
April 16, 2024
The Orlando Economic Partnership’s Market Intelligence team regularly produces Market Commentaries, offering timely analyses tied to major data releases or key areas advancing the Partnership’s goal of Broad-based Prosperity®. Recent estimates indicate that tech employment in the Orlando region reached an impressive 74,000 in 2023.
Key Highlights
- New estimates suggest tech employment in the Orlando region hit 74,000 in 2023.
- The region’s tech workforce grew at the second-highest rate in 2023 among the nation’s 30 most populous regions.
- Advancing tech employment among underrepresented demographic groups offers significant potential for promoting Broad-based Prosperity® in the region.
Florida’s Fastest-Growing Tech Center
Tech employment in the Orlando Metropolitan Statistical Area (MSA) numbered approximately 74,000 in 2023. This figure represents a 2,000 increase from 2022 and a substantial 9,500 increase over the past five years. From 2018 to 2023, tech employment in the region grew by 15%, outpacing the overall employment growth in Orlando. Projections suggest that tech employment will exceed 76,000 in 2024.
Components of Orlando’s Tech Workforce
Orlando’s tech workforce consists of two primary groups: workers employed in technology occupations and those working for tech companies. The 74,000 figure represents ‘net tech employment,’ which includes both groups minus any overlap. Notably, 40% of workers in tech occupations also work for tech companies.
In 2023, the number of people working for tech companies in Orlando slightly exceeded those in tech occupations, with 46,896 employed by tech companies and 45,641 in tech occupations. Software dominated the tech industry, accounting for more than half (51.4%) of employees in tech companies and the largest share of tech occupations (35.6%).
Comparative Growth Rates
Orlando’s tech employment grew by 2.8% in 2023, the second-highest growth rate among the 30 most populous regions in the country, following Dallas. Orlando’s growth rate surpassed tech-centric cities like Austin (2.4%), as well as other Florida cities like Miami (2.3%) and Tampa (1.5%). The national growth rate was 1.2%.
Addressing Underrepresentation
Despite the growth, Orlando’s tech workforce does not fully reflect the region’s racial and gender diversity. Women hold only 28% of tech jobs, while Hispanic and Black workers hold 16% and 11% of these positions, respectively. This underrepresentation is a national issue, but it presents a significant opportunity for Orlando. Given the tech sector’s wage premium, improving diversity in tech employment could substantially advance Broad-based Prosperity®.
Moving Forward: Opportunities and Actions
Growing and scaling tech companies is a key opportunity for Orlando. As the region’s business base expands and technology adoption continues, organic growth in tech occupations is expected. However, intentional efforts are needed to ensure that the benefits of this growth are accessible to all demographics.
Foundation for Progress
In 2024, Plug and Play, the world’s leading startup accelerator and most-active venture capital investment firm, entered the Orlando market with two new locations – one at the University of Central Florida (UCF) and another at NeoCity in Osceola County. This development marks a significant step toward growing Orlando’s startup ecosystem and solidifying its status as America’s next major tech hub.
Orlando’s tech evolution in recent years has positioned it as one of the fastest-growing regions for tech employment in the country. However, to fully realize the benefits of this growth, efforts must be made to ensure that opportunities within the tech ecosystem are accessible to all residents. By promoting inclusivity and diversity in tech employment, Orlando can continue to advance Broad-based Prosperity® and strengthen its position as a leading tech center.
For more detailed analyses and information, visit the Orlando Economic Partnership’s website and explore their Market Commentaries series.