Orlando metro tech sector year-over-year employment growth remained positive through 2Q 2020 according to analysis of U.S. Bureau of Labor Statistics data released today by Orlando Innovation Economy Group (OIEG).
Year-over-year tech sector employment growth was 4% during Q1 2020, declining to a low of 1.03% in mid Q2, and rebounding to 1.37% by the end of the quarter. In contrast, Orlando metro employment across all industries declined by -20.3% in mid Q2, driven by the collapse of the leisure and hospitality sector, which declined during the same period by -53.5% in the wake of the COVID-19 pandemic.
Source: OIEG analysis of U.S. Bureau of Labor Statistics Quarterly Census of Employment and Wages 2Q 2020 data released December 2, 2020. Tech sector encompasses Brookings Institution’s advanced industries.
CompTIA’s Cyberstates 2020 reports that in 2018 the median wage of tech sector and occupation jobs in the Orlando metro area was $74,850, about two and a half times that of the $31,000 leisure and hospitality median sector wage here. These high-paying tech jobs, however, accounted for less than a third of our leisure and hospitality sector employment.
Source: CompTIA Cyberstates 2020 and U.S. Bureau of Labor Statistics Quarterly Census of Employment and Wages 2Q 2020 data released December 2, 2020. Tech sector encompasses Brookings Institution’s advanced industries.
The resilience of Orlando’s tech sector along with its high-paying jobs illustrates the impact a larger Orlando regional innovation economy could have in reducing our vulnerability to the impact of recessions and economic downturns and increasing our overall economic prosperity.