Economic Development third quarter 2009 update November 6, 2009

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1 Q Volusia County Economic Development third quarter 2009 update November 6, 2009

Volusia County Council, attorney and manager: back row, left to right, Dan Eckert, county attorney; Andy Kelly, district 1; Josh Wagner, district 2; Jim Dinneen, manager.

2 Volusia County Council, attorney and manager: back row, left to right, Dan Eckert, county attorney; Andy Kelly, district 1; Josh Wagner, district 2; Jim Dinneen, manager. Front row: Jack Hayman, district 3; Joie Alexander, vice-chair, at-large; Frank Bruno, chair; Patricia Northey, district 5; and Carl G. Persis, district An official copyrighted publication of the Volusia County Department of Economic Development

3 Introduction by County Chair, Frank Bruno The Volusia County Council is pleased to present a briefing for the economic activities in the County covering July, August and September, We hope you find the information useful. Unfortunately, the current recession continues to hold levels higher than in the past. While the financial markets have stabilized, the general decline in spending for consumer goods, construction and automobiles, coupled with an increase in foreclosed homes and job losses continues to constrain our economy. A bright spot exists with residential permits for new construction which have shown a definite increase since the first quarter low. The national slowdown of real estate sales has also created a small outflow of people from Florida for the first time in many years. Our local financial institutions remain sound, and continue to support our local business community. Most industry sectors are showing excellent stability, and we have not only had new companies locate in our County but discussions are ongoing with companies seeking to expand. The County Department of Economic Development is continuing its efforts in recruiting new companies as well as assisting our existing ones. New efforts to increase our exporting, including encouraging European sales are producing results. Exports from Volusia County have steadily increased and we have just completed the County s first trade mission for our horticultural industry to Amsterdam. The information presented here is also available, together with much more, on the Economic Development website found at We hope that sharing this information with our community and business leaders will enhance your awareness of economic trends that impact our local economy. Thank you for your continued support of our community. Frank kt. Bruno, Jr. Q Volusia County/Department of Economic Development Update, November 6, 2009 page 1

4 Volusia County helping our own The Volusia County Department of Economic Development will include an electronic Buy Volusia seal/art on most of the literature we produce until the recession has passed. We encourage you to do the same. If you d like electronic copies of the BUY VOLUSIA seal to use on your printed materials, drop a note to jody@volusia.org. We ll be glad to copies to you for your use. You can look at it as putting money back in your own pocket. Help us remind our neighbors, and support our businesses with a simple message: BUY Volusia products and services. Q Volusia County/Department of Economic Development Update, November 6, 2009 page 2

63,859 16,159 43,946 53,823 21,177 47,309 Orange $40,410 25,690 40,458 25,507 58,245 Q Source: Florida Agency for Workforce Innovation, Labor

5 Florida, and Seminole, Volusia and Orange counties 2008 private sector wages 40,708 15,465 35,135 58,324 18,310 42,040 accommodation and food services construction manufacturing retail trade wholesale trade Volusia $31,537 23,287 41,562 26,407 48,652 all Florida $39,621 Seminole $38,434 63,859 16,159 43,946 53,823 21,177 47,309 Orange $40,410 25,690 40,458 25,507 58,245 Q Source: Florida Agency for Workforce Innovation, Labor Market Statistics Center, Quarterly Census of employment and Wages, October 2009 Volusia County/Department of Economic Development Update, November 6, 2009 page 3

6 Third quarter 2008 versus third quarter 2009: employment statistics Civilian workforce (all available workers) 3rd quarter 08 3rd quarter 09 change % change Volusia County 255, , Florida 9,312,333 9,261,000-51, U.S. 155,398, ,923, , Percent unemployed Jul 09 Aug 09 Sept % 11.2% 11.7% Employment (all employed workers) 3rd quarter 08 3rd quarter 09 change % change Volusia County 237, ,724-10, Florida 8,673,667 8,231, , U.S. 146,028, ,069,333-5,959, Number of unemployed in Volusia County 2009 July 29,038 August 28,622 September 29,582 Source: U.S. Department of Labor, Bureau of Labor Statistics. Q Volusia County/Department of Economic Development Update, November 6, 2009 page 4

7 current profile of unemployed workers 63.1% were laid off or completed temporary jobs 7.8% are new workers 22.6% hope to re-enter the workforce 6.6% voluntarily left workforce Q Source: U.S. Department of Commerce, Bureau of Labor Statistics Volusia County/Department of Economic Development Update, November 6, 2009 page 5

