volusia county economic development fourth quarter 2014 update · 2017. 4. 9. · fourth quarter...

Q4Volusia County

Economic DevelopmentFourth quarter 2014 update:

February 6, 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

page 1

$50,000

$45,000

$40,000

$35,000

$30,000

$25,000

$20,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Source: Florida Department of Economic Opportunity, Bureau of Labor Market Statistics, Quarterly Census of Employment and Wages Program (QCEW), private industry as of September 2014.

$33,570

■ U.S.

■ State of Florida

■ Volusia County

20

30

40

50

Average annual wage comparison – ranking in Florida

page 2

0

10

20

30

40

50

60

70

80

| | | | | 2007 2008 2009 2010 2011 2012 2013

50

40

30

20

10

■ higher

Volusia County

■ lower


67

num

ber o

f cou

ntie

s

2013 average annual wages by county

page 3

■ higher than Volusia County

■ lower than Volusia County


1

5

4

2

3

1. Palm Beach2. Hillsborough3. Duval4. Miami-Dade5. Broward

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.

Fourth quarter 2014 labor statistics

12%

10%

8%

6%

4%

2%

0% ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14

Volusia Countyunemployment rate by quarter

labor force (all available workers)4th qtr 2014 4th qtr 2013 net change % net change

Volusia County 255,856 250,918 4,938 2.0

Florida 9,627,667 9,407,333 220,334 2.3

U.S. 156,032,000 154,408,000 1,624,000 1.1

unemployment rate4th qtr 2014 4th qtr 2013

Volusia County 5.5% 6.4%

Florida 5.6% 6.3%

U.S. 5.5% 7.0%

unemployment (all unemployed workers)4th qtr 2014 4th qtr 2013 net change % net change

Volusia County 14,167 16,074 - 1,907 -11.9

Florida 539,667 597,333 - 57,666 -9.7

U.S. 8,652,000 10,777,333 - 2,125,333 -19.7

page 4

0

2

4

6

8

10

12

Employment trend comparison by major industry, fourth quarter 2014

Source for wage data: U.S. Department of Labor, Bureau of Labor Statistics, Current Employment Statistics page 5

education and health services leisure and hospitality retail trade professional and business serviceslocal governmentmanufacturingconstructionother servicesfinancial activitieswholesale tradestate governmenttransportation, warehousing, utilitiesinformationfederal governmentNON-AG. EMPLOYMENT TOTALS: 0 5000 10000150002000025000300003500040000

PC MSA Q4 2014

D-DB-OB MSAQ4 2014

■ Deltona-Daytona Beach-Ormond Beach MSA■ Palm Coast MSA

32,80023,60024,30019,40016,5009,4008,5007,9007,800

2,9001,9001,7001,100

4,200

2,7003,8003,5002,2003,200

8001,2001,000

800200200

4,000900100

162,000 24,600

Labor force Deltona-Daytona Beach-Ormond Beach MSA and selected Volusia County cities

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.

MSA

4th quarter 2014Oct Nov Dec average

labor force 258,772 255,740 253,057 255,856

employment 243,935 241,422 239,680 241,679

unemployed 14,837 14,318 13,377 14,177

% unemployed 5.7 5.6 5.3 5.5

Daytona Beach


labor force 32,729 32,385 32,020 32,378

employment 30,620 30,304 30,085 30,336

unemployed 2,109 2,081 1,935 2,042

% unemployed 6.4 6.3 6.0 6.3

DeLand


labor force 12,405 12,263 12,118 12,262

employment 11,670 11,550 11,466 11,562

unemployed 735 713 652 700

% unemployed 5.9 5.9 5.4 5.7


labor force 252,039 251,324 249,390 250,918

employment 235,071 235,033 234,427 234,844

unemployed 16,968 16,291 14,963 16,074

% unemployed 6.7 6.5 6.0 6.4


labor force 31,864 31,710 31,363 31,646

employment 29,507 29,502 29,426 29,478

unemployed 2,357 2,208 1,937 2,167

% unemployed 7.4 7.0 6.2 6.8


labor force 12,102 12,069 11,964 12,045

employment 11,246 11,244 11,215 11,235

unemployed 856 825 749 810

% unemployed 7.1 6.8 6.3 6.7

page 6

Labor force Deltona-Daytona Beach-Ormond Beach MSA and selected Volusia County cities

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.

Deltona


labor force 47,055 46, 530 46,036 46,540

employment 44,381 43,924 43,607 43,971

unemployed 2,674 2,606 2,429 2,570

% unemployed 5.7 5.6 5.3 5.5

Ormond Beach


labor force 20,044 19,824 19,670 19,846

employment 19,059 18,863 18,726 18,883

unemployed 985 961 944 963

% unemployed 4.9 4.8 4.8 4.8

Port Orange


labor force 31,157 30,765 30,443 30,788

employment 29,667 29,361 29,149 29,392

unemployed 1,490 1,404 1,294 1,396

% unemployed 4.8 4.6 4.3 4.5


labor force 45,858 45,754 45,444 45,685

employment 42,769 42,762 42,651 42,727

unemployed 3,089 2,992 2,793 2,958

% unemployed 6.7 6.5 6.1 6.5


labor force 19,437 19,441 19,290 19,389

employment 18,366 18,363 18,316 18,348

unemployed 1,071 1,078 974 1,041

% unemployed 5.5 5.5 5.0 5.4


labor force 30,225 30,210 30,055 30,163

employment 28,589 28,584 28,511 28,561

unemployed 1,636 1,626 1,544 1,602

% unemployed 5.4 5.4 5.1 5.3

page 7

Volusia County residential permit data

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

quarter: 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 2011 2012 2013 2014

page 8

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$71 -

240 p

erm

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$104

- 34

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$116

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$94 -

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$107

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$91 -

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$93 -

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$86 -

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$100

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value of permits $ million

2011 - 2014 by quarter

$385 million $377 million

Volusia County residential permit data for the most recent five quarters

4th qtr 2013 1st qtr 2014 2nd qtr 2014 3rd qtr 2014 4th qtr 2014permits $ value permits $ value permits $ value permits $ value permits $ value

