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The Orlando‐Kissimmee Metropolitan Statistical Area <br />(MSA or metro), Florida’s third most- populated MSA <br />and the 24th largest in the nation, is home to 2.44 <br />million people. As an economic powerhouse, the <br />MSA has a dynamic business climate that continues <br />to diversify far beyond its tourism roots; the area now <br />benefits from a highly skilled workforce and a <br />broad industry base with nationally recognized <br />clusters of innovation in technology development, <br />aerospace research, life science and <br />biotechnology, and military simulation. <br />With no state or city income taxes and low costs of <br />living and of doing business, Orlando has sound <br />long- term growth fundamentals, underpinned by <br />continued expansion of medical and tourist- <br />related sectors, tremendous population and job <br />growth and affordable housing. Intellectual capital <br />is attracted by both increased job opportunities and <br />a high quality of life. <br />04 MARKET ANALYSIS / METROPOLITAN ORLANDO ECONOMICS <br />Florida's population is forecasted to growby 4.54 Million people by 2026 and Orlando MSA'S job growth is projected to increase 13.4% by 2021. <br />$67,083 <br />Household <br />Income <br />160,000 <br />Projected 5 <br />year job growth <br />Orlando <br />MSA <br />Statistics <br />260,000 <br />Projected 5year population <br />growth <br />4.5% <br />4Q2016 <br />Unemployment <br />Rate <br />20,000 <br />15,000 <br />10,000 <br />5,000 <br />0 <br />-5,000 <br />-10,000 <br />-15,000 <br />-20,000 <br />-25,000 <br />14.0% <br />12% <br />10% <br />8.0% <br />6.0% <br />4,0% <br />2.0% <br />101,700 <br />01'02'03'04'05'06'07'08'09'10'11'12'13'14'15'16' <br />JOBS <br />UNEMPLOYMENT <br />203,667 <br />ORLANDO MSA QUARTERLY EMPLOYMENT GROWTH TRENDS <br />Source: Moody's; Orlando Economic Development Commission (EDC); ZRS Property Management; Florida Dept. of Economical Opportunity, Noell Consulting Group <br />23