There are many reasons that Orlando has not fallen victim to the much hyped housing bubble. The influx of baby boomers is one. They just love condos. Even an over supply like the one we are experiencing can only last so long in the face of a thousand new wrinklies a week. But an equally strong explanation has to do with the availability of work to those who have are still in the workforce.
For the second straight year, Forbes has listed the Orlando-Kissimmee metropolitan area the fourth-best city in the country for jobs. And we’re not talking minimum-wage-fluffy-costumes-jobs-in-the land-of-the-Mouse. Companies like jetBlue are have shifted a large part of their operation to our neck of the woods.
Forbes said it compiled the list by ranking unemployment rates, job growth, income growth, median household incomes and costs of living in the nation’s 100 largest metropolitan areas. Jacksonville stole the highest ranking in Florida, moving up to third place from the eighth position last year. Other Florida metropolitan areas that made the top 25 included Fort Lauderdale (9th, up from 25th), Sarasota-Bradenton (11th, up from 26th), Tampa/St. Petersburg (13th, up from 29th) and West Palm Beach (16th, up from 37th).
The top spot went to Raleigh-Cary, N.C. Wait. Who!?
“There isn’t much of a negative in Raleigh,” said Steven Cochrane, an economist with Moody’s Economy.com, which provided data for the survey. “It has a lot of the amenities of Florida, except not the hurricanes,” Cochrane said in a Forbes.com article accompanying the survey.
Still, Florida had the most locations in the country, with six cities making the top 25 list. Many large cities fared badly. New York ranked No. 75, Chicago was No. 82, Los Angeles was No. 88 and Boston was No. 83. Big cities have high median incomes but also tend to have unemployment, expensive housing and low job growth, Forbes said.
So there you have it. I’ll say it again. Orlando is about to explode. Think condos are expensive now?
Call me in five years.