Volusia County Economic Development First quarter 2015 update · First quarter 2015 update: May 8,...

Q1Volusia County

Economic DevelopmentFirst quarter 2015 update:

May 8, 2015

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.

Since the first quarter of 2008, the county’s Economic Development Division has hosted an economic update breakfast that we call our “Q” meetings. As we all work together to achieve our economic objectives, it’s essential we understand the economic indicators that influence our 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” briefings is to share this information with business leaders and decision-makers to enhance awareness of important economic facts. The Economic Development Division has extensive infor-mation that is available to you. Please do not hesitate to seek our assistance.

We welcome your input and participation in today’s “Q” briefing.

Jason P. Davis and members of the Volusia County Council

Average annual wage trends – Volusia County’s industries

page 1

manufacturing information education financial construction professional other trade, natural leisure and health activities and business services transportation resources and services services and utilities and mining hospitality

Source: Florida Department of Economic Opportunity (DEO), Bureau of Labor Market Statistics, Private Industry Quarterly Census of Employment and Wages Program (QCEW), released September 2014.

$50,000

40,000

30,000

20,000

10,000

0

10

20

30

40

50 ■ 2007■ 2008■ 2009■ 2010■ 2011■ 2012■ 2013

2013 average annual wage comparison – U.S., Florida and Volusia County’s industries

page 2

manufacturing information education financial construction professional other trade, natural leisure and health activities and business services transportation resources and services services and utilities and mining hospitality


0

20

40

60

80

100

■ United States ■ Florida■ Volusia County

$100,000

80,000

60,000

40,000

20,000

2013 total wage comparison – percent by industry

page 3

100%

90

80

70

60

50

40

30

20

10

0 Palm Beach Hillsborough Duval Miami-Dade Broward Volusia


■ manufacturing

■ information

■ education, health services

■ financial activities

■ construction

■ professional and business services

■ natural resources and mining

■ other services

■ trade, transportation and utilities

■ leisure and hospitality

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 (BLS), Local Area Unemployment Statistics Program (LAUS).LAUS data reflects fourth generation BLS modeling implemented January 2015, also applied to historic data.

First quarter 2015 labor statistics

Volusia Countyunemployment rate by quarter

labor force (all available workers)1st qtr 2015 1st qtr 2014 net change % net change

Volusia County 238,234 237,963 271 0.1

Florida 9,593,333 9,553,000 40,333 0.4

U.S. 156,193,667 155,011,667 1,182,000 0.8

unemployment rate1st qtr 2015 1st qtr 2014

Volusia County 6.1% 7.1%

Florida 5.6% 6.6%

U.S. 5.8% 6.9%

unemployment (all unemployed workers)1st qtr 2015 1st qtr 2014 net change % net change

Volusia County 14,414 16,992 -2,578 -15.2

Florida 539,000 631,000 -92,000 -14.6

U.S. 9,091,667 10,761,667 -1,670,000 -15.5

page 4

14%

12%

10%

8%

6%

4%

2%

0%‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15

Employment trend comparison by major industry, first quarter 2015

page 5

Gain/lossover Q1 2014

AverageQ1 2015

1033967333

1967467

0400333167200

-100-100133

0 186,867 5,800

37,33328,26728,20021,60020,03310,36710,133

8,6678,4674,6003,0002,5672,3331,300

Note: Palm Coast MSA was added in the Deltona-Daytona Beach-Ormond Beach MSA beginning with January 2015 data. Adjustment made to historical data.Source for wage data: U.S. Department of Labor, Bureau of Labor Statistics, Current Employment Statistics for Deltona-Daytona Beach Ormond Beach MSA

education & health servicesretail tradeleisure & hospitalityprofessional & business serviceslocal governmentmanufacturingconstructionfinancial activitiesother serviceswholesale tradestate governmentinformationtransportation, warehousing, & utilitiesfederal governmentTOTAL NON-AGRICULTURAL EMPLOYMENT

