Volusia County Economic Development First quarter 2014 update: May 2, 2014

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1 Volusia County Economic Development First quarter 2014 update: May 2, 2014

2 Introduction by County Chair, Jason P. Davis The Volusia County Council is pleased to present the most recent economic indicators that impact our county. We trust this information will be of value to you in your day-to-day business planning. Economic development is a team sport in Volusia County. It is essential the public and private sectors work arm in arm as we seek to promote economic prosperity in our community. Development Division has hosted an economic update breakfast that we call our Q meetings. As we all work decisions. The Q meetings are an opportunity to learn, network, share ideas and build relationships. Our Economic Development Division closely monitors and analyzes a wide variety of economic data in an effort to understand the current and future factors that affect the economy. The purpose of the Q information with business leaders and decision-makers to enhance awareness of important economic facts. The Economic Development Division has extensive information that is available to you. Please do not hesitate to seek our assistance. We welcome your input and Jason P. Davis and members of the Volusia County Council

3 Average annual wage by occupation management healthcare practitioners and technical legal occupations architecture and engineering business and financial operations computer and mathematical life, physical and social science education, training and library arts, design, entertainment, sports and media community and social service installation, maintenance and repair protective service construction and extraction sales and related production office and administrative support transportation and material moving healthcare support building and grounds cleaning and maintenance personal care and service food preparation and serving related farming, fishing and forestry $65,930 $59,790 $59,340 $56,020 $54,720 $52,010 $45,660 $40,120 $39,390 $36,520 $34,850 $34,130 $30,450 $30,370 $29,320 $27,250 $26,550 $24,080 $23,960 $22,000 $19,510 $96,220 $0 $20,000 $40,000 $60,000 $80,000 $100,000 Source: U.S. Department of Labor, Bureau of Labor Statistics, Occupational Employment Statistics page 1

4 labor force (all available workers) 1st qtr st qtr 2013 net change % net change Volusia County 253, ,203 4, Florida 9,506,667 9,367, , U.S. 155,011, ,667, , unemployment rate 1st qtr st qtr 2013 Volusia County 6.4% 8.1% Florida 6.3% 7.8% U.S. 6.9% 8.1% unemployment (all unemployed workers) 1st qtr st qtr 2013 net change % net change Volusia County 16,188 20,154-3, Florida 602, , , U.S. 10,761,667 12,498,667-1,737, Volusia MSA unemployment rate by quarter Note: Numbers are based on an individual s place of residence (whether employed in their immediate area or elsewhere). Source: U.S. Department of Labor, Bureau of Labor Statistics, Local Area Unemployment Statistics Program. page 2

5 education and health services retail trade leisure and hospitality professional and business services local government manufacturing construction other services wholesale trade state government transportation, warehousing, utilities information federal government 32,633 23,933 23,733 18,000 16,467 9,367 8,300 7,633 7,467 4,200 2,900 2,000 1,800 1,100 gain over Q loss since Q gain/loss over Q TOTAL NON-AGRICULTURAL EMPLOYMENT 159,533 +3,700 Source for wage data: U.S. Department of Labor, Bureau of Labor Statistics, Current Employment Statistics page 3

6 Labor force MSA labor force 250, , , ,797 employment 234, , , ,609 unemployed 16,122 16,264 16,177 16,188 % unemployed Daytona Beach labor force 31,500 31,908 32,338 31,915 employment 29,399 29,847 30,231 29,826 unemployed 2,101 2,061 2,107 2,090 % unemployed DeLand labor force 12,013 12,156 12,333 12,167 employment 11,205 11,375 11,522 11,367 unemployed % unemployed labor force 247, , , ,203 employment 226, , , ,049 unemployed 21,532 20,002 18,928 20,154 % unemployed labor force 31,204 31,404 31,680 31,429 employment 28,379 28,738 29,135 28,751 unemployed 2,825 2,666 2,545 2,679 % unemployed labor force 11,915 11,944 12,073 11,977 employment 10,816 10,953 11,104 10,958 unemployed 1, ,020 % unemployed Note: Numbers are based on an individual s place of residence (not where they are employed). Source: U.S. Department of Labor, Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS) program. page 4

