Orlando had a modest decline of less than 1% in 2020, as the residential sector heated up to offset many of the reductions seen in other sectors.
This should be the same story for 2021, where we expect a 2.7% increase in total construction market volume and an 11.8% increase in the residential construction sector. Overall, while 2021 is expected to be a rebound year for Orlando, the first quarter is expected to be flat before the uptick starts in the second quarter; the boost will occur in the third quarter onwards. Owing to people from various walks of life choosing to reside in the suburbs of Orlando, this city is going through major population growth. Another reason for the growing economy and population expansion in Orlando is the developed transportation infrastructure, which makes traveling between destinations more convenient. Florida’s unemployment rate declined to 4.8% in January as businesses continued to reopen and key service industries started to see more customers as COVID-19 wanes.