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Lake County's strategic development has attracted an impressive array of manufacturers and distribution centers. Available land and a pro-business attitude contribute to the county's success in attracting new and expanding businesses.
The county-owned Christopher C. Ford Commerce Park serves as a model for efficient permitting. Other key assets are Lake Technical Center and Lake-Sumter Community College, both of which prepare citizens for the challenges of the job market. The University of Central Florida, Troy State University and St. Leo University also provide higher education for an increasingly skilled workforce.
Large distributors, such as Domino's Pizza, Sprint North Supply, Circuit City, and Goodyear Tire and Rubber Company, have found the county's central location a significant business benefit. Convenient access to Florida's Turnpike allows for easy and efficient distribution throughout the state and the Southeast.
An emerging industry in Lake County has been sports medicine and technology. South Lake Hospital's 150-acre all-in-one campus is home to the National Training Center, which is designed to meet the needs of all ages and at all fitness levels, from residents in the local community to national and international athletes. Together the Central Florida Sports Commission and National Training Center partner to develop triathlon training programs and events throughout central Florida.
Another emerging market for Lake includes agra-technology. Companies such as Agri-Starts III, Inc., Florida Food Products, Inc. and Seninger Irrigation, Inc. call the county home. Creation of the 80-acre Eustis Commerce Park has attracted high-wage, high-value tenants such as U.S. Nutra and Traymax, Inc.
As one of the top economic development groups in the world, the Metro Orlando Economic Development Commission (EDC) generates new business investment, technology industry growth, international trade, and film and television production for Lake County and the rest of the four-county Metro Orlando region. The EDC also works to ensure that companies remain and expand here.
| Population Trends |
1990 |
2000 |
2004 |
2009* |
| |
152,104 |
210,528 |
256,893 |
311,975 |
| * As projected. Source: Decision Data Resources - 2005 |
| Population By Ethnicity* |
| White |
224,429 |
87.4% |
| Black |
21,607 |
8.4% |
| Asian |
2,141 |
0.8% |
| American Indian/Eskimo/Aleut |
856 |
0.3% |
| Other |
4,824 |
1.9% |
| 2 or more races |
3,036 |
1.2% |
| Total |
256,893 |
100.0% |
| |
| Hispanic |
20,693 |
8.1% |
*Note: Hispanic is not a race, thus are not delineated separately.
Source: Decision Data Resources - 2005 |
| Population By Age |
| 0-14 |
43,875 |
17.0% |
| 15-24 |
37,915 |
10.9% |
| 25-44 |
59,302 |
23.1% |
| 45-64 |
60,375 |
23.5% |
| 65 and over |
65,426 |
23.5% |
| |
| Median Age |
44.2 |
|
| Source: Decision Data Resources - 2005 |
| Population By City |
| |
Astatula
Clermont
Eustis
Fruitland Park
Groveland
Howey-in-the-Hills
Lady Lake
Leesburg |
1,640
10,986
18,151
3,728
2,988
1,217
14,198
18,540 |
|
Mascotte
Minneola
Montverde
Mount Dora
Tavares
Umatilla
Unincorporated |
2,951
6,700
1,170
11,365
11,568
2,487
149,204 |
|
|
| Source: Decision Data Resources - 2005 |
| Commuting Patterns |
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Into Lake County - From* |
|
| |
Lake County
Orange County
Seminole County
Marion County
Sumter County |
31,842
7,063
1,645
3,968
3,188 |
70.80%
9.65%
2.25%
5.42%
4.35% |
| |
| |
From Lake County - To* |
|
| |
Lake County
Orange County
Seminole County
Volusia County
Sumter County |
51,842
20,009
2,979
1,536
1,214 |
63.64%
24.56%
3.66%
1.89%
1.49% |
*Note: percentages are those that work in Lake County and live in a specific county.
Source: 2003 Census Release, latest data available - 2005 |
| Labor |
|
Taxes / Finance |
| Labor Force (2001) |
112,750 |
|
Taxes |
|
| County Unemployment Rate |
4.0% |
|
Personal Income Tax |
None |
| National Unemployment Rate |
5.2% |
|
Personal Property (millage rate) |
18.3810 - 22.3620 |
| Florida Unemployment Rate |
4.0% |
|
Corporate Income Tax |
5.5% |
| MSA Unemployment Rate |
3.7% |
|
Sales Tax |
7% |
Note: Data compiled monthly, not seasonally adjusted.