8 Volusia County, March /September employment by industry Trade, transportation and utilities Professional and business services Mining, logging and construction Manufacturing Leisure and hospitality Financial activities Total government Color key: Lighter bars in each category represent employment changes by industry from March 2008 through March Darker bars in each category represent employment changes from September 2008 through September Education and health services Information Other services 1, ,000-1,250-1,500-1,750-2,000-2,500 Source: Florida Agency for Workforce Innovation, Labor Market Statistics Center, Current Employment Statistics Program in cooperation with the U.S. Department of Labor, Bureau of Labor Statistics. Q Volusia County/Department of Economic Development Update, November 6, 2009 page 6

9 September 2008 versus 2009, all U.S. unemployed within selected industries Occupations Sept 2008 (6.0%) Sept 2009 (9.5%) Management, professional and related... Service... Sales and other... Natural resources, construction, maintenance Production, transportation, material moving... Manufacturing... Wholesale and retail trade... Transportation and utilities... Information... Financial activities... Professional and business services... Education and health services... Government... unemployed x 000: 2.8 % 5.2 % ,000 1,500 2,000 2,500 3,000 Q Source: U.S. Department of Labor, Bureau of Labor Statistics Volusia County/Department of Economic Development Update, November 6, 2009 page 7

08 net 3rd quarter 3rd quarter change construction 10,600 10,500 10,300 10,467 11,167-700 manufacturing 8,400 8,300 8,300 8,333 9,067-733 wholesale trade 5,200 5,200 5,100 5,167 5,300-133 retail

10 Third quarter 2009 versus 2008 employment by major industry Q Deltona-Daytona Beach-Ormond Beach MSA July 09 August 09 Sept. 09 avg. 09 avg. 08 net 3rd quarter 3rd quarter change construction 10,600 10,500 10,300 10,467 11, manufacturing 8,400 8,300 8,300 8,333 9, wholesale trade 5,200 5,200 5,100 5,167 5, retail trade 23,200 22,900 22,600 22,900 23, transportation, warehousing, and utilities 2,300 2,300 2,300 2,300 2, information 2,400 2,400 2,400 2,400 2, financial activities 7,100 7,100 7,000 7,067 7, professional and business services 15,800 15,200 15,200 15,400 17,100-1,700 education and health services 31,300 31,400 31,800 31,500 31, leisure and hospitality 23,300 22,900 22,400 22,867 22, other services 7,800 7,800 7,800 7,800 8, federal government 1,400 1,300 1,300 1,333 1, state government 3,300 3,200 3,200 3,233 3, local government/schools 17,300 19,200 19,000 18,500 18, total non-agricultural employment 159, , , , ,867-4,600 Note: Highlighted numbers indicate no employment variation during the quarter, and bold type indicates an employment increase over third quarter, 2008 numbers. Source: Florida Agency for Workforce Innovation, Labor Market Statistics Center, Current Employment Statistics Program in cooperation with the U.S. Department of Labor, Bureau of Labor Statistics. Volusia County/Department of Economic Development Update, November 6, 2009 page 8

11 Third quarter 2009 selected cities labor force synopsis individuals 50,000 labor force employed unemployed 40,000 30,000 20,000 10,000 0 Daytona Beach DeLand Deltona Ormond Beach Port Orange 11.2% unemployed 11.7% unemployed 12.6% unemployed 9.1% unemployed 8.8% unemployed Q Source: Florida Agency for Workforce Innovation, Labor Market Statistics Center, Local Area Unemployment Statistics Program, in cooperation with U.S. Department of Labor, Bureau of Labor Statistics. Volusia County/Department of Economic Development Update, November 6, 2009 page 9

12 Deltona-Daytona Beach-Ormond Beach MSA third quarter 2008 labor force 258, , , ,652 employment 239, , , ,091 18,341 18,772 18,572 18,562 rate 7.1% 7.4% 7.3% 7.3% 2008 vs 2009 third quarter by MSA and individual city analysis: labor force Daytona Beach third quarter 2008 labor force 33,422 32,968 32,908 33,099 employment 31,014 30,513 30,505 30,677 2,408 2,455 2,403 2,422 rate 7.2% 7.4% 7.3% 7.3% DeLand third quarter 2008 labor force 12,107 11,965 11,931 12,001 employment 11,158 10,978 10,975 11, rate 7.8% 8.2% 8.0% 8.0% third quarter 2009 labor force 257, , , ,805 employment 228, , , ,724 29,038 28,622 29,582 29,081 rate 11.3% 11.2% 11.7% 11.4% third quarter 2009 labor force 33,305 33,060 32,775 33,047 employment 29,619 29,405 28,983 29,336 3,686 3,655 3,792 3,711 rate 11.1% 11.1% 11.6% 11.2% third quarter 2009 labor force 12,125 11,980 11,757 11,954 employment 10,656 10,579 10,427 10,554 1,469 1,401 1,330 1,400 rate 12.1% 11.7% 11.3% 11.7% Q Source: Florida Agency for Workforce Innovation, Labor Market Statistics Center, Local Area Unemployment Statistics Program, in cooperation with U.S. Department of Labor, Bureau of Labor Statistics. Volusia County/Department of Economic Development Update, November 6, 2009 page 10

