- Sales in the Orlando region increased by more than inflation in 2023 as businesses and consumers shrugged off economic uncertainty.
- Strong spending has been supported by a robust labor market, which added an estimated 27,100 jobs in 2023 to bring total gains over the last two years to more than 100,000 new jobs.
- As employment growth now cools and demand for labor eases, Orlando is one of just a handful of large U.S. regions to maintain historically low unemployment alongside robust labor expansion.
- Orlando International Airport was Florida’s busiest airport in 2023, welcoming 57.7 passengers – 5.4 million more than Miami International.
- Businesses surveyed by the Partnership continue to report a first-quarter surge in confidence as the outlook for the national economy improves and they themselves see growth.
- Staffing challenges and cost pressures both appear to be easing, but sector-specific concerns are on the rise.
- The U.S. economy defied all expectations in 2023 and talk of recession is slowly disappearing. However, a period of slower growth is likely in 2024.
- Growth in the local market should ensure ongoing opportunity for Orlando businesses as the region and state continue to outperform the national economy.