Labor force Volusia County and selected cities


Volusia County

1st quarter 2015Jan Feb Mar average

labor force 238,629 238,368 237,705 238,234

employment 223,537 223,998 223,924 223,820

unemployed 15,092 14,370 13,781 14,414

% unemployed 6.3 6.0 5.8 6.1

Daytona Beach


labor force 29,217 29,178 28,986 29,127

employment 27,035 27,091 27,082 27,069

unemployed 2,182 2,087 1,904 2,058

% unemployed 7.5 7.2 6.6 7.1

DeLand


labor force 12,426 12,390 12,409 12,408

employment 11,592 11,616 11,612 11,607

unemployed 834 774 797 802

% unemployed 6.7 6.2 6.4 6.5


labor force 234,506 238,428 240,954 237,963

employment 217,342 221,472 224,099 220,971

unemployed 17,164 16,956 16,855 16,992

% unemployed 7.3 7.1 7.0 7.1


labor force 28,520 28,931 29,317 28,923

employment 26,286 26,786 27,103 26,725

unemployed 2,234 2,145 2,214 2,198

% unemployed 7.8 7.4 7.6 7.6


labor force 12,142 12,309 12,467 12,306

employment 11,271 11,485 11,621 11,459

unemployed 871 824 846 847

% unemployed 7.2 6.7 6.8 6.9

page 6

Labor force Volusia County and selected cities

Deltona


labor force 42,717 42,796 42,700 42,738

employment 39,896 39,978 39,965 39,946

unemployed 2,821 2,818 2,735 2,791

% unemployed 6.6 6.6 6.4 6.5

Ormond Beach


labor force 18,126 18,048 18,022 18,065

employment 17,071 17,107 17,101 17,093

unemployed 1,055 941 921 972

% unemployed 5.8 5.2 5.1 5.4

Port Orange


labor force 28,902 28,864 28,765 28,844

employment 27,414 27,470 27,461 27,448

unemployed 1,488 1,394 1,304 1,395

% unemployed 5.1 4.8 4.5 4.8


labor force 42,013 42,793 43,282 42,696

employment 38,790 39,527 39,996 39,438

unemployed 3,223 3,266 3,286 3,258

% unemployed 7.7 7.6 7.6 7.6


labor force 17,646 17,964 18,193 17,934

employment 16,598 16,914 17,114 16,875

unemployed 1,048 1,050 1,079 1,059

% unemployed 5.9 5.8 5.9 5.9


labor force 28,399 28,957 29,226 28,861

employment 26,654 27,161 27,483 27,099

unemployed 1,745 1,796 1,743 1,761

% unemployed 6.1 6.2 6.0 6.1

page 7


$100

80

60

40

20

0

Volusia County residential permit data

Source: Cities and county permit offices reporting new construction activity.

1 2 3 4 1 2 3 4 1 2 3 4 1 2012 2013 2014 2015

page 8

$71 -

240 p

erm

its

$104

- 34

2 per

mits

$116

- 38

2 per

mits

$94 -

306 p

erm

its

$107

- 34

8 per

mits

$91 -

280 p

erm

its

$93 -

295 p

erm

its

$86 -

259 p

erm

its

$80 -

265 p

erm

its

$41 -

160 p

erm

its

$49 -

176 p

erm

its

$69 -

239 p

erm

its

$54 -

187 p

erm

its

Value of permits $ million

2012 - 2015 by quarter

Volusia County residential permit data for the most recent five quarters

1st qtr 2014 2nd qtr 2014 3rd qtr 2014 4th qtr 2014 1st qtr 2015permits $ value permits $ value permits $ value permits $ value permits $ value

Unincorporated 46 $14,081,689 27 $8,404,381 35 $11,736,611 48 $15,399,907 52 $16,981,135New Smyrna Beach 48 $13,986,820 50 $15,817,310 58 $17,209,656 43 $13,898,016 53 $15,623,095DeLand 109 $36,386,848 105 $37,428,746 64 $22,282,544 51 $17,681,828 47 $14,273,745Ormond Beach 34 $12,162,227 18 $5,856,059 26 $10,908,043 27 $8,362,007 28 $8,902,536Daytona Beach 43 $10,656,528 23 $7,322,386 45 $11,463,471 23 $9,369,629 29 $6,673,746Port Orange 31 $8,267,340 33 $9,703,170 44 $14,353,503 23 $8,108,343 20 $6,516,639DeBary 12 $3,119,972 2 $576,974 5 $1,412,742 5 $1,640,273 14 $4,809,500Ponce Inlet 0 - 4 $1,569,032 1 $445,000 0 - 4 $3,017,371Deltona 17 $6,037,490 10 $3,320,698 4 $1,028,344 20 $8,306,001 6 $1,799,074Edgewater 3 $730,464 4 $693,168 9 $1,585,696 18 $3,124,250 9 $1,447,639Oak Hill 0 - 0 - 3 $299,930 0 - 3 $415,630Daytona Beach Shores 0 - 0 - 1 $785,000 0 - 0 -Holly Hill 1 $80,000 2 $130,000 0 - 0 - 0 -Lake Helen 1 $256,490 0 - 0 - 0 - 0 -Orange City 2 $674,315 1 $492,887 0 - 0 - 0 -Pierson 0 - 0 - 0 - 1 $549,339 0 -South Daytona 1 $672,694 1 $232,424 0 - 0 - 0 -

totals for quarter 348 107,112,877 280 91,547,235 295 93,510,540 259 86,439,593 265 $ 80,460,110

Cities listed in descending order according to the most recent quarter.Source: Cities and county permit offices reporting new construction activity.

$70

60

50

40

30

20

10

0

page 10

Volusia County commercial permit data 2012- 2015 by quarterValue of permits

$ million

1 2 3 4 1 2 3 4 1 2 3 4 1 2012 2013 2014 2015

Source: Cities and county permit offices reporting new construction activity. * Q3 2013 includes single $105m permit for Daytona International Speedway.** Q1 2014 includes single $152m permit for Daytona International Speedway.

