Cape Coral Metro Area is the Hottest in the Nation
Cape Coral Poised For Rapid Growth in Jobs, Population
The most recent data from the U.S. Census shows that Cape Coral is home to a year-round population of approximately 175,229 people. This marks a 14% increase since the 2010 census and is one of several indicators that the largest city in Southwest Florida is among the fastest-growing communities in the nation.
In 2017, Moody's Analytics projected the metropolitan area’s population to expand 3.61 percent. The area is also projected to have the nation’s highest rates of employment growth (3.83 percent) and output growth (6.82 percent) fueled by expanding hospitality and housing markets. That's why the Cape Coral-Fort Myers MSA is the No. 1 area in the nation for job and residential growth (Forbes, 2017). In September, the Florida Department of Economic Opportunity reported the Cape Coral metro area's gross domestic product growth rate at 5.3 percent.
The city is poised for this positive growth. The workforce is certainly here, making up 56 percent of Cape Coral’s total population, with an average age of 44 years. During the past two decades, Cape Coral has transformed from a retirement community to a thriving city that offers something for all ages. The city consistently ranks as a great place for retirement, which fuels several supporting business sectors, including healthcare and assisted living, and household and professional services.
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 percent between 2013 and 2015. New housing starts were up by 108 percent over the same period.
Cape Coral enjoys low vacancy rates compared to the rest of Southwest Florida with office at 9.1 percent, industrial at 7.6 percent and retail at 8.8 percent as of the end of 2015. Commercial vacancy rates dropped by an average of 25 percent 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 percent.
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 percent built out with plenty of room to grow. For more information on relocating or expanding your business to Cape Coral, Contact Us today.