Unincorporated 45 $ 12,281,263 46 $14,081,689 27 $8,404,381 35 $11,736,611 48 15,399,907Daytona Beach 36 8,139,758 43 10,656,528 23 7,322,386 45 11,463,471 23 9,369,629Daytona Beach Shores 0 - 0 - 0 - 1 785,000 0 -DeBary 8 2,745,149 12 3,119,972 2 576,974 5 1,412,742 5 1,640,273DeLand 76 27,190,742 109 36,386,848 105 37,428,746 64 22,282,544 51 17,681,828Deltona 10 2,840,833 17 6,037,490 10 3,320,698 4 1,028,344 20 8,306,001Edgewater 4 584,304 3 730,464 4 693,168 9 1,585,696 18 3,124,250Holly Hill 1 46,000 1 80,000 2 130,000 0 0 0 -Lake Helen 0 - 1 256,490 0 0 0 0 0 -New Smyrna Beach 52 15,592,478 48 13,986,820 50 15,817,310 58 17,209,656 43 13,898,016Oak Hill 3 662,440 0 - 0 0 3 299,930 0 -Orange City 2 723,850 2 674,315 1 492,887 0 0 0 -Ormond Beach 23 9,724,880 34 12,162,227 18 5,856,059 26 10,908,043 27 8,362,007Pierson 0 - 0 - 0 - 0 0 1 549,339Ponce Inlet 0 - 0 - 4 1,569,032 1 445,000 0 -Port Orange 42 12,285,647 31 8,267,340 33 9,703,170 44 14,353,503 23 8,108,343South Daytona 4 1,248,090 1 672,694 1 232,424 0 0 0 -

totals for quarter 306 $ 94,065,434 348 $107,112,877 280 $91,547,235 295 $93,510,540 259 $86,439,593


Volusia County commercial permit data 2011 - 2014 by quartervalue of permits

$ million $70

60

50

40

30

20

10

0quarter: 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 2011 2012 2013 2014

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.

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$21 -

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rmits $1

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$162

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

$324 million$242 million

Volusia County commercial permit data for the most recent five quarters

4th qtr 2013 1st qtr 2014 2nd qtr 2014 3rd qtr 2014 4th qtr 2014permits $ value permits $ value permits $ value permits $ value permits $ value

Unincorporated 2 $ 541,908 2 $ 15,103,408 3 $ 4,175,312 1 $ 317,009 0 -Daytona Beach 1 400,000 23 158,771,242 1 746,164 11 19,174,948 9 48,361,229Daytona Beach Shores 0 - 1 7,883,262 0 0 0 0 0 -DeBary 0 - 0 - 0 0 1 1,262,168 0 -DeLand 3 3,789,969 2 1,103,917 2 889,517 0 0 1 142,181Deltona 1 679,854 1 24,241,665 0 0 1 3,025,774 2 5,300,000Edgewater 1 100,000 0 - 0 0 1 1,236,616 0 -Holly Hill 0 - 0 - 0 - 0 0 0 -Lake Helen 0 - 0 - 0 - 0 0 0 -New Smyrna Beach 2 7,104,816 3 961,000 3 738,964 3 5,489,173 4 1,022,100Oak Hill 0 - 0 - 0 - 0 0 0 -Orange City 0 - 1 1,608,708 2 2,063,524 4 1,885,565 1 1,250,684Ormond Beach 1 494,290 0 - 0 0 2 3,260,663 3 3,235,215Pierson 0 - 0 - 0 - 0 0 0 -Ponce Inlet 0 - 0 - 0 - 0 0 0 -Port Orange 1 690,000 1 6,835,050 1 501,010 4 2,559,198 3 1,440,539South Daytona 0 - 0 - 0 - 0 0 0 -

totals for quarter 12 $ 13,800,837 34 $ 216,508,252 12 $ 9,114,491 28 $ 38,211,114 23 $ 60,751,948


Residential and commercial foreclosures

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

in Volusia County

1,200

1,000

800

600

400

200

0 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4

2012 2013 2014 2012 2013 2014

sales of foreclosed properties

0

200

400

600

800

1000

1200

0

200

400

600

800

1000

1200■ homestead residential■ non-homestead residential■ commercial

■ all residential■ commercial

new foreclosures

1,200

1,000

800

600

400

200

0

2015 commercial new construction project activity*Project Projected Estimated investment completion

Playtex Manufacturing $ 5,000,000 Q3 2015

Walmart Neighborhood Market 15,000,000 Q3 2015

SKYO Industries 5,000,000 Q4 2015

Country Club Corners 5,200,000 Q4 2015

Duke Energy 9,000,000 2016

One Daytona - Phase 1 289,000,000 2016

Sterling Retail Center 6,500,000 2016

Venetian Apartments 20,000,000 2016

Bayshore/Hard Rock 144,000,000 2017

ERAU Student Union 65,000,000 2017

Protogroup/DB Convention Hotel & Condos 150,000,000 2017

total $713,700,000

* Announced private sector projects, projected investment >$5 million, building permit not yet issued

Report published quarterly by Volusia County Economic DevelopmentDaytona 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 Division of EconomicDevelopment 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 fourth quarter 2014 update · 2017. 4. 9. · fourth quarter...

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