Charlotte County SOUTHWEST FLORIDA Economic Development Office

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Daniella Carpenter
5 years ago
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1 Charlotte County SOUTHWEST FLORIDA Economic Development Office QUARTERLY ECONOMIC INDICATOR REPORT October Murdock Circle, Suite 302 Port Charlotte, FL Office:

2 SUMMARY UNEMPLOYMENT Charlotte County's unemployment rate for the month of Oct 2017 was slightly above both the state and nation. EMPLOYMENT Total nonagricultural employment for the month of October 2017 was up from the same time last year. TOURISM Tourist Development Tax Revenues for 2017 are the highest ever reported on this report. BUILDING PERMIT ACTIVITY & VALUATION The overall total number of building permits issued in October 2017 showed a increase from the previous month. Residential permit activity showed an increase from both last month and last year. Commercial permit activity showed healthy growth over last month and the previous year. EXISTING HOUSING SALES ACTIVITY There was a drop in the number of existing housing sales in October 2017 from both last month and last year. TAXABLE SALES ACTIVITY Preliminary figures for September 2017 are showing an decrease in taxable sales retail activity from September The other sectors monitored by the Florida Office of Economic & Demographic Research collectively had a decrease over the same period last year\, with the exception of Building Investment.

3 WORKFORCE Unemployment - Not seasonally adjusted. Oct Oct 16 - Oct-17 Nov-17 Dec-17 Oct-16 Nov. 17 Oct 17 Charlotte 4.7% 4.2% 4.0% 5.3% 10.6% 12.8% Florida 3.9% 3.8% 3.7% 4.8% 2.6% 23.1% US 4.1% 4.1% 4.1% 4.9% 2.6% 19.5% Source: Florida Department of Economic Opportunity, U.S. Change Charlotte County Nonagricultural Employment - Not seasonally adjusted. Oct-17 Nov-17 Dec-17 Oct-16 Oct Nov 17 Oct 16 - Oct 17 Total Nonagricultural Employment 47,700 48,800 49,100 47,000 2% 1.5% Total Private 14,600 42,700 4,300 40, % 180.1% Goods Producing 4,600 4,900 4,800 4,600 7% 0.0% Mining, Logging, Construction 3,800 4,100 4,000 3,800 8% 0.0% Manufacturing % 0.0% Service Providing 43,100 43,900 44,300 42,400 2% 1.6% Private Service Providing 37,100 37,800 38,200 42,400 2% 14.3% Trade, Transportation, and Utilities 11,000 11,100 11,200 1,000 1% 90.9% Wholesale Trade % 12.5% Retail Trade 9,200 9,600 9,600 9,000 4% 2.2% Information % 0.0% Financial Activities 2,100 2,200 2,100 2,000 5% 4.8% Professional & Business Services 4,500 4,700 4,700 4,500 4% 0.0% Education & Health Services 9,200 9,200 9,200 9,500 0% 3.3% Leisure & Hospitality Services 7,700 7,900 8,100 7,100 3% 7.8% Other Services 2,000 2,000 2,000 2,000 0% 0.0% Total Government 5,600 5,700 6,200 5,500 2% 1.8% Federal % 0.0% State % 0.0% Local 4,900 4,500 5,000 4,300 8% 12.2% Source: Florida Department of Economic Opportunity, U.S.

4 TOURIST DEVELOPMENT TAX YTD 15/16-16/17 Cumulative 2012/ / / / /2017 October $90,481 $90,982 $110,218 $144,132 $152, % - November $102,528 $122,521 $131,364 $160,881 $158, % 2.0% December $200,014 $243,889 $298,089 $299,586 $297, % 1.0% January $296,774 $329,503 $418,782 $503,785 $467, % -3.0% February $361,532 $432,814 $514,334 $520,762 $513, % -2.0% March $592,201 $696,883 $848,421 $861,461 $862, % -2.0% April $171,511 $230,798 $263,947 $251,057 $305, % 1.0% May $151,568 $157,432 $175,840 $192,116 $201, % 1.0% June $178,684 $211,463 $235,198 $258,861 $295, % 2.0% July $149,551 $177,886 $209,339 $214,909 $258, % 2.0% August $113,134 $135,979 $144,682 $138,782 $139, % 2.0% September $125,649 $168,779 $219,144 $247,310 $283, % 2.0% Total $2,533,627 $2,998,929 $3,569,358 $3,793,642 $3,935, % 2.0% Source: Charlotte Harbor Visitor & Convention Bureau

