Orlando Real Estate - Stats and Trends 2022 - Job Market
Forbes ranks Orlando, Florida as the 23rd-best place for business and careers and the 6th-best place in the country for job growth.
According to U.S. News & World Report, the average annual salary in Orlando is below the U.S. average due to the high number of low-paying service and hospitality jobs. That’s good news for investors, because these types of jobs help keep the demand for rental property high as the economy begins to recover.
Key Employment Stats:
GDP of Orlando (including the neighboring cities of Kissimmee and Sanford) is more than $144 billion, increasing by more than 53% over the last ten years.
Employment sectors in Orlando showing the fastest signs of growth in 2022 include leisure and hospitality, financial activities, education and health services, and professional and business services, according to the BLS.
Unemployment rate in Orlando is down to just 2.6% (as of April 2022).
The Orlando Business Journal reports that over the three years prior to the pandemic, job growth in Orlando was 11% with nearly 129,000 new jobs added to the economy.
Average employment in Orlando is projected to grow by 19% by 2030, nearly double the rate of the U.S.
In fact, over the next ten years, about 500,000 new jobs are forecast to be created in the Orlando metro area, based on research by the Orlando Economic Partnership.
Metro Orlando is home to the seven-million-square-foot Orange County Convention Center with nearly 480,000 sq. ft. of meeting rooms and more than two million sq. ft. of exhibition space, making it the second-largest convention venue in the U.S.
Fastest-growing employment sectors in the Orlando region over the next ten years include home and healthcare services, manufacturing and construction, engineering and transportation, and computer systems design.
Largest engineering, manufacturing, and aerospace companies in Orlando include Lockheed Martin, General Dynamics, Mitsubishi Power Systems, Siemens, AT&T, and Boeing.
Defense employers in metro Orlando include United States Army Research, National Center for Simulation, Patrick Air Force Base, and Cape Canaveral Air Force Station.
Disney’s Magic Kingdom, Universal Studios, Disney’s Hollywood Studio, SeaWorld Orlando, Disney’s Animal Kingdom, and Disney’s Epcot are a few of the top rated entertainment centers and theme parks in the Orlando-Kissimmee area.
Creative Village Innovation District is a 68-acre mixed-use development on the west side of downtown Orlando providing residents with paths to education and housing while giving businesses a place to expand with a quality workforce.
The 1,027-acre Central Florida Research Park is adjacent to the University of Central Florida and home to more than 100 companies employing thousands of people.
Major colleges and universities in Orlando include University of Central Florida, Florida A&M University, Florida State University, and Valencia College.
89.6% of the residents in Orlando are high school graduates or higher, and 33.2% hold a bachelor’s degree or an advanced degree.
Interstate 4 is Orlando’s main Interstate Highway, while SunRail provides commuter train service throughout the four-county Orlando metro area.
Orlando International Airport (MCO) is the second-busiest in Florida with airlines including Frontier, JetBlue, Lufthansa, and Virgin Atlantic providing service to nearly 50 million national and international passengers each year.
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