Source: Florida Agency for Workforce Innovation, Labor Market Statistics - July 2005 |
|
Source: County Tax Collector -2005 |
| Financial Institutions (Billions) |
|
Major Employers |
| Bank Deposits |
$2,310,594 |
|
Lake County Public Schools |
| Saving & Loan Deposits |
$429,678 |
|
Villages of Lake-Sumter, Inc. |
| Source: Florida Banker's Association |
|
Leesburg Regional Medical Center |
| Cost of Living (MSA) |
|
Florida Hospital Waterman, Inc |
| Composite Index |
99.8 |
|
Sprint |
| Grocery Items |
92.4 |
|
G&T Conveyor Company, Inc. |
| Housing |
98.1 |
|
Casmin Inc |
| Utilities |
97.3 |
|
Lake Port Square |
| Transportation |
101.9 |
|
Bailey Industries |
| Health Care |
94.9 |
|
Accent |
| Miscellaneous Goods & Services |
104.6 |
|
Lake County Sheriff's Department |
| |
|
|
Lake County Government |
| Source: ACCRA Cost of Living Index -- 2nd Quarter 2005 |
|
Cherry Lake Tree Farm |
| |
|
Source: Metro Orlando Economic Development Commission - 2005 |
| Retail Sales |
|
Business Start-Ups |
| ($Billions) |
$2,238,882 |
|
| 1999 |
2000 |
2001 |
2002 |
2003 |
2004 |
| 2,012 |
2,234 |
2,900 |
3,454 |
4,479 |
6,136 |
*Note: Includes home-based businesses
Source: 2004, www.MarketForceCorporation.com- 2005 |
|
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| Education |
| |
Elem. School |
Junior/Middle |
High School |
Tech. Centers |
Charter School |
| Number of Schools |
21 |
9 |
8 |
3 |
8 |
| Number of Students |
16,168 |
8,014 |
9,806 |
n/a |
n/a |
Number of High School Graduates (2004) 1,751
Source: www.firn.edu/dot/eias/flmove/lake.htm, Lake County School Board - 2004 |
| |
Test Scores (Average) |
| |
|
|
Mean |
| |
SAT Scores (Verbal/Math) |
653/654 |
501/307 |
| |
ACT Scores |
28.7 |
20.8 |
| |
*Top 10% of test-takers.
Source: 2004 FL Department of Education - 2003 |
|
| |
Education Profile |
| |
Graduate Degree |
9,890 |
5.3% |
|
| |
Bachelor's Degree |
20,833 |
11.3% |
|
| |
Associate's Degree |
10,961 |
5.9% |
|
| |
Some College |
42,560 |
23.0% |
|
| |
High School Graduate |
63,418 |
34.3% |
|
| |
Grade 9 - 12 (no diploma) |
26,840 |
14.5% |
|
| |
Grade K - 8 |
10,581 |
3.7% |
|
| |
Number of Adults |
185,103 |
100.00% |
|
| |
Source: Decision Data Resources - 2005 |
|
|
| Economic Projections |
|
|
|
| |
2000 |
2001 |
2002* |
2003* |
| Population |
210,528 |
214,904 |
219,358 |
228,281 |
| Employment |
62,652 |
64,492 |
62,703 |
63,712 |
| Income (Billions) |
$6.2 |
$7.4 |
$8.6 |
$9.8 |
| Unemployment Rate |
2.7 |
3.0 |
4.8 |
5.0 |
| Housing Starts |
5,117 |
3,930 |
4,030 |
3,213 |
| Single Family |
3,863 |
3,689 |
3,432 |
2,885 |
| Multi-Family |
1,255 |
241 |
598 |
328 |
| *As projected. Source: Fishkind & Associates Econocast - 2002 |
| Housing (MSA) |
| |
2002 |
2003 |
2004 |
2005 |
| Average Home Price |
$136,600 |
$145,100 |
$169,600 |
$232,200 |
| National Average |
$158,100 |
$170,000 |
$184,000 |
$208,500 |
Note: Not seasonally adjusted.
Source: National Association of Realtors, 2nd Quarter 2005 |
|
| Facilities |
|
Each WEEK Metro Orlando Welcomes AN ESTIMATED:
$508 million in retail sales
1,275 new adult residents
549,407 air travelers
531 residential building permits
$689 million total buying income
103 new businesses
3314 new jobs
866,000 visitors
Source: Orlando Sentinel Market Book - 2005
Leesburg Regional Airport
Located 30 miles northwest of Orlando, the Leesburg Regional Airport features a 5,000 foot asphalt runway. The airport, accommodates general aviation and corporate pilots with 24 hours a day services which include FBO facilities, fuel, flight instruction, maintenance, refurbishing, navigational aids, industrial space, hangar space, and open tie-down space. The airport also features a recently added U.S. Customs and border protection inspection. For those interested in starting a business in this thriving area, land is available for aeronautical industries and commercial frontage is available for other development.
