Economical and Industrial Development of Cape Coral

With a consistent growth rate that exceeded 60.8% for the last decade or so, Cape Coral has shown meteoric progress in its economy. It’s hard to believe that within a 60 year period, a city can come this far in terms of development.

The first family in Cape Coral didn’t move in until 1958, and with Rosens eventually selling more than 350,000 lots, the city has grown ever since. The economy of Cape Coral has also benefitted due to its sub-tropical weather. With the majority of the area being surrounding by water, it has become a perfect place to buy a home. The current median price of a home at $205,000.

With an annual population growth rate of 2.03%, almost 60% of Cape Coral’s workforce is employed in white collar jobs. The median household income for 2015 is $60,807, with an unemployment rate of 5.40%. Job growth rate for the next ten years is predicted to be 42.50%.

Here are some impressive statistics showing how much the city has developed so far:

Table 1: Development statistics for Cape Coral

As a popular tourist attraction and labeled as one of the top areas for holidays in all US. Cape Coral’s economy is primarily based on construction and real state. The largest sectors for employment include:

•         Professional, scientific, and technical services
•         Healthcare
•         Construction
•         Education
•         Social Assistance
•         Accommodation and food services
•         Finance and Insurance
•         Retail

According to the U.S. Bureau of Labor Statistics, the top ten highest paying jobs in Cape Coral are as follows:

1.       Management Occupations, $98,310
2.       Healthcare Practitioners and Technical Occupations, $76,060
3.       Computer and Mathematical Occupations, $71,820
4.       Legal Occupations, $64,330
5.       Business and Financial Operations Occupations, $63,500
6.       Architecture and Engineering Occupations, $60,960
7.       Life, Physical, and Social Science Occupations, $55,030
8.       Education, Training, and Library Occupations, $47,480
9.       Arts, Design, Entertainment, Sports, and Media Occupations, $44,090
10.    Community and Social Service Occupations, $42,110

On the other hand the city’s largest employers include:

• City of Cape Coral
• Whitney Information Network Inc
• The Breeze Corporation
• Affordable Roofing of S W Florida Inc
• Gulf Care Inc
• Turbine Generator Maintenance Inc
• Fred Frederic
• Coral Health Care Associates LLC
• Riverside Bank of the Gulf Coast
• Guerrieri Management Inc

Interesting to note is the fact that the cost of living at such an up and dynamic place is 2.9% lower than the national average. Another amazing fact is that well over 86.2% of the population has gone to high school.

Institutes with the highest enrollments include Edison College and FGCU. Areas for highest future investments are:

•         Pine Island Corridor
•         Downtown CRA
•         City Centrum
•         North Cape Industrial Park
•         Mid Cape Commerce Park

According to Forbes, the city is #8 in Job Growth, and #63 Best Places for Business and Careers. It is often referred to as the Growth Engine of Southwest Florida due to its young & educated workforce, investment opportunities and positive business climate.