Data Shows Cape Coral is Primed for Growth
Cape Coral’s Latest Data Shows a City Poised For Rapid Growth
The most recent data from the U.S. Census shows that Cape Coral is now home to a year-round population of approximately 175,229 people. This marks a 14% increase since the 2010 census and is seen as one of several indicators that the largest city in Southwest Florida has recovered from the recession and is now among the fastest growing communities in the nation.
Forbes reports that the Cape Coral-Fort Myers MSA is the No. 1 area in the nation for job growth using labor-market data from Emsi (July 2016). In September, the Florida Department of Economic Opportunity ranked the Cape Coral-Fort Myers MSA among the top 50 in the nation for its positive Gross Domestic Product (GDP) growth rate at 5.3 percent.
The workforce is certainly here, making up 60% of the Cape Coral’s total population, with an average age of 44 years. This is a marked decrease from an average resident’s age of 62 in the year 1990. Cape Coral is transforming from a retirement community to a thriving city that offers something for all ages. Our city is also home to a highly regarded charter school system.
Another clear indicator of growth is movement in the commercial building sector. The number of commercial building permits issued by the city has increased by 183% between 2013 and 2015. New housing starts are up by 108% over the same period.
Cape Coral enjoys low vacancy rates compared to the rest of Southwest Florida with Office at 9.1%, Industrial at 7.6% and Retail at 8.8% as of the end of 2015. Commercial vacancy rates have dropped by an average of 25% between 2013 and 2015.
While some rental properties are planned for construction, the need for additional rental properties is apparent in local vacancy rates for apartments of 3.9%.
It is worth noting that Cape Coral ranks No. 3 on a list of “The Most Affordable Cities to Live in Florida” by Livability.com (March 2016).
Despite its population increase, Cape Coral is just 47% built out with plenty of room to grow. For more information on relocating or expanding your business to Cape Coral, Contact Us today.