Tampa, FL, February 18th, 2025 –Written by Vaike O’Grady
As a resident and land advisor working in Lake County, I am encouraged by the latest economic indicators from our Office of Economic Development. The data highlights robust growth across multiple sectors in our community, painting a promising picture for 2025.
Strong Labor Market and Rising Wages
Lake County’s labor market remains resilient, with an unemployment rate of 3.3%, competitive with both the Orlando MSA (3.0%) and Florida overall (3.1%). This stability is essential for continued growth and investment in our area. Notably, median advertised salaries have risen by 6.5%, increasing from $39,552 last year to $42,112. This wage growth not only benefits our workforce but also enhances the county’s attractiveness for new talent and businesses.
Booming Tourism Sector
Tourism in Lake County continues to thrive. Hotel occupancy rates have surged by 8.9 percentage points to 73.5%, while tourist development tax collections have grown by an impressive 12.4% year-over-year. These figures underscore Lake County’s growing appeal as a prime destination, contributing significantly to our local economy.
Residential Real Estate Dynamics
The residential real estate market has shown remarkable activity. Single-family home sales have increased by 7.1%, with median prices climbing 3.8% to $405,000. The townhome and condo segment experienced even stronger growth, with sales soaring by 76% and prices rising by 12% to $337,445. These trends highlight the demand for housing in Lake County and the investment potential within our market.
Commercial Real Estate and Business Growth
While the office vacancy rate remains stable at 4.0%, the industrial vacancy rate has increased to 9.4%. This is an area to watch, but it also presents opportunities for strategic development and investment. Encouragingly, overall business revenues have grown by 5.8% compared to last year, outperforming the broader Orlando MSA.
Looking Ahead
These economic indicators suggest that Lake County continues to offer attractive opportunities for both residential and commercial development. As we move into 2025, I remain optimistic about our market’s trajectory and the potential for continued growth and prosperity in our community.
For those considering land investments or development in Lake County, now is an opportune time to explore the possibilities. Our region’s economic momentum is strong, and I look forward to helping clients navigate and capitalize on these promising trends.
