Orlando labor market adds 18500 jobs despite worker shortage

The Orlando job market shows signs of change as we start 2024. With a labor force of 1.46 million people as of November 2024, our region faces a 3.5% unemployment rate – matching Florida’s rate but sitting below the national average of 3.9%.

Raw numbers paint an interesting picture for local business owners. Out of our 1.46 million workforce, about 1.41 million Orlando residents are employed. This represents a shift from last year – our labor force has shrunk by about 20,400 workers compared to November 2023, with retirements cited as a prime factor.

For Orlando businesses, these statistics translate into real hiring challenges and opportunities. Job postings in the region averaged 61,500 per quarter in late 2024, down 15% from 2023. This decline in job listings suggests an easing in the intense competition for talent that marked previous years. Yet certain sectors keep growing – construction jobs rose 5.3% year-over-year, while leisure and hospitality added 2.5% more positions.

The average weekly wage in Orlando hit $1,095 in November 2024 – an 8.5% jump from the previous year. This wage growth outpaced inflation, giving business owners a clear signal about compensation expectations in our current market.

Current employment snapshot

Orlando’s total employment stands at 1.41 million workers as of November 2024, marking a change in our local job market. Our region lost about 26,800 employed workers since November 2023, reflecting a broader shift in workforce patterns.

Let’s break down the unemployment rates across our area:

Orlando MSA: 3.5%
Florida: 3.6%
United States: 4.0%

Within the Orlando metro area, unemployment rates vary by county:

Orange County: 3.4%
Seminole County: 3.4%
Lake County: 3.8%
Osceola County: 4.0%

Labor force participation reveals a new trend. Orlando’s total labor force dropped to 1.46 million in November 2024, down from 1.48 million a year ago. This 1.4% decrease points to a shift in our workforce dynamics. Local economists link this decline primarily to increasing retirements rather than workers leaving the job market.

Job openings tell another part of the story. Monthly job postings averaged 59,690 in November 2024 – a 4.8% drop from last year. Healthcare organizations led the way in hiring, with AdventHealth, Orlando Health, and HCA ranking as the top three companies posting jobs throughout the quarter.

Industry breakdown

The Orlando job market spans diverse sectors, with leisure and hospitality leading employment. Here’s how our 1.5 million jobs break down across major industries:

Orlando employment by industry (November 2024)

Industry	Number of Jobs	% of Total	Year-Over-Year Change
Leisure & Hospitality	292,300	19.4%	+2.5%
Professional & Business Services	285,800	19.0%	+0.2%
Education & Health Services	193,100	12.8%	+0.9%
Retail Trade	158,400	10.5%	-1.0%
Government	134,600	8.9%	+2.7%
Construction	96,200	6.4%	+5.3%
Financial Activities	90,800	6.0%	0.0%
Transportation & Utilities	66,600	4.4%	+2.0%
Other Services	55,700	3.7%	+4.7%
Wholesale Trade	54,000	3.6%	+0.2%
Manufacturing	51,700	3.4%	-2.5%
Information	26,900	1.8%	-0.4%
Mining & Logging	300	<0.1%	0.0%
Total Employment	1,506,400	100%	+1.2%

Source: Florida Department of Commerce, Current Employment Statistics (CES)

Fastest-growing sectors

Construction leads job growth in Orlando, adding 5.3% more positions over the past year. Other services grew by 4.7%, while government jobs increased by 2.7%. The leisure and hospitality sector, our largest employer, grew by 2.5%, adding about 7,000 jobs since last year.

Notable Industry Changes Some sectors face headwinds. Manufacturing jobs decreased by 2.5% compared to last year, while retail trade saw a 1% decline. The transportation and utilities sector showed solid growth at 2%, adding about 1,300 new jobs.

Financial activities employment held steady with no year-over-year change, maintaining its workforce of 90,800 people. Professional and business services, our second-largest employment sector, saw minimal growth at 0.2%, suggesting stability rather than expansion in this area.

Employment trends

Year-Over-Year Industry Shifts Orlando added 18,500 jobs in the year ending November 2024 - about half the growth we saw in 2023. Here's what changed in our key sectors:

Construction posted the biggest gains, adding 4,800 jobs Healthcare and education created 1,800 new positions Leisure and hospitality grew by 7,000 jobs Government added 3,500 positions Manufacturing lost 1,300 jobs

Wage growth

Orlando workers saw real wage growth in 2024. The average weekly wage hit $1,095 in November 2024, up from $1,008 in 2023. This 8.5% increase puts more money in local workers' pockets and affects hiring budgets across industries.

Top-paying sectors in Orlando show competitive wages:

IT professionals: $109,000-$124,000 annual average
Financial managers: $152,000 average
Marketing managers: $100,000-$105,000 average
General operations managers: $132,000 average

Job posting trends

Job listings paint a picture of changing demand:

Monthly new job postings dropped from 26,261 to 23,326 between October and November 2024
Total active job listings fell 4.8% from last year
Healthcare leads hiring demand - AdventHealth, Orlando Health, and HCA posted the most jobs
Business services and tech companies reduced their job listings compared to 2023

This shift in job postings suggests a market that's becoming more balanced between employers and job seekers, moving away from the intense competition for talent we saw in previous years.

Business implications

Our data shows a job market in transition. With 1.41 million employed workers and a moderate 3.5% unemployment rate, Orlando businesses face different hiring conditions than a year ago. The 15% drop in job postings points to less competition for talent, giving employers more options when filling positions.

The reduced labor force - down by 20,400 workers from last year - affects different industries in unique ways. Healthcare organizations still compete hard for talent, while retail and manufacturing businesses might find it easier to staff up compared to 2023.

Hiring outlook

The numbers suggest a better balance for employers:

More candidates per job posting compared to 2023
Lower turnover rates as workers stay in current positions
Specific skills remain in demand, particularly in healthcare and construction
Less pressure to hire quickly, allowing for better candidate screening

Wage considerations

The 8.5% jump in average weekly wages to $1,095 sets new benchmarks for local employers. Our wage data shows:

Professional positions command higher rates:

Software developers: $119,260 average
Marketing managers: $152,125 average
Financial analysts: $109,035 average

Entry-level and support roles see competitive wages:

Customer service: $46,839 average
Administrative assistants: $50,791 average
Production workers: $48,159 average

Smart employers track these benchmarks when setting salaries. With inflation cooling but wages still rising, companies need solid compensation strategies to attract and keep talent in 2024.

The future outlook

Several major employers announced expansion plans in Orlando through late 2024:

ThreatLocker plans to add 1,000 new jobs over two years, with 500 positions opening in the next 12 months
IRadimed Corporation broke ground on a new 60,000-square-foot facility, creating 160 new jobs
Charter Research expanded its operations, adding 70 new positions
Raremed's market expansion brings 200 new jobs
Falcon's Beyond Global announced 200 new positions

Projected growth areas

Our occupational data shows strong growth projections for 2024-2028:

Software developers: 18.1% growth rate
Market research analysts: 12.4% growth rate
Material movers: 13.2% growth rate
Light truck drivers: 11.6% growth rate
Financial analysts: 10.3% growth rate

Healthcare remains a growth driver, with major employers like AdventHealth (37,672 employees) and Orlando Health (24,978 employees) leading job creation.