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Florida's Economic Surge: Progress and Projections Towards the 2030 Blueprint Goals
Florida is advancing steadily towards its ambitious goal of not only ranking among the top 10 global economies but also becoming the nation's largest economy. This commitment is a crucial part of our vision outlined in the Florida 2030 Blueprint. The Florida Chamber Foundation's research team, utilizing recent data from the Bureau of Economic Analysis, offers an insightful analysis of Florida's economic trajectory. ​ In comparison to the other major economies in the U.S., Florida has demonstrated the most rapid real GDP growth (adjusted for inflation) over the four years up to the first quarter of 2023. With a growth rate of 14.2%, Florida is significantly outpacing Illinois, the fifth-largest economy, and is rapidly catching up to New York, the third-largest. The state's growth rate is over double that of New York and more than four times that of Illinois. This level of economic performance is vital for the realization of our objectives set in the Florida 2030 Blueprint, particularly considering that the economies of New York, Texas, and California are 44%, 77%, and 167% larger, respectively. ​ Turning our attention inward, a common query pertains to the driving forces behind Florida's economic expansion over the past four years and the current composition of its economy in terms of GDP contributions. Within the framework of the North American Industrial Classification System (NAICS), which categorizes 20 industry sectors, seven have outperformed Florida's overall growth rate of 14.2%. The leading 10 sectors in terms of GDP growth predominantly encompass white-collar industries, reflecting a diverse workforce that requires a mix of college degrees, industry certifications, and general employability skills. ​ The composition of Florida's economy is continually evolving, influenced by a blend of external factors like consumer demand and foreign exchange rates, and internal factors including workforce availability and economic development strategies. As of the first quarter of 2023, five out of the 20 industry sectors make up over half of Florida's GDP: Real Estate, Professional/Scientific/Technical Services, Government, Healthcare/Social Assistance, and Retail Trade. Similar to the fastest-growing sectors, these dominant industries represent a range of skills and cater to various customer needs. https://www.flchamber.com/wp-content/uploads/2022/05/ES_FLChamber2030_TargetsandStrategies_Sep12-UPD-52122.pdf
Orlando is one of the cities with the busiest real estate market in the state, so you can definitely feel the influence of those factors in it. In terms of employment growth, Orlando is ranked sixth in the US. Orlando’s employment level is anticipated to grow by 19% by 2030, which is almost twice the national average! The fields with the most anticipated growth in employment are recreation and hospitality, finance, education, healthcare services, and business and professional services. Its unemployment rate is on the decline, as it’s down to 2.6% at the moment. Additionally, the number of jobs in Orlando increased by 11% in the three years before the pandemic started, with about 130,000 new jobs added to the city’s economy. This is one of the biggest driving factors behind projected positive real estate trends in Orlando. Among the 30 major American cities, Orlando has the second-fastest pace of population increase. It’s bringing in more than 1000 new residents per week. According to Orlando.org, recent immigrants aren’t just tourists, they are well-educated people that originate from states with weak economic growth. Additionally, the most recent census shows that Orlando’s population has increased by about 70.850 since 2010. To sum it all up, the Orlando area is anticipated to grow by 1500 people a week by 2030. It will reach a population of 5.2 million. With interest rates rising so fast, there has been some pause with buyers who are battling affordability, but industry experts call for rates to stabilize beginning of 2023. Overall, the forecast seems to indicate strength and stability. Florida remains an in-demand location for both domestic and international buyers due to our unparalleled lifestyle and business-friendly climate. At Axis Realty Tenant Representation is one of our real estate specialties. Finding the best office spaces or negotiating better lease terms to help your business thrive in the changing world of work. Let’s connect today and help you with your real estate expansion needs. #theaxisrealty #realestate #commercialdevelopment #marketupdate #orlando #development #commercial Orlando is one of the cities with the busiest real estate market in the state, so you can definitely feel the influence of those factors in it. In terms of employment growth, Orlando is ranked sixth in the US. Orlando’s employment level is anticipated to grow by 19% by 2030, which is almost twice the national average! The fields with the most anticipated growth in employment are recreation and hospitality, finance, education, healthcare services, and business and professional services. Its unemployment rate is on the decline, as it’s down to 2.6% at the moment. Additionally, the number of jobs in Orlando increased by 11% in the three years before the pandemic started, with about 130,000 new jobs added to the city’s economy. This is one of the biggest driving factors behind projected positive real estate trends in Orlando. Among