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. Front row: Jack Hayman, district 3; Joie Alexander, vice-chair, at-large; Frank Bruno, chair; Patricia Northey, district 5; and Carl G. Persis, district 4. 2009 An official copyrighted publication of the Volusia County Department of Economic Development
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, 2009. 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 www.floridabusiness.org. 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
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 e-mail 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
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
Third quarter 2008 versus third quarter 2009: employment statistics Civilian workforce (all available workers) 3rd quarter 08 3rd quarter 09 change % change Volusia County 255,652 255,805 153 0.1 Florida 9,312,333 9,261,000-51,333-0.6 U.S. 155,398,667 154,923,000-475,667-0.3 Percent unemployed Jul 09 Aug 09 Sept 09 11.3% 11.2% 11.7% 11.1 11.0 11.2 9.7 9.6 9.5 Employment (all employed workers) 3rd quarter 08 3rd quarter 09 change % change Volusia County 237,091 226,724-10,367-4.4 Florida 8,673,667 8,231,667-442,000-5.1 U.S. 146,028,667 140,069,333-5,959,334-4.1 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
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
Volusia County, March 08-09 /September 08-09 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 2009. Darker bars in each category represent employment changes from September 2008 through September 2009. Education and health services Information Other services 1,000 750 500 250 0-250 - 500-750 - 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
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 % 6.9 9.4 5.6 9.2 7.9 14.3 8.7 13.1 6.0 11.9 6.2 9.0 5.8 9.5 5.0 11.2 4.0 7.1 6.9 11.3 4.1 6.0 2.6 4.2 500 1,000 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
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 11,167-700 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 trade 23,200 22,900 22,600 22,900 23,800-900 transportation, warehousing, and utilities 2,300 2,300 2,300 2,300 2,400-100 information 2,400 2,400 2,400 2,400 2,600-200 financial activities 7,100 7,100 7,000 7,067 7,633-567 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 31,067 433 leisure and hospitality 23,300 22,900 22,400 22,867 22,400 467 other services 7,800 7,800 7,800 7,800 8,000-200 federal government 1,400 1,300 1,300 1,333 1,400-67 state government 3,300 3,200 3,200 3,233 3,167 67 local government/schools 17,300 19,200 19,000 18,500 18,767-267 total non-agricultural employment 159,400 159,700 158,700 159,267 163,867-4,600 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
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
Deltona-Daytona Beach-Ormond Beach MSA third quarter 2008 labor force 258,031 254,593 254,333 255,652 employment 239,690 235,821 235,761 237,091 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 11,037 949 987 956 964 rate 7.8% 8.2% 8.0% 8.0% third quarter 2009 labor force 257,953 255,879 253,582 255,805 employment 228,915 227,257 224,000 226,724 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
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
2007-2009 quarterly comparison, Volusia County residential permit data total value of permits in million $ $150 125 100 75 50 25 $148-583 permits $143-584 permits $144-518 permits $59-253 permits $69-291 permits $99-375 permits $74-306 permits $45-185 permits $34-124 permits $41-178 permits $71-220 permits 1st 2nd 3rd 4th 1st 2nd 3rd 4th 1st 2nd 3rd 2007 2008 2009 Q cities and county permit offices. Volusia County/Department of Economic Development Update, November 6, 2009 page 12
