Orlando continues to show slight contraction from its 2018 highs, with the residential market offsetting gains from other sectors.
The market continues to be busy with new projects such as the Cocoa Beach Hotel providing much-needed construction volume. Labor shortages remain with finishing trades and glazers in particular. The coronavirus has had a direct effect on Florida as a whole, impacting material delivery, labor availability, and project funding. The silver lining of the market slowdown is that it allows labor availability to catch up with growth. Unemployment remains low despite a continual influx of labor coming into the market. Moving forward, we are expecting Orlando to continue its plateau but all signs are pointing to an uptick in early 2021.