7 Labor force Deltona labor force 45,633 46,387 46,984 46,335 employment 42,612 43,261 43,818 43,230 unemployed 3,021 3,126 3,166 3,104 % unemployed Ormond Beach labor force 19,286 19,588 19,840 19,571 employment 18,299 18,578 18,817 18,565 unemployed 987 1,010 1,023 1,007 % unemployed Port Orange labor force 30,125 30,642 31,002 30,590 employment 28,484 28,918 29,290 28,897 unemployed 1,641 1,724 1,712 1,692 % unemployed labor force 45,171 45,455 45,836 45,487 employment 41,134 41,654 42,230 41,673 unemployed 4,037 3,801 3,606 3,815 % unemployed labor force 19,048 19,164 19,381 19,198 employment 17,664 17,888 18,135 17,896 unemployed 1,384 1,276 1,246 1,302 % unemployed labor force 29,600 29,751 30,028 29,793 employment 27,496 27,844 28,229 27,856 unemployed 2,104 1,907 1,799 1,937 % unemployed Note: Numbers are based on an individual s place of residence (not where they are employed). Source: U.S. Department of Labor, Bureau of Labor Statistics, Local Area Unemployment Statistics (LAUS) program. page 5

8 Volusia County residential permit data value of permits $ million $100 51% YEAR YEAR 80 73% YEAR YEAR % YEAR YEAR 20 $ permits $ permits $ permits $ permits 0 quarter: $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits page 6

9 Volusia County residential permit data for the most recent five quarters permits $ value permits $ value permits $ value permits $ value permits $ value totals for quarter 240 $71,366, $104,000, $116,316, $ 94,065, $107,112,877 page 7

10 Volusia County commercial permit data value of permits $ million $ $37-30 permits $34-14 permits $10-14 permits $49-38 permits 0 * Q includes single $105m permit for Daytona International Speedway. ** Q includes single $152m permit for Daytona International Speedway. $57-30 permits $23-15 permits $22-23 permits $21-18 permits $21-16 permits $17-15 permits $44-20 permits $11-15 permits $26-17 permits $40-48 permits $ permits* $14-12 permits $ permits** page 8

11 Volusia County commercial permit data for the most recent five quarters permits $ value permits $ value permits $ value permits $ value permits $ value totals for quarter 17 $25,917, $40,092, $161,772, $13,800, $216,508,252 page 9

12 Residential and commercial foreclosures new foreclosures in Volusia County sales of foreclosed properties homestead residential non-homestead residential commercial all residential commercial page 10

13 Volusia County new business tax receipts January January January January January January page 11

14 Just plane easy Bring a meeting home Whether you fly for business or pleasure, there is no more convenient way to fly than to and from Daytona Beach International Airport (D). In fact, you could reach your destination before you can drive to another airport. Daytona Beach International Airport is convenient to Volusia County and all of Central Florida. Parking is easy and affordable. Security is fast. D is served by Delta Air Lines and USAirways. Fly nonstop to Atlanta or Charlotte, and connect to the rest of the world. Visit flydaytonafirst.com for schedules and information. If you belong to an organization that hosts out-of-town meetings or conventions, why not meet in your own back yard? You can help bring a meeting home. The Ocean Center is a world-class meeting and convention complex. It has everything your organization needs for a successful and affordable event great hotels nearby; colorful area restaurants; family-oriented attractions; championship golf; magnificent beaches, and convenient flights to and from Daytona Beach International Airport, Central Florida s preferred airport. So, if you attend an out-of-town meeting or convention, be a hometown hero. Bring a meeting home. 700 Catalina Drive Suite 300 Daytona Beach, FL flydaytonafirst.com 101 North Atlantic Avenue Daytona Beach, FL oceancenter.com Report published quarterly by Volusia County Economic Development Daytona Beach International Airport, 700 Catalina Drive, Suite 200, Daytona Beach, Florida or floridabusiness.org