LAST UPDATED: June 2019

ORLANDO MSA MARKET OVERVIEW

orlando.org

Orlando MSA Market Overview

• Labor Market

• Payroll Employment

• Commercial Real Estate

• Residential Real Estate

• Consumer Spending

• Visitor Industry

700,000

800,000

900,000

1,000,000

1,100,000

1,200,000

1,300,000

1,400,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Labor Force, Orlando MSASeasonally Adjusted

Employed Unemployed

orlando.org

Labor Market

March 2019 (12-Month Change)

Labor Force: 1,360,630 (+31,828)

Employed: 1,317,223 (+35,398)

Unemployed: 43,407 (-3,570)

Source: U.S. Department of Labor, Bureau of Labor Statistics, LAUS Seasonally Adjusted

2

3

4

5

6

7

8

9

10

11

12

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Unemployment Rate, Orlando MSASeasonally Adjusted

Orlando MSA

United States

orlando.org

Labor Market

March 2019 (NSA)

United States: 3.8%

Florida: 3.5%

Orlando MSA: 3.2%

RECESSION

Source: U.S. Department of Labor, Bureau of Labor Statistics

2,000

4,000

6,000

8,000

10,000

12,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

New Claims for Unemployment Insurance, Orlando MSA12-Month Moving Average

orlando.org

Labor Market

Source: Florida Department of Economic Opportunity, Labor Market Statistics Center

2019 YTD (through May)

12,139 (-1,715)

RECESSION

30

32

34

36

38

40

$700

$750

$800

$850

$900

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Average Weekly Hours & Earnings, Orlando MSA12-Month Moving Average

12 MMA Weekly Earnings (left axis) 12 MMA Weekly Hours (right axis)

orlando.org

Labor Market

April 2019 (NSA, 12-Month Change)

Hours: 35.5 (0.3%)

Earnings: $876.50 (1.6%)

Source: Florida Department of Economic Opportunity, Labor Market Statistics Center

800

850

900

950

1,000

1,050

1,100

1,150

1,200

1,250

1,300

1,350

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Hundreds

Total, Nonfarm Payroll Employment, Orlando MSASeasonally Adjusted

orlando.org

Payroll Employment

RECESSION

Nov ’07 – Jan ’10

103,700 jobs lost

Jan ’10 - Present

328,000 jobs regained

March 2019 (12-Month Change)

1,332,400 (+50,300)

Source: U.S. Department of Labor, Bureau of Labor Statistics

-8%

-4%

0%

4%

8%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Change in Nonfarm Payroll Employment, Orlando MSAY/Y % Change, Seasonally Adjusted

Orlando MSA United States

orlando.org

Payroll Employment

April 2019

United States: 1.7%

Orlando MSA: 4.1%

Source: U.S. Department of Labor, Bureau of Labor Statistics

RECESSION

orlando.org

Payroll Employment

% Change in Payroll Employment, MSAs > 1 Million Jobs

April 2018 – April 2019, Not Seasonally Adjusted

Rank MSA % Change

1 ORLANDO, FL 3.46%

2 Phoenix, AZ 3.24%

3 Dallas, TX 3.17%

4 Houston, TX 2.81%

5 Seattle, WA 2.81%

6 Nashville, TN 2.77%

7 Sacramento, CA 2.68%

8 San Jose, CA 2.68%

9 San Francisco, CA 2.67%

10 Las Vegas, NV 2.61%

Source: U.S. Department of Labor, Bureau of Labor Statistics

56.0

50.9

40.0

12.0

-51.9 -51.0

12.2

19.3

31.9

37.9

42.9

58.8

45.542.2 41.8

-60

-40

-20

0

20

40

60

80

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Net Job Gain, Orlando MSANot Seasonally Adjusted

orlando.org

Payroll Employment

Source: Florida Department of Economic Opportunity, Labor Market Statistics Center

2019 YTD

Jan. 2019-April. 2019: 4,000

3.1

15.3

4.7

5.9

1.5

8.7

1.3

1.3

1.9

0.1

-0.9

6.8% 6.7%

5.8%

3.8%

3.4% 3.3%

2.9%

1.7%1.5%

0.4%

-0.6%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Mfg. Business Svcs. Const. Education &Health

WholesaleTrade

Liesure &Hosp.

