How Is The Lakewood Ranch Job Market in 2024?

With a present-day population of about 72,000 residents, Lakewood Ranch has grown into a vital economic cog in both the North Port–Bradenton–Sarasota Metropolitan Area and the larger Tampa metropolitan statistical area. Lakewood Ranch’s central location in Manatee County puts this luxury residential community in an important position: it can shape the region’s infrastructure and set high standards for amenities like green spaces and recreational facilities. As we approach the second half of the 2020s, it’s worth noting Lakewood Ranch’s progress and economic prospects.

Though still thought of as a primarily residential area, Lakewood Ranch's business and commercial functions are more deeply intertwined with the broader regional economy than ever before. By prioritizing efficient road systems, preserving green spaces, and offering top-tier recreational facilities, Lakewood Ranch enhances the quality of life for its residents and supports the county's growth and development. As Lakewood Ranch continues to expand, its role as a key player in shaping Manatee County’s future will only become more significant, making it an invaluable asset to the region.

Lakewood Ranch has been instrumental in the development of a comprehensive road infrastructure in Manatee County. As the community has expanded, so has its network of roads, which are meticulously planned to ensure smooth traffic flow and ease of access to various neighborhoods, shopping centers, schools, and business hubs. Roads like Lakewood Ranch Boulevard, University Parkway, and Lorraine Road have been extended and upgraded to accommodate the community's rapid growth, reducing congestion and improving connectivity within the region.

Lakewood Ranch’s commitment to greenways and open spaces is another reason it stands out in Manatee County. The community has integrated over 150 miles of trails, parks, and greenways into its design, emphasizing the importance of preserving natural beauty while fostering an active, outdoor lifestyle. These greenways not only serve as recreational pathways for walking, biking, and jogging but also act as ecological corridors that connect different habitats, promoting biodiversity and environmental health.

Lakewood Ranch has set a high standard in Manatee County for recreational amenities, offering a wide array of facilities that cater to people of all ages and interests. The community is home to several parks, golf courses, sports complexes, and aquatic centers, providing residents and visitors with numerous opportunities for leisure and fitness. Facilities like the Premier Sports Campus, with its 140 acres of sports fields, host regional and national tournaments, drawing visitors and boosting local tourism.

Entering the final four months of 2024, this region is experiencing steady, albeit moderate, economic growth. The area's economic indicators suggest a balanced job market well-positioned for continued stability and gradual expansion.

Currently, Lakewood Ranch is home to more than 2,120 businesses and approximately 18,250 employees. Much of that is across the community's 6 million square feet of hosted commercial spaces. The most popular job fields include finance, insurance, healthcare, professional/technology, hospitality and retail, and construction.

The North Port–Bradenton–Sarasota area is expected to maintain average levels of growth across key economic indicators. Projections show personal income to increase by an average of 5.5% annually, reflecting the region's robust financial health. Median income for homeowners in Lakewood Ranch began the year at $162,000, roughly 1.6 times the rest of the region.

Employment is on track to grow at a modest rate of 1.2% per year, while the unemployment rate aligns with the state average at 3.6%, indicating a stable labor market. The national unemployment rate is 4.3%.

Midway through 2024, the job market has remained consistent for most of the year. This stability is complemented by a modest increase in new job postings, signaling cautious optimism among local employers.

Two major employment sectors have outpaced all others through much of 2024: construction, education, and health services (the latter two reporting together). A third job sector, manufacturing, has lost ground over the last 12 months.

Construction shows signs as the fastest-growing sector in Southwest Florida at year's end, with a projected average annual growth rate of 2.8%. The numbers are fueled by ongoing residential and commercial developments, particularly in communities like Lakewood Ranch, which continues to attract new residents and businesses.

The development area is particularly significant as the community has topped the list as the nation's number one multi-generational community for the sixth consecutive year. Earlier in the year, Richland Capital Holdings purchased a 16-acre lot for $5.5 million on Gatewood Drive with plans to build 178,000 square feet of light industrial across two buildings, with construction slated to begin in the next six months.

This sector is on track for an average rate of 2.4% annually, with the healthcare segment leading the way. Supporting the growth is the region's expanding population and the ever-increasing demand for healthcare services. The aging population in the area, combined with the influx of new families, continues to spur this sector's sustained growth.

In contrast, the manufacturing sector is shrinking at -1.5% annually, reflecting broader national trends and shifting toward a service-oriented economy. While manufacturing remains essential to the regional economy, its declining growth highlights the need for diversification in local job markets.

Looking ahead to 2025, Lakewood Ranch and the North Port–Bradenton–Sarasota should maintain economic stability. While growth may be moderate, it will still track ahead of national economic trends. The fastest-growing sectors will remain in construction, education, and healthcare, though retail positions will benefit significantly from the still-expanding Lakewood Ranch marketplace.

As for specific roles within the job market, the need for more healthcare professionals will dominate job boards heading into 2025. Among these, RNs, Physical Therapists, and Licensed Practical Nurses will be the most in demand.

Lakewood Ranch continues to march forward as one of Southwest Florida's and the nation's most dynamic, in-demand places to live and work. If you're interested in learning more about Lakewood Ranch's luxury real estate market, including the area's top neighborhoods and major employment centers, contact The Argelia Vidal Team today to begin your real estate journey. Allow their years of extensive experience and expertise to help you navigate Lakewood Ranch's extraordinary real estate market.