In 2018, the Orlando MSA’s population is projected to increase by 3.2 percent, from 2.4 million to 2.52 million year over year. Out of the nine Florida markets Cushman & Wakefield analyzed, Orlando is growing at the second-fastest pace, trailing only the Fort Myers/Cape Coral market.
The next five years is projected to bring 388,270 new Orlando residents, for a total projected population of 2.8 million by 2022. In that same timeframe, the state’s overall population will increase from 21 million to 23.3 million.
Much of Orlando’s growth can be attributed to strong job creation, as Orlando adds 1,000 new jobs a week and has an unemployment rate of 3.3 percent — the lowest in the state. The growth is also supported by the University of Central Florida’s skilled talent pool and a significant amount of new construction.
The strong growth will also lead to an increase in retail sales, which are expected to reach $60.7 billion in 2018. That’s compared to $56.8 billion last year, and just $45.2 billion five years ago.
Home values in the Orlando market will average $250,340 in 2018, which is a slight increase from the year before.
See the full Orlando Population Report below and read the rest of the Florida Population Reports here.
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