5 TOTAL BUILDING PERMITS - MONTHLY Total Building Permits Charlotte 2, , % 11.5% Total Building Permit Valuation Charlotte $54,988,420 $32,394,949 $51,605,603 $35,132, % 36.1% BUILDING PERMIT ACTIVITY - TOTAL RESIDENTIAL Charlotte County Residential Total Permits Charlotte 1,940 1,215 2,027 1, % 14.1% Charlotte County Single Family Total Permit Valuation Charlotte $39,171,888 $27,097,622 $35,966,800 $40,237, % -2.7% Source: Charlotte County Government Building Construction Services, excludes the City of Punta Gorda BUILDING PERMIT ACTIVITY - TOTAL COMMERCIAL Charlotte County Commercial Total Permits Charlotte % 9.1% Charlotte County Commercial Total Permit Valuation Charlotte $15,634,969 $5,099,778 $11,033,995 $5,069, % 67.6% Source: Charlotte County Government Building Construction Services, excludes the city of Punta Gorda EXISTING HOUSING SALES ACTIVITY Charlotte County Single-Family Number of Homes Sold Charlotte % -14.4% Charlotte County Single-Family Homes - Average Sale Price Charlotte $249, $251,875 $249,487 $232, % 7.0% Source: Florida Realtors - Charlotte County Single Family Homes Monthly Market Detail Report

6 TAXABLE SALES ACTIVITY Taxable Sales ($Million) Sep-17 Sep-16 Sep Sep. 16 Index of Retail Activity % Autos & Accessories % Consumer Durables % Consumer Non-durables % Tourism & Recreation % Building Investment % Business Investment % Total % Source: Florida Office of Economic & Demographic Research - 04-Aug-2017 Preliminary Taxable sales data is popularly used as one indicator of regional economic activity. This data is derived from sales tax returns remitted to the state Department of Revenue each month. Autos & Accessories - The category of "automobiles and accessories" taxable sales includes the sale of new and used cars, repair shops, auto supply stores, and taxable sales at gasoline stations. Building Investment - The category of "building investment" taxable sales includes sales by building contractors, heating and air conditioning contractors, insulation, well drilling, electrical contractors, interior decorating, paint and wallpaper shops, cabinet and woodworking shops, soil, lumber and building suppliers, and roofing contractors. Services provided by these businesses are not generally taxable. Business Investment - The category of "business investment" taxable sales includes farm equipment, feed and seed suppliers, store and office equipment, computer shops, machine shops, industrial machinery, hotel and restaurant suppliers, transportation equipment, manufacturing and refining equipment, industrial suppliers, paper and packaging materials, medical and optical supplies, commercial rentals, and wholesale dealers. Transactions reported as subject to the "use" tax are also included here, regardless of the kind code of the business reporting the "use" tax. Consumer Durables - The category of "consumer durables" taxable sales includes the sale of appliances, furniture, home electronics, aircraft, boat dealers, hardware and decorating stores. Consumer Nondurables - The category of "consumer nondurables" taxable sales includes food and convenience stores, department and clothing stores, drug stores, antique dealers, bookstores, florists, pet dealers and suppliers, social organizations, storage, communications firms, print shops, nurseries, vending machines, utilities, and any "kind" that doesn't fit into the other categories. Retail Index - The "index of retail activity" is designed to provide a measure of retail activity for an area and allow comparisons with other areas over time. The index is constructed by aggregating the categories of autos and accessories, other durables, tourism and recreation, and consumer non- durables. These categories represent the bulk of non-investment spending and are analogous to personal consumption. The sum of these four categories is seasonally adjusted and a four-month moving average is taken. The resulting data series is indexed such that the base period of December 1988 equals 100. Each MSA is measured against itself, that is, each MSA's index equals 100 in the base period and is calculated independently of activity in other MSAs. The index values can be directly read as percentages from the base period. Tourism & Recreation - The category of "tourism and recreation" taxable sales includes hotels and motels, bar and restaurant sales, liquor stores, photo and art stores, gift shops, admissions, sporting goods, rentals, and jewelry stores.

Employment Data (establishment)

Employment Data (establishment) Table 1: Major Indicators of Labor Market Activity for New Jersey Seasonally Adjusted (thousands) Benchmark Labor Force Data (resident) Current Month Previous Month One Year Ago Net Change Net Change May