| Company |
Investment |
Product/Services |
| National Institute of Telehealth (NIT) |
$5,000,000 |
Interactive Video Tech./Research & Dev. |
| Southeast Fabricators, Inc. |
N/A |
Mfg. Steel Signage |
| Anchor Coatings, Inc of Leesburg |
$1,000,000 |
Mfg. Exterior Coatings |
| Umatilla Academy for Girls |
$4,000,000 |
Residential Treatment for At-Risk Girls |
| Blue Rhino |
$6,000,000 |
Refurbish Propane Cylinders |
| ICS of Florida, Inc. |
$800,00 |
Mfg. Energy Efficient Panels |
| Traymax, Inc. |
$750,000 |
Mfg. Plastic Trays |
|
| Total Industrial Market Summary |
|
| Total existing industrial space |
76.81 million sq. ft. |
|
| Under construction |
93,460 sq. ft. |
|
| Current vacancy rate |
6.9% |
|
| Lease rate |
$4.76 avg / sq. ft. |
|
| Net Absorption (YTD 2005) |
1.32 million sq. ft. |
|
| Total Office Market Summary |
|
| Total existing office space |
40.38 million sq. ft. |
|
| Under construction |
152,100 sq. ft. |
|
| Current vacancy rate |
9.9% |
|
| Lease rate (class A) |
$19.56 / sq. ft. |
|
| Net Absorption (YTD 2005) |
1.057 million sq. ft. |
|
| Central Business District Office Market Summary |
|
| Total existing CBD office space |
5.33 million sq. ft. |
|
| Current vacancy rate |
9.1% |
|
| Lease rate (class A) |
$19.93 / sq. ft. |
|
| Construction Costs |
$70.00 - $150.00 / sq. ft. |
|
| Source: CoStar, 2nd Quarter 2005 |
|
| Bulk Distribution Warehouse Summary |
|
| Total existing warehouse space |
13.6 million sq. ft. |
|
| Under construction |
203,125 sq. ft. |
|
| Current vacancy rate |
15.8% |
|
| Lease rate |
$4.48 / sq. ft. |
|
| Net Absorption (projected 2003) |
500,000 sq. ft |
|
| Source: Rebman Properties - 4th quarter 2003 |
|
| Household Income |
|
| Average Household |
$54,088 |
|
| Median Household |
$39,810 |
|
| Per Capita |
$23,086 |
|
| Source: Decision Data Resources - 2005 |
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| Economic Incentives
County Incentives:
Lake County is the owner of the Christopher C. Ford Commerce Park located a the intersection of U.S. 27 and Florida's Turnpike. The County has enacted the Job Growth Investment Trust Fund, which may award a qualified business up to $4,000 for each new job created at a salary of 115 percent of the county's average annual wage. The county also offers a deferral plan for the payment of transportation impact fees for qualified projects.
Lake County has two HUBZones, whereby certified companies may participate in the Federal Government's Empowerment Contracting Program. The two census tracts that are qualified as a HUBZone are located in Leesburg. To determine what areas of the county are HUBZones or to more specifically determine if an address is located in a HUBZone, visit www.sba.gov/hubzone.
City Incentives
EUSTIS - The city of Eustis offers a deferral plan for the payment of water/wastewater impact fees and has a utility tax ordinance which caps the tax rate on manufacturing.
LEESBURG - Companies that locate or expand into the city of Leesburg may qualify for an abatement of city property taxes. The city has industrial land available for development. On a case-by-case basis, the city will offer additional incentives to significant projects. The city also offers an impact-fee financing, deferral plan, and piggybacks its Jobs Growth Investment Program with the county's to qualifying businesses.
GROVELAND - Companies that locate or expand into the city of Groveland may qualify for up to a ten-year exemption of city ad valorem taxes on buildings and equipment.
MASCOTTE - Companies that locate or expand into the city of Mascotte may qualify for an abatement of property taxes.
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State Tax Incentives
- No state personal income tax
- No sales tax on food and medicine
- No state-level ad valorem tax
- No inventory tax
- No ad valorem tax on goods-in-transit
- Exemptions from sales tax on electricity used during the manufacturing process
- Sales and use tax exemptions for research/development costs
- No sales tax on boiler fuels
- Sales tax exemptions for the motion picture, television and recording industries
- Tax refunds up to $3,000 per job created for qualified target industries
State Financing Incentives
- Industrial Revenue Bond (IRB) financing authorized for industrial & not-for-profit use
- Enterprise Bonds provide tax-exempt bone financing at attractive rates for small to medium manufacturers requiring less than $2 million.
- Enterprise Florida provides capital for start-ups, expansions, technology-transfer and businesses seeing to export goods and services. Florida First Capital Finance Corporation is a non-profit corporation certified to issue SBA debentures.
- International transactions are exempted from documentary stamp tax and international banking transactions are exempted from intangible tax.
- Florida Black Business Investment Board provides financing for black-owned businesses.
| Founded in 1977, the EDC is a not-for-profit, public/private partnership serving the City of Orlando and Orange, Seminole, Lake and Osceola counties. For more information about the Metro Orlando Economic Development Commission visit our website at www.OrlandoEDC.com or call 352-728-0899. |
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Lake-Sumter Community College
With campuses in Leesburg, Clermont and Sumterville, LSCC serves over 3,600 students annually. The college offers Associate in Arts (A.A.) and Associate in Science (A.S.) degrees in a wide range of curriculums. In addition to degree programs, non-credit continuing education, corporate training, children's and arts programs are available through the community college.
A number of four-year and graduate degrees are offered on LSCC campuses through partnerships with UCF, St. Leo University and Troy State University. The Leesburg campus houses the Business Assistance Center, a one-stop organization designed to assist entrepreneurs and advanced businesses with start-up and expansion assistance, SCORE and ACE Counselors are available to provide guidance in all industry sectors.
Lake Technical Center
With the main campus in Eustis, LTC is a specialized, post-secondary institution which provides job preparatory and supplemental skill training. The LTC Institute of Public Safety, Located in Tavares, operate as an extension campus.
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