August Economic Indicator Report Now Available

The St. Johns County Department of Economic Development issues an Economic Indicators Report each month that shares the current economic conditions and trends in St. Johns County. The report, produced by County Economist David Kiernan, tracks the county’s employment and wages, building permits, housing market statistics, visitor accommodations, and regional consumer prices. In the report, recent data is presented in tables while longer-term data is presented in chart format to illustrate trends.

The August report shows that the unemployment rate in the county was unchanged compared to the same month last year while average wages increased in Q1 2023 by 11.9% over the same quarter of 2022. Additionally:

• Gas prices in the area increased by about 5% from July to August.
• Permitting activity began to increase after experiencing substantial declines. Single family permits were 52.4% above the same month of the previous year and commercial permits were up more than 121% over the same month of the previous year.
• County-wide housing prices remain below levels reached last year as positive seasonality may be coming to an end and mortgage rates hit a level not seen since 2002.
• Lodging establishment occupancy rates were lower than last year but higher daily rates kept revenue growth positive year over year.

The current report as well as an archive of past reports can be found within the Economic Development section of the St. Johns County website. Please contact the Department of Economic Development with any questions or suggestions regarding the publication at ecodev@sjcfl.us or 904-209-0544.