The Orlando metro area (Lake, Orange, Osceola and Seminole Counties) is expected to show moderate growth in its economic indicators, according to the just-released quarterly Florida & Metro Forecast report published by the Institute for Economic Competitiveness of the University of Central Florida.
Dr. Sean Snaith, Director of the Institute and leading economist behind the report believes the fastest growing sector in the Orlando area would be the professional and business services, with an average annual growth rate of 4.5 percent. This will be followed by construction and mining with an average annual growth rate of 3.5 percent. Negative growth is expected in the Federal government sector, projected to contract by -3.0 percent.
Other highlights in the report for the Orlando metro area are:
- Population growth of 1.9 percent is projected, among the highest in the studied areas
- Employment growth is forecasted to average 2.5 percent annually, the 2nd highest of the metro areas studied. The metro area is expected to see an average unemployment rate of 8.7 percent. (As of June 2011, the unemployment rate was 10.4%)
- Personal income is expected to grow at a rate of 5.5 percent annually
- Gross Metro Product is expected to be one of the highest in the state, averaging, $100,651.83 (Million)
