Orlando and Tampa Named Best American Cities for Business
ORLANDO - New York investment analysis publication 24/7 Wall Street named its top American cities for business. Both Orlando and Tampa made the top five list at third and fourth respectively. Cincinnati came in first and Atlanta, second. Dallas ranked fifth.
Like Tampa and the majority of Florida’s major cities, Orlando’s housing and job markets were hit hard by the housing crash and recession. Median home value fell 53.5% from peak prices in the first quarter of 2006, the fifth worst of the largest U.S. cities. The metropolitan region ranks has the most attractive location in four of the 19 measured business types, including digital entertainment, software design and biotech. According to the report, Orlando benefits in these sectors from competitive costs for salaries and wages and affordable employee benefit plans.
3. Orlando
> GDP: $104.65 billion
> Unemployment: 9.5%
> Median Income: $46,477
Like most of the state of Florida, the Tampa metropolitan region was hit hard during the recession. The city lost 11% of its working population, and had only recovered 34% of lost jobs as of the fourth quarter of last year. Home prices fell nearly 50% from their peak and still have a long way to recover. According to KPMG, Tampa’s biggest strengths as a destination for affordable business are its lowest labor costs among the 27 cities as well as its low leasing prices, both of which are the result of declining values during the recession. According to the report, Tampa had the best rating for professional and support services.
4. Tampa, Fla.
> GDP: $117.23 billion
> Unemployment: 9.9%
> Median Income: $43,546
