Post on 21-Aug-2020
Q3Volusia County
Economic DevelopmentThird quarter 2015 update:
November 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
page 1
Nationwide education pays (U.S.)
25,376
34,736
38,532
41,184
57,252
68,592
85,228
82,732
Less than a high school diploma
High school diploma
Some college, no degree
Associate's degree
Bachelor's degree
Master's degree
Professional degree
Doctoral degree
Median Yearly Earnings in 2014 ($)
9.0
6.0
6.0
4.5
3.5
2.8
1.9
2.1
Education Pays (U.S.)
Source: U.S. Department of labor, Bureau of labor Statistic; Unemployment Rates and Median Earnings for Workers 25 and Older, by Educational Attainment; Earnings for Full-time Wage and Salary Workers, 2014. Median earnings were based on weekly earnings multiplied by 52.
Unemployment Rate in 2014 (%)
Source: U.S. Department of Labor, Bureau of Labor Statistic; Unemployment Rates and Median Earnings for Workers 25 and Older, by Educational Attainment; Earnings for Full-time Wage and Salary Workers, 2014. Median earnings were based on weekly earnings multiplied by 52.
25,376
34,736
38,532
41,184
57,252
68,592
85,228
82,732
Less than a high school diploma
High school diploma
Some college, no degree
Associate's degree
Bachelor's degree
Master's degree
Professional degree
Doctoral degree
Median Yearly Earnings in 2014 ($)
9.0
6.0
6.0
4.5
3.5
2.8
1.9
2.1
Education Pays (U.S.)
Source: U.S. Department of labor, Bureau of labor Statistic; Unemployment Rates and Median Earnings for Workers 25 and Older, by Educational Attainment; Earnings for Full-time Wage and Salary Workers, 2014. Median earnings were based on weekly earnings multiplied by 52.
Unemployment Rate in 2014 (%)
25,376
34,736
38,532
41,184
57,252
68,592
85,228
82,732
Less than a high school diploma
High school diploma
Some college, no degree
Associate's degree
Bachelor's degree
Master's degree
Professional degree
Doctoral degree
Median Yearly Earnings in 2014 ($)
9.0
6.0
6.0
4.5
3.5
2.8
1.9
2.1
Education Pays (U.S.)
Source: U.S. Department of labor, Bureau of labor Statistic; Unemployment Rates and Median Earnings for Workers 25 and Older, by Educational Attainment; Earnings for Full-time Wage and Salary Workers, 2014. Median earnings were based on weekly earnings multiplied by 52.
Unemployment Rate in 2014 (%)
Professional degree
Doctoral degree
Master’s degree
Bachelor’s degree
Associate’s degree
Some college, no degree
High school diploma
Less than a high school diploma
Florida median wages by educational attainment 1979-2014(2014 dollars)
page 2
THE STATE OF THE WORKING FLORIDA 2015
Page 38
This correlation between educational levels and wages has been consistent over the past
35 years; but the wage gap between educational levels have been growing steadily.
Figure 25: Florida Median Wages by Educational Attainment
Source: Bureau of Labor Statistics: Current Population Survey
Figures 24 and 25 show that policies aiming at mitigating unemploment and poverty should
include higher educational attainment as one of the objectives. In turn, this will promote
higher wages for working Floridians.
Higher median annual wages correlated with higher levels of educational attainment.
People with at least a bacherlor’s degree experienced a median wage growth of 15 percent
while people with a high school degree achieved a median wage growth of 6 percent
between 1980 and 2014. Floridians with less than a high school education experienced
negative growth in real median wages during the same years.
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
Florida Median Wages by Educational Attainment 1979-‐‑2014 (2014 Dollars)
Less than high school High school Some college Bachelor's or higher
Source: Florida International University, Research Institute on Social and Economic Policy Center for Labor Research and Studies, "The State of the Working Florida 2015"
9
Percentage of balance 90+ days delinquent by loan type
page 3
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.
