One of the best and most significant measures of the strength of the local economy is the housing market. 2023 was a record-year on several fronts. It marked the highest ever number of new single-family homes completed, and the 2nd highest number of permits issued. Additionally, it was the 2nd best year on record for the sale of existing homes. The Ocala Metro was one of only 3 Florida metros and one of only a handful nationwide that saw an increase in year-over-year sales of existing homes. Finally, 2023 saw the largest number of new Multi-Family developments to come online with the addition of approximately 2,000 units.
This growth is being fueled by the continuing large number of new residents relocating to the area. The Ocala Metro again ranked in the top 2 in U-Haul’s annual Top Cities for Growth. This is significant because it highlights the strong growth of younger residents to the community and reinforces the growth in both traditional single-family and multi-family developments. Further attesting to this growth is the record enrollment at Marion County Public Schools which surpassed 45,600 students in the fall of 2023. This reflects a 10% increase in the last two years.
Primary employment growth and investment continues at a very strong pace. Over the last two years, tracked primary employment capital investment is just short of $1 billion and will result in the creation of more than 2,500 direct jobs. Among the highlights include a $25 million expansion by a local manufacturer adding 200 jobs, a new 3PL which leased a recently constructed 350,000 sq. ft. spec building, and the headquarters and processing center for a mortgage company creating 300 new jobs. Additionally, the construction on the 1 million sq. ft. expansion at the Dollar Tree distribution center is wrapping up. This $400 million project will result in the addition of 300 additional jobs. The year ended with several very large projects actively working to wrap up negotiations on potential new facilities in the market.
Healthcare remains a strong and growing pillar of the local economy. HCA Ocala added two new free-standing emergency rooms and announced plans for $100+ million expansions at both their downtown and West Marion campuses. AdventOcala announced plans for a new 60,000 addition at their main campus to break ground in 2024 as well. Work continued at the new UF Health Ocala Hospital with the first phase to open in summer 2024.
Finally, the resurgence of tourism as an economic driver has continued with the World Equestrian Center beginning and/or continuing construction on their Phase 2 development. The second onsite hotel, a 400 extended stay property, will open at the complex in March 2024 and construction has begun on an 80,000 sq. ft Event Center, 80,000 sq. ft. retail complex, and 6th indoor arena. The facility hosted approximately 3 million guests in the last year. WEC along with FAST (Florida Aquatic Swimming & Training) are driving a significant increase in tourism with local tourism development tax revenues setting a record for the 3rd year in row with three consecutive years of double-digit increases. As a result, nearly a dozen additional hotels are currently in the development pipeline.