Other Svcs. Finance Total Gov. Information Retail

Job Gains by Industry, Orlando MSA12 Month Change April 2019, Not Seasonally Adjusted

Net Job Gain (left axis) Y/Y % Change (right axis)

TOTAL NET GAIN: 44,600

orlando.org

Payroll Employment

Thousands

orlando.org

Payroll Employment

Source: U.S. Department of Labor, Bureau of Labor Statistics

IMPROVING

CONTRACTING SLIPPING

EXPANDING

MiamiCentral FloridaTampa

ORLANDO

Fort Lauderdale

Jacksonville

West Palm Beach

Lakeland

Space Coast

Deltona

Gainesville

-1%

1%

-1% 0% 1% 2% 3% 4% 5% 6%

3-Month % Change

Year-Over-Year % Change

Employment Momentum by Florida MSA/MDApril 2019, Seasonally Adjusted

orlando.org

Commercial Real Estate

Source: CoStar; only includes existing office properties larger than 5,000 sq. ft.

$15

$17

$19

$21

$23

$25

0%

4%

8%

12%

16%

20%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD

Office Market, Orlando MSA

Total Vacancy (left axis) Average Direct Asking Rate (FSG, right axis)

orlando.org

Commercial Real Estate

Source: CoStar; only includes existing industrial properties larger than 10,000 sq. ft.

$4

$5

$6

$7

0%

4%

8%

12%

16%

20%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD

Industrial Market, Orlando MSA

Total Vacancy (left axis) Average Direct Asking Rate (NNN, right axis)

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

0

10,000

20,000

30,000

40,000

50,000

60,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD

Home Sales vs. Median Sales PriceOrlando MSA

Sales (left axis) Median Sale Price (right axis)

orlando.org(p) = preliminary

Source: Orlando Regional Realtor Association

Residential Real Estate2018 YTD (through March)

Sales: 8,296 (+1.52%)

Median Sales Price: $229,000 (+9.10%)

orlando.org

Residential Real Estate

(p) = preliminary

Source: U.S. Census Bureau

23,646

11,805

5,2803,707 4,221 4,533

7,3229,222 9,806

12,03814,227 14,431

16,238

7,338

6,833

4,953

7801,033

1,972

4,684

6,341 6,309

8,436

9,027

4,634

12,639

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

Housing Permits, Orlando MSAUnits Authorized

Single-Family Multi-Family

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

75.0

100.0

125.0

150.0

175.0

200.0

225.0

January 2000 = 100

Retail IndexOrlando MSA

orlando.org

Consumer Spending

Source: Florida Legislature, Office of Economic & Demographic Research

December 2018 (12-Month Change)

212.7 (+4.7%)

orlando.org

Consumer Spending

Source: Florida Legislature, Office of Economic & Demographic Research

7.2 7.2 6.8 5.6 4.9 5.2 5.5 6.2 6.9 7.7 8.3 8.8 9.2 9.7

2.8 2.9 2.8 2.4 1.9 2.0 2.2 2.3 2.5 2.5 2.7 2.8 2.9 3.1

13.3 13.8 14.3 16.014.5 15.3 16.7 17.8

19.020.5

22.7 23.6 25.5 26.712.7 13.5 13.9 12.0

11.7 12.213.0

13.714.4

15.015.4

15.916.2

16.9

2.9 3.0 2.52.3

1.71.7

1.71.9

2.22.4

2.72.9

3.13.3

8.08.4 7.6

7.0

6.56.7

6.56.9

7.38.0

8.59.2

9.811.1

0

10

20

30

40

50

60

70

80

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

$BillionsTaxable SalesOrlando MSA

Autos & Accessories Consumer Durables Tourism & Recreation Consumer Non-Durables Building Investment Business Investment

2018 (Y/Y Percent Change)

Autos: $9.7b (+6.1%)

Durables: $3.1b (+9.7%)

Tourism: $26.7b (+4.8%)

Non-Durables: $16.9b (+4.1%)

Building Investment: $3.3b (+5.4%)

Business Investment: $11.2b (+13.5%)

TOTAL: $70.9b (+6.4%)

orlando.org

Visitor Industry

31.9 32.5 34.2 33.030.7 31.6 31.9 31.5 30.8 31.4

33.736.3 37.7

41.1

14.7

2.2 2.12.3

2.73.0

3.2 3.5 3.8 3.9 4.3

5.1

5.65.8

6.6

2.4

0

5

10

15

20

25

30

35

40

45

50

55

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD

Millions

Total Passengers, Orlando International Airport

Domestic International

Source: Greater Orlando Aviation Authority

April 2019 Passengers, (YOY Change)

Domestic: 3.7 M (5.5%)

International: .65 M (+19.0%)

TOTAL: 4.3 M (6.0%)

For More Information Contact:

Phoebe Fleming

Director of Research

ORLANDO ECONOMIC PARTNERSHIP

phoebe.fleming@Orlando.org

407.902.2423