Industrial Adapts to Market Conditions
With over 94% of the U.S. reopened in some capacity, the Orlando MSA GDP began to show positive growth, with a 15.4% year-over-year change. The U.S. 10-Year Treasury fell slightly below 1.5% after strong economic growth during the first half of the year. Florida, one of the first state to reopen, continued to see a boost in population, increased business activity, a surge of summer travelers, and declining unemployment. At the height of the COVID shutdown, the Orlando MSA unemployment level rose substantially, up to 22.6%, but has since fallen to 5.9%, marking the most significant gains in the state. In addition, trade, transportation and utilities employment rose during the quarter, adding over 16,000 jobs, which increased demand in the industrial sector. The overall lift in the national economy and solid job growth in construction services continued to positively impact the region's industrial market during the second quarter.