13 Deltona third quarter 2008 labor force 46,562 45,986 45,921 46,156 employment 43,106 42,410 42,399 42,638 3,456 3,576 3,522 3,518 rate 7.4% 7.8% 7.7% 7.6% 2008 vs 2009 third quarter by MSA and individual city analysis: labor force Ormond Beach third quarter 2008 labor force 19,758 19,483 19,450 19,564 employment 18,618 18,318 18,313 18,416 1,140 1,165 1,137 1,147 rate 5.8% 6.0% 5.8% 5.9% Port Orange third quarter 2008 labor force 29,706 29,350 29,283 29,446 employment 28,006 27,554 27,547 27,702 1,700 1,796 1,736 1,744 rate 5.7% 6.1% 5.9% 5.9% third quarter 2009 labor force 46,969 46,648 46,272 46,630 employment 41,168 40,870 40,284 40,774 5,801 5,778 5,988 5,856 rate 12.4% 12.4% 12.9% 12.6% third quarter 2009 labor force 19,553 19,384 19,193 19,377 employment 17,781 17,653 17,400 17,611 1,772 1,731 1,793 1,765 rate 9.1% 8.9% 9.3% 9.1% third quarter 2009 labor force 29,259 29,105 28,752 29,039 employment 26,747 26,553 26,173 26,491 2,512 2,552 2,579 2,548 rate 8.6% 8.8% 9.0% 8.8% Q Source: Florida Agency for Workforce Innovation, Labor Market Statistics Center, Local Area Unemployment Statistics Program, in cooperation with U.S. Department of Labor, Bureau of Labor Statistics. Volusia County/Department of Economic Development Update, November 6, 2009 page 11

14 quarterly comparison, Volusia County residential permit data total value of permits in million $ $ $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits $ permits 1st 2nd 3rd 4th 1st 2nd 3rd 4th 1st 2nd 3rd Q cities and county permit offices. Volusia County/Department of Economic Development Update, November 6, 2009 page 12

15 Residental permit data for the most recent six quarters nd qtr 08 3rd qtr 08 4th qtr 08 1st qtr 09 2nd qtr 09 3rd qtr 09 permits $ value permits $ value permits $ value permits $ value permits $ value permits $ value Unincorporated 69 $ 14,497, $ 13,778, $ 18,259, $ 8,403, $ 10,253, $ 23,603,188 Daytona Beach 51 11,026, ,974, ,643, ,270, ,527, ,297,597 Daytona Beach Shores 1 916, DeBary 5 1,436, ,817, , , DeLand 62 11,771, ,337, ,218, ,831, ,992, ,744,885 Deltona 32 8,147, ,556, ,747, ,397, ,734, ,353,186 Edgewater 6 674, , , , ,022 Holly Hill 5 574, , ,000 Lake Helen New Smyrna Beach 71 29,979, ,075, ,100, ,060, ,507, ,188,310 Oak Hill , , Orange City 4 1,193, ,328, ,882, , Ormond Beach 21 7,616, ,697, ,403, ,428, ,406, ,620,529 Pierson Ponce Inlet 3 1,348, Port Orange 41 9,740, ,021, ,777, ,089, ,213, ,582,357 South Daytona 4 543, , totals for quarter 375 $ 99,466, $ 74,518, $ 45,199, $ 34,194, $ 41,142, $ 71,425,074 Source: Q Volusia County/Department of Economic Development Update, November 6, 2009 page 13

16 quarterly comparison, Volusia County commercial permit data total value of permits in million $ $ $ permits $41-40 permits $95-62 permits $24-25 permits $94-85 permits $ permits $78-43 permits $61-29 permits $27-19 permits $17-20 permits $18-13 permits 1st 2nd 3rd 4th 1st 2nd 3rd 4th 1st 2nd 3rd Q cities and county permit offices. Volusia County/Department of Economic Development Update, November 6, 2009 page 14