Residental permit data for the most recent six quarters 2008-2009 2nd 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 $ 14,497,491 51 $ 13,778,659 68 $ 18,259,711 41 $ 8,403,188 46 $ 10,253,677 37 $ 23,603,188 Daytona Beach 51 11,026,356 31 5,974,165 12 2,643,123 13 7,270,738 19 3,527,726 30 9,297,597 Daytona Beach Shores 1 916,891 0-0 - 0-0 - 0 - DeBary 5 1,436,394 5 1,817,000 0-2 202,000 1 259,914 0 - DeLand 62 11,771,512 76 19,337,522 21 5,218,738 12 2,831,839 27 5,992,333 36 10,744,885 Deltona 32 8,147,096 13 2,556,762 17 3,747,568 10 2,397,898 15 3,734,047 20 4,353,186 Edgewater 6 674,797 3 365,119 7 909,803 1 284,027 0-4 800,022 Holly Hill 5 574,500 2 192,500 0-0 - 0-1 235,000 Lake Helen 0-0 - 0-0 - 0-0 - New Smyrna Beach 71 29,979,629 54 11,075,080 16 3,100,016 14 4,060,707 32 6,507,010 30 8,188,310 Oak Hill 0-2 374,460 0-0 - 1 247,305 0 - Orange City 4 1,193,246 8 2,328,661 8 1,882,253 2 225,992 0-0 - Ormond Beach 21 7,616,158 22 7,697,320 9 3,403,002 9 3,428,705 17 6,406,820 27 5,620,529 Pierson 0-0 - 0-0 - 0-0 - Ponce Inlet 3 1,348,340 0-0 - 0-0 - 0 - Port Orange 41 9,740,558 39 9,021,153 26 5,777,656 20 5,089,124 20 4,213,372 35 8,582,357 South Daytona 4 543,808 0-1 257,788 0-0 - 0 - totals for quarter 375 $ 99,466,775 306 $ 74,518,401 185 $ 45,199,658 124 $ 34,194,218 178 $ 41,142,204 220 $ 71,425,074 Source: Q Volusia County/Department of Economic Development Update, November 6, 2009 page 13
2007-2009 quarterly comparison, Volusia County commercial permit data total value of permits in million $ $200 150 100 50 $172-57 permits $41-40 permits $95-62 permits $24-25 permits $94-85 permits $114-56 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 2007 2008 2009 Q cities and county permit offices. Volusia County/Department of Economic Development Update, November 6, 2009 page 14
Commercial permit data for the most recent six quarters 2008-2009 2nd 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 $ 1,416,784 0-6 $ 4,300,513 7 $ 8,657,622 1 $ 4,639,843 Daytona Beach 16 59,056,932 19 40,983,913 8 $ 10,427,167 2 5,618,789 4 4,045,709 4 5,051,004 Daytona Beach Shores 0-0 - 0-0 - 0-0 - DeBary 1 216,000 2 2,585,000 0-1 134,150 0-0 - DeLand 2 1,179,900 1 900,172 3 3,603,862 3 2,863,727 1 908,788 3 1,977,040 Deltona 1 667,700 3 10,319,890 2 16,928,990 1 1,667,271 2 790,600 0 - Edgewater 4 1,105,575 2 890,955 3 1,657,000 2 1,258,385 0-0 - Holly Hill 0-1 200,000 0-0 - 1 630,000 0 - Lake Helen 0-0 - 0-0 - 0-0 - New Smyrna Beach 2 623,260 3 1,349,815 3 8,222,312 0-2 533,000 0 - Oak Hill 0-0 - 0-0 - 1 450,700 0 - Orange City 15 14,729,912 2 1,250,800 2 2,100,000 1 428,435 0-1 864,901 Ormond Beach 4 3,102,494 1 1,354,468 6 4,831,0370 0-0 - 1 969,058 Pierson 0-0 - 0-0 - 0-0 - Ponce Inlet 0-0 - 0-0 - 0-0 - Port Orange 6 22,592,900 8 17,666,026 2 14,051,180 3 10,887,361 2 1,062,505 3 4,185,206 South Daytona 0-0 - 0-0 - 0-0 - totals for quarter 56 $ 114,195,362 43 $ 78,917,823 29 $ 61,821,548 19 $ 27,158,631 20 $ 17,078,924 13 $ 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
2008 versus 2009 Volusia County foreclosure activity Jan Feb March 2008 2009 1,000 April May June July Aug Sept Oct Nov Dec 1,000 Jan Feb March April May June July Aug Sept Oct Nov Dec 900 800 900 800 properties: off the market added to the market 700 600 500 400 300 200 100 0 100 200 300 400 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 700 600 500 400 300 200 100 0 100 200 300
2008 versus 2009 Volusia County home foreclosures 2008 total home foreclosures total home foreclosures sold total timeshare unit foreclosures total foreclosed timeshares sold January 540 153 73 174 February 580 142 173 49 March 595 148 79 58 April 632 157 58 63 May 663 129 82 60 June 620 161 282 40 July 686 275 268 27 August 612 262 216 11 September 751 202 207 0 October 748 196 267 50 November 520 188 90 113 December 724 140 182 45 total 2008: 7,671 2,153 1,977 690 2009 total home foreclosures total home foreclosures sold total timeshare unit foreclosures total foreclosed timeshares sold January 794 179 71 129 February 789 203 59 49 March 882 155 197 25 April 827 246 111 94 May 747 92 171 58 June 745 325 16 91 July 719 404 135 117 August 753 365 85 68 September 790 301 367 105 total to date 09: 7,046 2,270 1,212 736 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 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
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...18.5% 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
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 32114 floridabusiness.org 386.248.8048