State Economic Watch

The Orlando Orlando Economic Partnership released the results of its Orlando MSA Business Conditions Survey for 3Q2025 last week. The survey incorporates responses from businesses in Orange, Osceola, Seminole and Lake counties. Despite uncertainties relating to the national economy, these businesses generally expressed confidence in their firm’s business prospects over the next three months. Nevertheless, the confidence index fell to 66% in 3Q2025 from 72% in 2Q2025. Similarly, the revenue, profitability, employment and investment forward expectations indexes were all lower q/q. Respondents cited cost pressures as the most pressing concern for their businesses.

The Federal Reserve Bank of Richmond’s Regional Manufacturing Activity Survey posted some modestly improved numbers in October 2025, but overall activity was still muted. The top line composite manufacturing index improved to -4 in October from -17 in September, with the shipments component moving up firmly to +4 in October from -20 in the prior month. Employment and wages moved up marginally, but the “availability of talent” component fell. While the current local business conditions index improved to -1 from -12, the forward expectations component fell to -5 in October from -1 in September. Still, it’s better than the -10 recorded in October 2024.