Volusia County Economic Development Fourth quarter 2013 update: February 7, 2014

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1 Volusia County Economic Development Fourth quarter 2013 update: February 7, 2014

2 Headline 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. ment Division has hosted an economic update breakfast that we call our Q meetings. As we all work together to achieve our 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 Q4 4 Volusia County Economic Development Update, February 7, 2014

3 Average annual private wages Volusia County and the State of Florida $45,000 40,000 35,000 Volusia County State of Florida $33,494 30,000 25,000 20,000 15,000 10,000 5,000 0 Year: Source for wage data: U.S. Department of Labor, Bureau of Labor Statistics, Quarterly Census of Employment and Wages (QCEW) page 1

4 labor force (all available workers) 4th qtr th qtr 2012 net change % net change Volusia County 250, ,692-2, Florida 9,392,333 9,402,000-9, U.S. 154,790, ,212, , unemployment rate 4th qtr th qtr 2012 Volusia County 6.3% 8.1% Florida 6.3% 7.9% U.S. 6.7% 7.5% unemployment (all unemployed workers) 4th qtr th qtr 2012 net change % net change Volusia County 15,754 20,544-4, Florida 587, , , U.S. 10,342,667 11,663,000-1,320, Volusia MSA unemployment rate by quarter Q4 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. Volusia County Economic Development Update, February 7, 2014 page 2

5 Employment by major industry transportation, warehousing, utilities construction manufacturing retail trade leisure and hospitality professional and business services TOTAL NON-AGRICULTURAL EMPLOYMENT information education and health services other services state government local government wholesale trade federal government -0.7% -0.9% -1.1% -1.8% -2.8% -2.9% 6.7% 4.3% 3.9% 3.1% 3.0% 2.1% 1.1% 0.0% 0.0% 159, ,333 Notes: Numbers represent jobs by place of work (whether employees live inside of or outside of Volusia County). Source: U.S. Bureau of Labor Statistics, Current Employment Statistics (CES) program page 3

6 Labor force Deltona-Daytona Beach-Ormond Beach MSA and selected Volusia County cities MSA labor force 251, , , ,076 employment 234, , , ,322 unemployed 16,386 15,949 14,927 15,754 % unemployed Daytona Beach labor force 31,381 31,224 30,921 31,175 employment 29,117 29,075 28,988 29,060 unemployed 2,264 2,149 1,933 2,115 % unemployed DeLand labor force 11,937 11,901 11,792 11,877 employment 11,114 11,098 11,064 11,092 unemployed % unemployed labor force 254, , , ,692 employment 233, , , ,148 unemployed 20,926 20,518 20,187 20,544 % unemployed labor force 31,709 31,459 31,416 31,528 employment 28,919 28,732 28,720 28,790 unemployed 2,790 2,727 2,696 2,738 % unemployed labor force 12,104 11,961 11,924 11,996 employment 11,038 10,967 10,962 10,989 unemployed 1, ,007 % 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-Daytona Beach-Ormond Beach MSA and selected Volusia County cities Deltona labor force 45,773 45,657 45,386 45,605 employment 42,788 42,726 42,598 42,704 unemployed 2,985 2,931 2,788 2,901 % unemployed Ormond Beach labor force 19,349 19,344 19,208 19,300 employment 18,315 18,288 18,233 18,279 unemployed 1,034 1, ,022 % unemployed Port Orange labor force 30,138 30,108 29,953 30,066 employment 28,557 28,515 28,430 28,501 unemployed 1,581 1,593 1,523 1,566 % unemployed labor force 46,510 46,103 46,090 46,234 employment 42,497 42,222 42,204 42,308 unemployed 4,013 3,881 3,886 3,927 % unemployed labor force 19,483 19,454 19,401 19,446 employment 18,190 18,073 18,065 18,109 unemployed 1,293 1,381 1,336 1,337 % unemployed labor force 30,382 30,153 30,130 30,222 employment 28,363 28,179 28,167 28,236 unemployed 2,019 1,974 1,963 1,985 % 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 $ $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits quarter: 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 187 $ 53,692, $ 71,366, $ 104,000, $ 116,316, $ 94,065,434 page 7

10 Volusia County commercial permit data value of permits $ million $ $27-19 permits $17-20 permits $18-13 permits $47-26 permits $37-30 permits $34-14 permits $10-14 permits $49-38 permits $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 Note: Q includes single $105m permit for Daytona International Speedway front stretch. 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 15 $10,800, $25,917, $40,092, $161,772, ,800,837 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 Source: Volusia County Clerk of the Circuit Court, Civil Court Operations page 10

13 Major transportation projects active and planned project: total funding1: I-4/I-95 Ultimate Fix interchange $296,000,000 I-95 widening, Volusia County segment 196,000,000 I-4 widening, SR44 north to I ,000,000 SR 415 widening, both segments 79,000,000 Veterans Memorial Bridge replacement 42,000,000 total $775,000,000 1Summarized project funding data (rounded) was compiled in December 2013 with assistance from FDOT District 5, Volusia County Public Works Department, and the adopted Volusia TPO Transportation Improvement Program (TIP). page 11

14 mission and partners section Economic Development in Volusia County business growth Growing video library of local manufacturers. NAICS listing. Q and A for business growth. data and key reports Current local and state data in news and printable booklet formats. industrial parks overview Guide to commercial real estate in the county including contact information. The Q report is published quarterly by Volusia County Economic Development Daytona Beach International Airport, 700 Catalina Drive, Suite 200, Daytona Beach, Florida Volusia County permit data tracking (new construction only) from is available upon request.