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 off between 2018 and 2022, albeit with no clear signs of market contraction. In 2019, most sectors are remaining flat, with the exception of healthcare and infrastructure, both of which tend to follow a similar five-year growth cycle. Although residential activity looks to contract slightly, it should be considered that home building last year was at its highest level for 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 apace with multiple projects in the pipeline. Unlike many other locations, Florida has benefited from the influx of skilled trade and boasts a labor force of 84,500, as of January 2019. This has helped keep escalation at a reasonable average of 4.5%, despite construction spending being way above the national average. This is further underlined by 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 be placing higher prices in bids.

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