Orlando Market Report
Reduction in Tourism Weighs Heavily on Employment While Rise in Construction Poses Headwinds; Favorable Demographic Trends Provide Positive Outlook for Investors
Jobs slowly return after pandemic fallout. Orlando’s unemployment rate soared from 2.8 percent in February to 21.4 percent in May, one of the highest rates in the nation. Over this period, roughly 232,600 jobs were lost as stay-at-home orders required the temporary closure of many businesses. Cuts occurred in all employment sectors during this time with the largest drop occurring in the region’s sizable leisure and hospitality segment. Since firms began to reopen in May, the metro has regained 92,200 positions, cutting the unemployment rate to 9.8 percent in September. The greatest growth since the trough in May was in professional and business services, which regained 71,200 jobs. As of September, however, total employment sits 135,300 workers below the number at the beginning of 2020.