Orlando’s wage growth will hit 2.3 percent in 2013 and 2014, before rising to 2.4 percent in 2015, according to an economic report released Oct. 30 by University of Central Florida economist Sean Snaith.
Snaith predicted Orlando would see an unemployment rate of 8.3 percent in 2013, 8 percent in 2014 and 7.4 percent in 2015. Orlando’s unemployment rate fell to 8.4 percent in September.
Central Florida single-family housing starts would rise 25 percent in 2013, 86 percent in 2014 and 37 percent in 2015. Multi-family housing starts in Orlando are expected to double in 2013 and rise steadily through 2015.
Among Snaith’s statewide predictions in the report:
Personal income growth will hit 4.7 percent in 2013 and 5.3 percent by 2014
The labor market will grow, with the construction industry being one of the bright spots with a 5 percent job growth by the end of 2013
Payroll job growth will reach 2.5 percent in 2015, compared to 0.9 percent in 2012
Retail sales will grow at an annual rate of 4.1 percent through 2015, a rate not seen since 2005
Gross state product will rise 1.7 percent in 2012 and hit 3.9 percent by 2014
Personal income growth will rise from 1.3 percent in 2012 to 3.7 percent in 2013 and 2014 and hit 4 percent in 2015
