Economy of Orlando

al Florida's only Level I trauma center, and Winnie Palmer Hospital for Women and Babies and Florida Hospital Orlando have the area's only Level III neonatal intensive care units. Orlando's medical leadership will be further advanced with the completion of University of Central Florida's College of Medicine, a new VA Hospital and the new Nemours Children’s Hospital, which will be located in a new medical district in the Lake Nona area of the city.

Housing and employment

Historically, the unemployment rate in Greater Orlando was low, which resulted in growth that led to urban sprawl in the surrounding area and, in combination with the United States housing bubble, to a large increase in home prices. Metro Orlando's unemployment rate in June 2010 was 11.1 percent, was 11.4 percent in April 2010, and was about 10 percent in about the same time of year in 2009. As of August 2013, the area's jobless rate was 6.6 percent. Housing prices in Greater Orlando went up 37.08% in one year, from a median of $182,300 in November 2004 to $249,900 in November 2005, and eventually peaked at $264,436 in July 2007. From there, with the economic meltdown, prices plummeted, with the median falling below $200,000 in September 2008, at one point falling at an annual rate of 39.27%. The median dipped below $100,000 in 2010 before stabilizing around $110,000 in 2011. As of April 2012, the median home price is $116,000.

Tourism

A vital part of the Orlando area economy is tourism. The Orlando area is home to Walt Disney World Resort, Universal Orlando Resort, and Sea World Orlando. Over 48 million visitors came to the Orlando region in 2004. The convention industry is also critical to the region's economy. The