As 2021 is almost over, it’s s a good time to review the past 12 months in our “City Beautiful.” When we review it, the balance is wonderful. Certainly, this year was challenging and in some areas we are still working to be on track dealing with the effects of the pandemic of COVID-19.
But at the same time there are many reasons to celebrate. Throughout the year, our country demonstrated that it has a solid economy and that our people are resilient and able to work hard. Our state, Florida, has a fundamental role in the recovery of the economy, and in Orlando we have three wonderful reasons to celebrate (and many more).
Positive job growth, labor force increases, and a decline in the unemployment rate.
This is one of the greatest things we can celebrate. Florida’s Governor Ron DeSantis announced that the Orlando area gained the highest number of private sector jobs among all the state’s metro areas. According to the Florida Department of Economic Opportunity, Orlando added 87,200 new private sector jobs, increasing by 8.2% over the year. Orlando’s unemployment rate was 3.9% in November 2021, down from 5.7% reported in November 2020. This year, the Orlando area labor force increased by 101,003, a 8.1% increase.
This is really important because it means Orlando shows that is of the fastest places in recovery, and there are a lot of opportunities not only for people that live here now. There are also great opportunities for newcomers and it looks like it will continue to be like this, as data indicates that there will be many jobs available throughout the state.
Real Estate market is still very hot
What does it mean? Since 2020, Orlando and surrounding cities, have been receiving many newcomers that are looking for a city with great quality of life for all ages, and at the same time, great prices in housing, with more affordable living areas and less taxes when compared to other expensive cities in the United States. That trend is not new, but now Orlando continues to be one of the fastest growing cities in the country.
With the high demand for homes, prices are increasing and is a great time to invest in a residential or vacation property in Orlando. The city is excellent for future real estate appreciation and increased rental rates as there is a high demand for rentals as well. We still have a “Sellers’ Market,” which means there are more buyers than homes available, according to Realtor.com.
For sellers it means a great time to sell their homes and for buyers it means that they have to hire an expert Real Estate professional to find not only the best property for them, but also to present the best offer to assure they can buy their ideal home.
Talking about vacation, 2021 has been a wonderful year for our city
Millions of domestic tourists have been returning to Orlando this year, and as of the 3rd quarter, international travelers as well. Our theme parks, including Walt Disney World and Universal Orlando, have been open since mid 2020 and since then, they are almost sold out every month. This year, starting October 1st. Disney is celebrating its 50 Anniversary, and the festivities will bring millions of visitors and will last 18 months. According to Visit Florida and Visit Orlando, 2021 appear to have exceeded pre-pandemic levels.
This is really good news, because although we’re more than theme parks, tourists that visit Orlando for the parks, represent great income to the whole city. More visitors means more vacation home rentals and hotel nights, more people shopping or eating in our local restaurants.
Now that 2021 is almost gone, we look towards 2022 with hope and joy. We hope to continue working, giving you excellent service and helping you to buy or sell your home.
Happy New Year!
Milena and the Viva Orlando Team