Orlando, FL

The last five years have been extremely successful for the Orlando market, which has seen an impressive increase in volume of over 50%.

As with many markets, growth is expected to level out between 2018 and 2022, with, importantly, no clear sounds of market contraction. In 2019, most sectors are remaining flat, with the exception of healthcare and infrastructure, both of which interestingly follow a similar five-year growth cycle. Although residential looks to contract slightly, it should be considered that last year home building was at its highest level in more than a decade — almost doubling since 2014. At a reported $2.8 billion, the airport expansion continues to draw in labor and is Orlando’s most expensive public works project. Themed entertainment and hospitality work will continue at pace, with multiple projects in the pipeline. Unlike many other cities, Orlando has benefited from the influx of skilled trade and had a labor force high of 84,500 as of January 2019. This has helped to keep escalation at a reasonable average of 4.5%, despite construction spending way above the national average. A further basepoint on the effect of this is a recent “2019 Outlook Survey” by AGC, where almost 80% of respondents stated they would be increasing their headcount, but only 22% said they would place higher prices in bids.

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