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Lake County Fastest Growing In Region

    The Lake County Commission heard an economic forecast during its February 25 meeting.  Neil Hamilton of the Orlando Economic Partnership briefed commissioners on the national, state, and local area economic landscape and how the OEP sees the economic conditions in Lake County evolving in the next year.
    Hamilton’s presentations featured a trove of economic data, which reinforced Lake County’s status as a fast-growing county that is bucking slowdowns being experienced in other areas.
    Here are some highlights from the presentation:
    - Data provided indicates that in a region that includes Lake County, Osceola County, Orange County, and Seminole County, only Lake saw more ‘domestic migration’ in 2023 than in 2022.  Lake had 14,409 new residents in 2022 and 14,670 in 2023.  Seminole tumbled from 5,481 to 1,923, Orange from 5,184 to actually losing 6,560 in 2023, and Osceola dropped from 12,308 to 7,418.
    - An estimated 68% of Lake County residents leave the county to work, with nearly 37% of the county's residents traveling to Orange County for jobs.  Another 6% commute to Seminole County, with the rest scattered throughout the region.
    - Lake County’s growth not only outpaces the region, but also the state and nation.  Lake County’s 3.5% population growth in 2023 far outpaces the state, which is just over 2%.
    - Lake County’s economic growth is also outpacing the region and state.  Lake’s economy grew at 5.4% in 2023, with the region at 4.5% and the state at 4.3%.
    - Job demand slipped in 2024 in Lake County, and Lake’s jobless rate was 3.3% in December.  The largest job posting numbers in the county were in healthcare and education.
    - Over the next decade, Lake is projected to see its employment base grow by 8.7%, outpacing the state, which is projected at 3.8%.  Only St. Johns County and Osceola County are expected to outpace Lake.
    - Data indicates that people moving into Lake County are generally older, and wealthier, than the people who move out of the county.  Overall, 38% of the people moving out of the county are in the 18-34 year age group.  Around 25% of people moving in are in the 35-54 age group.