Because Central Florida’s economy relies so heavily on tourism, the impact of COVID-19 was sudden and extreme. With over 463,000 jobs directly or indirectly tied to the tourism industry, the greater metropolitan area experienced record-high unemployment rates when the pandemic hit.
Universal Studios and Disney World contribute to Central Florida’s some 75 million visitors a year. It’s also the nation’s epicenter for conventions. With the sudden appearance of the pandemic, theme parks closed, hotel bookings dropped and conventions were cancelled.
Since last April, Central Florida’s economy has reversed its economic and employment skid and has started to recover. One of the big contributors to the Central Florida’s economic recovery is a strong real estate market, thanks in part to the remote working trend. Many more people can live and work from wherever they want.
With sunny weather and affordable home prices, Central Florida is a great choice. It has been attracting new residents and the pandemic isn’t over yet. The trend of people moving away from so-called “virus centers” continues along with a migration into areas with more space and fewer people. Many experts expect this trend to continue even after COVID-19 is no longer a problem. A significant number of companies are also expected to keep the remote working trend alive.