How Will The Orlando Economy Perform Over The Next 10-Years?

This week, the Business Journal publication named Orlando a top city for growth during the next 10-years. The Sunshine State may have been hit hard by the economic downturn of 2008, but that doesn’t mean it’s not rebounding with what it has to offer future residents. Orlando is now ranked among the 10 areas with the highest project job growth rates over the next 10-years, according to statistics from Moody’s Analytics. 

More impressive, Orlando’s projected job growth is the second highest in the United States among the 200 largest metros, reported Forbes.com. Central Florida’s effort to attract more high-paying jobs gained traction as the economy strengthened during 2016. Now, staring at 2018, magazines are predicting that Orlando is going to have at least a decade of strong economic performance for all present and future residents.

Tourism

Right now, tourism is booming in Orlando. As the bedrock foundation of the city, it’s also a good thing when more and more people are visiting the region for the likes of Disney World and Harry Potter World. As the national economy improves, more travelers have the funds to take family vacations – and they’re choosing Orlando as the destination.

Unemployment

Unemployment rates are actually falling in the region, indicating strong economic performance for years to come. Additionally, companies like Deloitte and Voxx International are moving to the area to run their billion-dollar companies, a sign that Orlando is hospitable for big business and even bigger ideas.

Tech Hub

Orlando has made some waves recently as a viable tech hub location for businesses and up-and-coming startups. There has been significant growth in the technological infrastructure and openness in the city, same with the healthcare industry. From 2004 to 2014, the science, tech, engineering, and math job sector grew from 4.5 to 8.5 percent, according to statistics from the Bureau of Labor Statistics. That number is expected to keep growing as more business with a tech-based nature chooses Orlando as their home base. 

A Bright Future

It’s no secret that Orlando has been rocked with hardship during the last few years. As a resilient, colorful, and economically strong region, Orlando has bounced back and is staring down a valuable 10-years ahead. Whether it’s entertainment or technological development, the diversity of the Orlando economy is assuring of its growth in the future.