the 30 major American cities, Orlando has the second-fastest pace of population increase. It’s bringing in more than 1000 new residents per week. According to Orlando.org, recent immigrants aren’t just tourists, they are well-educated people that originate from states with weak economic growth. Additionally, the most recent census shows that Orlando’s population has increased by about 70.850 since 2010. To sum it all up, the Orlando area is anticipated to grow by 1500 people a week by 2030. It will reach a population of 5.2 million. With interest rates rising so fast, there has been some pause with buyers who are battling affordability, but industry experts call for rates to stabilize beginning of 2023. Overall, the forecast seems to indicate strength and stability. Florida remains an in-demand location for both domestic and international buyers due to our unparalleled lifestyle and business-friendly climate. At Axis Realty Tenant Representation is one of our real estate specialties. Finding the best office spaces or negotiating better lease terms to help your business thrive in the changing world of work. Let’s connect today and help you with your real estate expansion needs. #theaxisrealty #realestate #commercialdevelopment #marketupdate #orlando #development #commercial Orlando is one of the cities with the busiest real estate market in the state, so you can definitely feel the influence of those factors in it. In terms of employment growth, Orlando is ranked sixth in the US. Orlando’s employment level is anticipated to grow by 19% by 2030, which is almost twice the national average! The fields with the most anticipated growth in employment are recreation and hospitality, finance, education, healthcare services, and business and professional services. Its unemployment rate is on the decline, as it’s down to 2.6% at the moment. Additionally, the number of jobs in Orlando increased by 11% in the three years before the pandemic started, with about 130,000 new jobs added to the city’s economy. This is one of the biggest driving factors behind projected positive real estate trends in Orlando. Among the 30 major American cities, Orlando has the second-fastest pace of population increase. It’s bringing in more than 1000 new residents per week. According to Orlando.org, recent immigrants aren’t just tourists, they are well-educated people that originate from states with weak economic growth. Additionally, the most recent census shows that Orlando’s population has increased by about 70.850 since 2010. To sum it all up, the Orlando area is anticipated to grow by 1500 people a week by 2030. It will reach a population of 5.2 million. With interest rates rising so fast, there has been some pause with buyers who are battling affordability, but industry experts call for rates to stabilize beginning of 2023. Overall, the forecast seems to indicate strength and stability. Florida remains an in-demand location for both domestic and international buyers due to our unparalleled lifestyle and business-friendly climate. At Axis Realty Tenant Representation is one of our real estate specialties. Finding the best office spaces or negotiating better lease terms to help your business thrive in the changing world of work. Let’s connect today and help you with your real estate expansion needs. #theaxisrealty #realestate #commercialdevelopment #marketupdate #orlando #development #commercial Orlando is one of the cities with the busiest real estate market in the state, so you can definitely feel the influence of those factors in it. In terms of employment growth, Orlando is ranked sixth in the US. Orlando’s employment level is anticipated to grow by 19% by 2030, which is almost twice the national average! The fields with the most anticipated growth in employment are recreation and hospitality, finance, education, healthcare services, and business and professional services. Its unemployment rate is on the decline, as it’s down to 2.6% at the moment. Additionally, the number of jobs in Orlando increased by 11% in the three years before the pandemic started, with about 130,000 new jobs added to the city’s economy. This is one of the biggest driving factors behind projected positive real estate trends in Orlando. Among the 30 major American cities, Orlando has the second-fastest pace of population increase. It’s bringing in more than 1000 new residents per week. According to Orlando.org, recent immigrants aren’t just tourists, they are well-educated people that originate from states with weak economic growth. Additionally, the most recent census shows that Orlando’s population has increased by about 70.850 since 2010. To sum it all up, the Orlando area is anticipated to grow by 1500 people a week by 2030. It will reach a population of 5.2 million. With interest rates rising so fast, there has been some pause with buyers who are battling affordability, but industry experts call for rates to stabilize beginning of 2023. Overall, the forecast seems to indicate strength and stability. Florida remains an in-demand location for both domestic and international buyers due to our unparalleled lifestyle and business-friendly climate. At Axis Realty Tenant Representation is one of our real estate specialties. Finding the best office spaces or negotiating better lease terms to help your business thrive in the changing world of work. Let’s connect today and help you with your real estate expansion needs. #theaxisrealty #realestate #commercialdevelopment #marketupdate #orlando #development #commercial