Third quarter 2015 labor statistics
Volusia Countyunemployment rate by quarter
labor force (all available workers)3rd qtr 2015 3rd qtr 2014 net change % net
change
Volusia County 238,311 241,291 -2,980 -1.2
Florida 9,606,333 9,695,333 -89,000 -0.9
U.S. 156,962,000 156,636,667 325,333 0.2
unemployment rate3rd qtr 2015 3rd qtr 2014
Volusia County 5.8% 6.9%
Florida 5.6% 6.5%
U.S. 5.1% 6.2%
unemployment (all unemployed workers)3rd qtr 2015 3rd qtr 2014 net change % net change
Volusia County 13,763 16,617 -2,854 -17.2
Florida 534,333 636,000 -101,667 -16.0
U.S. 8,070,000 9,685,333 -1,615,333 -16.7
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, third quarter 2015
page 5
Gain/lossover Q3 2014
AverageQ3 2015
1,633567333867500333
-133200
-100-67
0-100
00
185,133 3,933
37,23328,46727,83321,26718,80010,73310,1678,7008,3004,5333,0002,5002,3001,300
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 servicesleisure & hospitalityretail tradeprofessional & business serviceslocal governmentmanufacturingconstructionfinancial activitiesother serviceswholesale tradestate governmentinformationtransportation, warehousing, & utilitiesfederal governmentTOTAL NON-AGRICULTURAL EMPLOYMENT
Labor force Volusia County and selected cities
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.
Volusia County
3rd quarter 2015July Aug Sept average
labor force 237,055 238,525 239,354 238,311
employment 222,759 224,621 226,266 224,549
unemployed 14,296 13,904 13,088 13,763
% uemployed 6.0 5.8 5.5 5.8
Daytona Beach
3rd quarter 2015July Aug Sept average
labor force 28,958 29,118 29,185 29,087
employment 26,941 27,167 27,366 27,158
unemployed 2,017 1,951 1,819 1,929
% uemployed 7.0 6.7 6.2 6.6
DeLand
3rd quarter 2015July Aug Sept average
labor force 12,322 12,404 12,445 12,390
employment 11,551 11,648 11,733 11,644
unemployed 771 756 712 746
% uemployed 6.3 6.1 5.7 6.0
3rd quarter 2014July Aug Sept average
labor force 241,905 240,604 241,364 241,291
employment 224,686 223,673 225,663 224,674
unemployed 17,219 16,931 15,701 16,617
% uemployed 7.1 7.0 6.5 6.9
3rd quarter 2014July Aug Sept average
labor force 29,564 29,432 29,506 29,501
employment 27,174 27,052 27,293 27,173
unemployed 2,390 2,380 2,213 2,328
% uemployed 8.1 8.1 7.5 7.9
3rd quarter 2014July Aug Sept average
labor force 12,530 12,457 12,486 12,491
employment 11,651 11,599 11,702 11,651
unemployed 879 858 784 840
% uemployed 7.0 6.9 6.3 6.7
page 6
Labor force Volusia County and selected cities
Deltona
3rd quarter 2015July Aug Sept average
labor force 42,476 42,718 42,808 42,667
employment 39,757 40,089 40,383 40,076
unemployed 2,719 2,629 2,425 2,591
% uemployed 6.4 6.2 5.7 6.1
Ormond Beach
3rd quarter 2015July Aug Sept average
labor force 17,976 18,079 18,192 18,082
employment 17,012 17,154 17,280 17,149
unemployed 964 925 912 934
% uemployed 5.4 5.1 5.0 5.2
Port Orange
3rd quarter 2015July Aug Sept average
labor force 28,749 28,931 29,032 28,904
employment 27,318 27,547 27,749 27,538
unemployed 1,431 1,384 1,283 1,366
% uemployed 5.0 4.8 4.4 4.7
3rd quarter 2014July Aug Sept average
labor force 43,415 43,024 43,223 43,221
employment 40,101 39,920 40,275 40,099
unemployed 3,314 3,104 2,948 3,122
% uemployed 7.6 7.2 6.8 7.2
3rd quarter 2014July Aug Sept average
labor force 18,314 18,208 18,274 18,265
labor force 17,159 18,082 17,274 17,158
unemployed 1,155 1,126 1,040 1,107
% uemployed 6.3 6.2 5.7 6.1
3rd quarter 2014July Aug Sept average
labor force 29,250 29,192 29,290 29,244
employment 27,555 27,431 27,675 27,554
unemployed 1,695 1,761 1,615 1,690
% uemployed 5.8 6.0 5.5 5.8
page 7
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.
