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The Orlando area economy is beginning an economic rebound. Recent job gains in the region are positive signs for the economy as it recovers from the pandemic.
This is especially true of the leisure and hospitality industry which makes up 41% of the area’s economy. More people are moving to Central Florida, and current residents are also looking to buy homes and start businesses. This is good news for REALTORS®.
According to the Orlando Economic Partnership, Orlando has added 18,500 jobs in the past two months. Out of these, 11,900 were in the Leisure and Hospitality sector. Since January, 64% of the region's job growth came from adding leisure and hospitality industry jobs. Visit Orlando's data reported this information.
In Orlando, job postings for accommodation and food services increased by 89% from February to March. This is the highest number in 10 years, reaching 5,252 postings.
More visitors coming back to the area are creating more jobs in the leisure and hospitality industry. The Orlando International Airport’s most recent passenger traffic data for March 2021 shows that domestic traffic climbed 38.64% and overall traffic was up by nearly 25% compared to March of last year.
A recent Orlando Economic Partnership blog post noted that “currently, consumer spending is 17% above a pre-pandemic baseline in Florida.
More people getting the COVID-19 vaccine means cities will open. Spending at theme parks, hotels, restaurants, and cultural venues will increase as a result.
This increase in spending will create more jobs in the leisure and hospitality sector. This will lead to more jobs in the leisure and hospitality sector. Consumer spending in the L&H sector is already on the upswing.
Spending at restaurants and hotels is 6% higher than before the pandemic. Spending on entertainment and recreation is still 17% lower than before. However, it has greatly improved from being 46% lower in February.
More people are returning to work in the leisure and hospitality industry in Orlando. This is helping the area recover. As this industry creates more jobs, the economy and quality of life in the area will improve.