17 Commercial permit data for the most recent six quarters nd qtr 08 3rd qtr 08 4th qtr 08 1st qtr 09 2nd qtr 09 3rd qtr 09 permits $ value permits $ value permits $ value permits $ value permits $ value permits $ value Unincorporated 5 $ 10,920,689 1 $ 1,416, $ 4,300,513 7 $ 8,657,622 1 $ 4,639,843 Daytona Beach 16 59,056, ,983,913 8 $ 10,427, ,618, ,045, ,051,004 Daytona Beach Shores DeBary 1 216, ,585, , DeLand 2 1,179, , ,603, ,863, , ,977,040 Deltona 1 667, ,319, ,928, ,667, , Edgewater 4 1,105, , ,657, ,258, Holly Hill , , Lake Helen New Smyrna Beach 2 623, ,349, ,222, , Oak Hill , Orange City 15 14,729, ,250, ,100, , ,901 Ormond Beach 4 3,102, ,354, ,831, ,058 Pierson Ponce Inlet Port Orange 6 22,592, ,666, ,051, ,887, ,062, ,185,206 South Daytona totals for quarter 56 $ 114,195, $ 78,917, $ 61,821, $ 27,158, $ 17,078, $ 17,687,052 Source: cities and county permit offices. Permits listed reflect new construction only. They do not reflect permits issued to renovate or improve facilities. Volusia County/Department of Economic Development Update, November 6, 2009 page 15 Q existing

18 2008 versus 2009 Volusia County foreclosure activity Jan Feb March ,000 April May June July Aug Sept Oct Nov Dec 1,000 Jan Feb March April May June July Aug Sept Oct Nov Dec properties: off the market added to the market new home foreclosures home foreclosures sold Q Volusia County/Department of Economic Development Update, November 6, 2009 page 16 properties: off the market added to the market

19 2008 versus 2009 Volusia County home foreclosures 2008 total home foreclosures total home foreclosures sold total timeshare unit foreclosures total foreclosed timeshares sold January February March April May June July August September October November December total 2008: 7,671 2,153 1, total home foreclosures total home foreclosures sold total timeshare unit foreclosures total foreclosed timeshares sold January February March April May June July August September total to date 09: 7,046 2,270 1, Q Source: Volusia County/Department of Economic Development Update, November 6, 2009 page 17

Volusia County international trade mission In 2008, the County was awarded a grant of $60,000 from Enterprise Florida to assist with promoting exports of

The Athens defense contract initiative last October resulted in: $5 million in sales or a return of $42,000 in sales for each $1 spent in sponsorship.

Horticultural products account for almost $800 million in sales for Volusia County.

20 Volusia County international trade mission In 2008, the County was awarded a grant of $60,000 from Enterprise Florida to assist with promoting exports of Volusia County products to the European Union. The Athens defense contract initiative last October resulted in: $5 million in sales or a return of $42,000 in sales for each $1 spent in sponsorship. Grant funds were also used to sponsor a local manufacturer s Gold Key mission to Saudi Arabia which resulted in an anticipated $10,000,000 contract. Horticultural products account for almost $800 million in sales for Volusia County. This October s trade mission, still funded by the original grant, included over 25 Volusia growers and others learning new methods of growing and doing business, and meeting new clients in Amsterdam. To date, $750 thousand in Q anticipated sales have been reported. Volusia County/Department of Economic Development Update, November 6, 2009 page 18

21 Quote from the Florida Legislature Office of Economic and Demographic Research: The economy will rebound. By summer of 2010, growth rates will begin a slow return to more typical levels. In the meanwhile... the national economic contraction will run its course and, more importantly, the financial markets will recover stability. The subsequent turnaround in Florida housing will be led by: falling home prices that begin to attract buyers and clear the inventory (Florida below the national average in June: $181,600 nationally vs. $148,000 in Florida % below); long-run sustainable demand caused by continued population growth and household formation; and Florida s unique demographics and the aging of the baby-boom generation. Q Volusia County/Department of Economic Development Update, November 6, 2009 page 19

22 For more statistic data concerning the Volusia County economy, go online to floridabusiness.org Published by the Volusia County Department of Economic Development Daytona Beach International Airport, 700 Catalina Drive, Suite 200 Daytona Beach, Florida floridabusiness.org

second quarter 2009 Volusia County Economic Development May 8, 2009

second quarter 2009 Volusia County Economic Development Q2The Update May 8, 2009 Volusia County Council, attorney and manager: back row, left to right, Dan Eckert, county attorney; Andy Kelly, district