$21 -

16 pe

rmits $1

7 - 15

per

mits

$44 -

20 p

erm

its

$26

- 17

perm

its

$40

- 48

perm

its

$162

- 30

per

mits

*

$11 -

15 pe

rmits

$14 -

12 pe

rmits

$9 -

12 pe

rmits

$38 -

28 pe

rmits

$61 -

23 pe

rmits

$50 -

26 pe

rmits

$216

- 34

perm

its**

Note: Dotted lines represent permit total excluding single permit for Daytona International Speedway.

Volusia County commercial permit data for the most recent five quarters

1st qtr 2014 2nd qtr 2014 3rd qtr 2014 4th qtr 2014 1st qtr 2015permits $ value permits $ value permits $ value permits $ value permits $ value

Daytona Beach 23 $158,771,242 1 $746,164 11 $19,174,948 9 $48,361,229 7 $28,442,035DeLand 2 $1,103,917 2 $889,517 0 - 1 $142,181 6 $8,029,249Port Orange 1 $6,835,050 1 $501,010 4 $2,559,198 3 $1,440,539 6 $5,619,647New Smyrna Beach 3 $961,000 3 $738,964 3 $5,489,173 4 $1,022,100 2 $4,650,000DeBary 0 - 0 - 1 $1,262,168 0 - 2 $1,343,704Orange City 1 $1,608,708 2 $2,063,524 4 $1,885,565 1 $1,250,684 1 $912,433Ormond Beach 0 - 0 - 2 $3,260,663 3 $3,235,215 2 $758,695Daytona Beach Shores 1 $7,883,262 0 - 0 - 0 - 0 -Deltona 1 $24,241,665 0 - 1 $3,025,774 2 $5,300,000 0 -Edgewater 0 - 0 - 1 $1,236,616 0 - 0 -Holly Hill 0 - 0 - 0 - 0 - 0 -Lake Helen 0 - 0 - 0 - 0 - 0 -Oak Hill 0 - 0 - 0 - 0 - 0 -Pierson 0 - 0 - 0 - 0 - 0 -Ponce Inlet 0 - 0 - 0 - 0 - 0 -South Daytona 0 - 0 - 0 - 0 - 0 -Unincorporated 2 $15,103,408 3 $4,175,312 1 $317,009 0 - 0 -

totals for quarter 34 $ 216,508,252 12 $ 9,114,491 28 $ 38,211,114 23 $ 60,751,948 26 $49,755,763

Cities listed in descending order according to the most recent quarter.Source: Cities and county permit offices reporting new construction activity.

Residential and commercial foreclosures

Source: Volusia County Clerk of the Circuit Court, Civil Court Operations

in Volusia County

1 2 3 4 1 2 3 4 1 1 2 3 4 1 2 3 4 1 2013 2014 2015 2013 2014 2015

sales of foreclosed properties

■ homestead residential■ non-homestead residential■ commercial

new foreclosures

1,200

1,000

800

600

400

200

0

■ all residential■ commercial

1,200

1,000

800

600

400

200

0

0 | 1-4 | 5-9 | 10-19 | 20-49 | 50-99 | 100-249 | 250-499 | 500-999 | 1,000 plus |

# employers

5,000

4,000

3,000

2,000

1,000

0

30,000

25,000

20,000

15,000

10,000

5,000

0

# employed

51.7% 14.2% 8.6%

5.5% 2.2% 1.5% 0.5% 0.1% 0.1%

15.5%of total

employers

STAGE 2

Employers by size in Volusia County (total of 11,484)

11,517

27,648

Source: Department of Eonomic Opportunity, Labor Market Statistics, Quarterly Census of Employment and Wages Program data as of September 2014.Source: Florida Department of Economic Opportunity (DEO), Bureau of Labor Market Statistics, Private Industry Quarterly Census of Employment and Wages Program (QCEW), released September 2014. page 13

Report published quarterly by Volusia County Economic Development DivisionDaytona Beach International Airport, 700 Catalina Drive, Suite 200, Daytona Beach, Florida 32114

386.248.8048 or 800.554.3801 floridabusiness.org

It’s our business to help your business grow.

The Volusia County Economic Development Division is a free resource available to businesses in Volusia County needing assistance with business planning in the areas of:• top line revenue growth,• hiring and training,• financing/loan opportunities,• product/facility improvements, and• supply chain issues.

The division specializes in assisting manu-facturing and knowledge-based companies with high growth potential who require capi-tal investment (i.e. corporate headquarters, research and development facilities, etc.) and are in targeted industries such as aviation and aerospace, clean tech, financial/profes-sional services, homeland security/defense, infotech and life sciences.

The division is a partner with Volusia County’s cities and chambers of commerce to promote the growth of new jobs in their communities.

Call our office or visit our web site at floridabusiness.org for detailed information about available services.

Volusia County Economic Development First quarter 2015 update · First quarter 2015 update: May 8,...

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