Economic Impact Analysis on a High-Speed Railway System for Central Florida

4269 Words May 23rd, 2005 18 Pages
Economic Impact Analysis on a High-Speed Railway System for Central Florida

Economic Impact Analysis on a High-Speed Railway System for Central Florida

Introduction

High-speed railway (HRL) systems have been used primarily over in such countries as Japan since 1964 and France since 1984. Recently the United States has generated interest in the high-speed railway as well. The proposed system would stretch from Miami through Orlando and end in the St. Petersburg/Tampa area. With bullet trains operating at top speeds of 220 miles an hour, the express travel time from downtown Miami to Orlando would take approximately 2.5 hours. Intercity travelers (trips between metropolitan regions) along with longer-distance commuters would
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As of first quarter 2004, the overall cost of living index was 97.8 as compared to the U.S. average of 100, according to the American Chamber of Commerce Researchers Association.
In 2003, there were 43,845 new business start-ups in the Metro Orlando MSA. In October of 2003, Orlando added 14,700 new jobs – an increase of 1.6 percent from a year earlier. In 2003, 53 percent of the region 's largest employers reported increases in their employment levels compared to the previous year. Among the top 100 companies there was a net gain of about 16,500 full- and part-time jobs, an increase of more than 5 percent from a year ago. The leading employer in Orlando is Walt Disney Co., which employs about 4 percent of all workers in Central Florida. The company employed 51,600 people in Central Florida as of September 2003, representing 15 percent of the 342,000 workers on this year 's Central Florida Business Top Employers list. Despite the microscopic growth at the big theme parks, tourism employment overall has led the way in the Orlando job market 's resurgence.
Two emerging industries in Orlando are technology and manufacturing. Employment in the technology industry has more than doubled over the last ten years, with more than 80,000 people employed by more than 3,800 companies. The manufacturing industry is marked by a total of over 4,000 companies, and Orlando holds an impressive ranking as one of the top 50
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