$120
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 2 3 2012 2013 2014 2015
page 8
Value of permits $ million
2012 - 2015 by quarter
$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
$121
- 39
8 per
mits
$41 -
160 p
erm
its
$49 -
176 p
erm
its
$69 -
239 p
erm
its
$54 -
187 p
erm
its
$80 -
265 p
erm
its
$105
- 32
1 pe
rmits
page 9
Volusia County residential permit data for the most recent five quarters
Cities listed in descending order by $ value for the most recent quarterSource: Cities and county permit offices reporting new construction activity
3rd qtr 2014 4th qtr 2014 1st qtr 2015 2nd qtr 2015 3rd qtr 2015permits $ value permits $ value permits $ value permits $ value permits $ value
DeLand 64 $22,282,544 51 $17,681,828 47 $14,273,745 110 $33,709,476 77 $25,261,022Unincorporated 35 $11,736,611 48 $15,399,907 52 $16,981,135 40 $12,045,666 49 $17,472,765New Smyrna Beach 58 $17,209,656 43 $13,898,016 53 $15,623,095 63 $20,925,111 51 $17,472,017Port Orange 44 $14,353,503 23 $8,108,343 20 $6,516,639 38 $13,049,491 41 $13,549,986Ormond Beach 26 $10,908,043 27 $8,362,007 28 $8,902,536 36 $10,824,326 24 $8,730,225Daytona Beach 45 $11,463,471 23 $9,369,629 29 $6,673,746 52 $13,236,534 29 $8,171,198DeBary 5 $1,412,742 5 $1,640,273 14 $4,809,500 10 $3,844,571 15 $4,935,635Edgewater 9 $1,585,696 18 $3,124,250 9 $1,447,639 23 $4,848,774 20 $4,494,412Deltona 4 $1,028,344 20 $8,306,001 6 $1,799,074 15 $5,656,307 12 $4,462,403Ponce Inlet 1 $445,000 0 - 4 $3,017,371 4 $1,013,766 1 $368,000Lake Helen 0 - 0 - 0 - 2 $691,887 1 $302,737Holly Hill 0 - 0 - 0 - 1 $134,000 1 $200,000Daytona Beach Shores 1 $785,000 0 - 0 - 0 - 0 -Oak Hill 3 $299,930 0 - 3 $415,630 2 $281,990 0 -Orange City 0 - 0 - 0 - 2 $604,940 0 -Pierson 0 - 1 $549,339 0 - 0 - 0 -South Daytona 0 - 0 - 0 - 0 - 0 -
totals for quarter 295 $93,510,540 259 $86,439,593 265 $80,460,110 398 $120,866,839 321 $105,420,400
$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 2 3 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.
$17 -
15 p
erm
its
$44 -
20 p
erm
its
$21 -
16 pe
rmits
$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
$27 -
17 pe
rmits
$216
- 34
perm
its**
Note: Dotted lines represent permit total excluding single permit for Daytona International Speedway.
$23
- 18
perm
its
page 11
Volusia County commercial permit data for the most recent five quarters
Cities listed in descending order by $ value for the most recent quarterSource: Cities and county permit offices reporting new construction activity
3rd qtr 2014 4th qtr 2014 1st qtr 2015 2nd qtr 2015 3rd qtr 2015permits $ value permits $ value permits $ value permits $ value permits $ value
Unincorporated 1 $317,009 0 - 0 - 1 $1,671,136 2 $10,730,625New Smyrna Beach 3 $5,489,173 4 $1,022,100 2 $4,650,000 2 $5,338,642 4 $6,131,396Port Orange 4 $2,559,198 3 $1,440,539 6 $5,619,647 2 $1,749,260 6 $2,702,574Deltona 1 $3,025,774 2 $5,300,000 0 - 2 $7,482,367 1 $1,116,157Holly Hill 0 - 0 - 0 - 1 $400,000 2 $875,552DeBary 1 $1,262,168 0 - 2 $1,343,704 0 - 2 $839,087DeLand 0 - 1 $142,181 6 $8,029,249 4 $7,197,575 1 $678,398Daytona Beach 11 $19,174,948 9 $48,361,229 7 $28,442,035 3 $1,826,788 0 -Ormond Beach 2 $3,260,663 3 $3,235,215 2 $758,695 2 $1,066,827 0 -Daytona Beach Shores 0 - 0 - 0 - 0 - 0 -Edgewater 1 $1,236,616 0 - 0 - 0 - 0 -Lake Helen 0 - 0 - 0 - 0 - 0 -Oak Hill 0 - 0 - 0 - 0 - 0 -Orange City 4 $1,885,565 1 $1,250,684 1 $912,433 0 - 0 -Pierson 0 - 0 - 0 - 0 - 0 -Ponce Inlet 0 - 0 - 0 - 0 - 0 -South Daytona 0 - 0 - 0 - 0 - 0 -
totals for quarter 28 $38,211,114 23 $60,751,948 26 $49,755,763 17 $26,732,595 18 $23,073,789
page 12
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 2 3
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 1 2 3 4 1 2 3 4 1 2 3
2013 2014 2015 2013 2014 2015
page 13Source: http://floridasbdc.org/Reports/2015-State-of-Small-Business/index.html
Florida Small Business Job Impact
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.