant decreases of 33% from the prior quarter, 4th quarter 2023, and 14% year-over-year, 1st quarter 2023 to 1st quarter 2024. The decrease in business licenses within the CRA from the prior quarter and year-over-year may be attributed to a decrease in demand to operate within the downtown area. In addition, about 28% and 40% of the licenses issued in the City and CRA, respectively, were for professional establishments as of 1Q24.
Annual Sales Tax Activity For year-end 2023, sales tax collections within the CRA were approximately $121.7 million (“M”), an increase of approximately 2.2% from the prior year, 2022. Sales tax collections within the CRA were primarily stimulated by a sales tax levy against lodging ($22.0M), commercial rents ($19.5M), and admissions/recreation services ($14.0M). The CRA captured 4% of the sales tax collections within the City at $3,041.1M as of year-end 2023. Consumer Spending Behaviors As of year-end 2023 estimates, total expenditures within the CRA were nearly $1,038.5M, with consumers spending about $357.3M on housing, $308.8M on retail goods, $123.6M on food, and $75.9M on health care. Total expenditures within the CRA made up approximately 9% of the consumer spending within the City.
Employment & Business Activity Employment by sector data for year-todate (“YTD”) 2023 estimates is provided by the Florida Department of Economic Opportunity (“DEO”). To note, year-end 2023 data is anticipated to be released by DEO in June 2024. As of YTD 2023, there were about 95,180 total employees within the CRA, composing 26% of total City employment. The major employment sectors within the CRA were education, public administration, and professional services, composing 30%, 23%, and 16%, respectively, of total CRA jobs. Total employment within the CRA increased nearly 1.4%, from 93,885 in 2022.
© GAI Consultants, Inc. 2024 [ 1 ]