Outdoor Recreation Economy Featured in Third Quarter Report

Presenting timely and relevant updates on the local and regional economy is a core service of Volusia County’s Division of Economic Development. This information takes many forms, including the “Q” quarterly economic report, which contains valuable key performance indicators (KPIs) on the health of the Volusia County economy.

Each quarter, these reports are highlighted during VCED’s quarterly “Q” breakfast meetings to inform business and community leaders on Volusia County’s KPIs. For those not able to attend, the breakfast meeting is also livestreamed to provide interested parties with an opportunity to learn more and hear from subject matter experts. The November 2024 event can be viewed on YouTube, LinkedIn and Facebook.

The latest meeting featured a panel discussion focused on Volusia County’s thriving outdoor recreation economy with Volusia County Parks, Recreation and Culture Director Tim Baylie and Coastal Division Director Jessica Fentress. The panel led an insightful discussion on the economic impact of the county’s parks and trails, the beaches and waterways, and recreation resources.

The just-released third quarter 2024 “Q” report highlights the impact of the outdoor recreation economy at the national, state and county levels with a focus on associated GDP contributions and employment and visitor spending in various outdoors activities. Nationally, outdoor recreation GDP grew over 4.8% in 2022 compared with the overall U.S. economy’s growth of 1.9%.  To put this in perspective, the value of outdoor recreation’s GDP of 2.2%, or $469 billion, is larger than food and beverage manufacturing at 1.4% and employs more than 4.9 million people. In Florida, outdoor recreation contributes 3.6% toward state GDP, boasting $52 billion pumped into the economy.

The immense value of Volusia County’s natural resources is a driving factor that places the county 13th in the state for visitor and residential spending totaling $2.2 billion. Of the variety of activities available to visitors and residents alike, salt and freshwater boating and fishing ranked No. 1 at $522.9 million, and beach activities followed at No. 2 with $387.6 million in spending.

In addition to exploring the outdoor economy, the report includes quarterly updates on labor market trends and year-over-year comparisons on the county’s available and employed workforce. Volusia County is maintaining a stable unemployment rate of 3.9% as of September 2024. The available labor force was 271,841. The employed labor force was 261,157. Employment by major industry indicated that 5,542 jobs were gained over the same period a year prior, with health care and social assistance leading with 2,233 in employment growth. Manufacturing and natural resources & mining experienced minor losses.

Residential and commercial development activity is included in the report, which provides details on the volume and value of permits from all municipalities tracking real estate investment and development in the county. Residential new construction consisted of 764 single-family permits with a total value of $312 million. Commercial investment continues in Volusia County with the third quarter showing $197 million in new ground-up construction, which included permits for restaurants, health care facilities, and several multifamily developments.

Explore the full report at www.floridabusiness.org/research-center/q-books.stml. If you have other questions on metrics for the area, contact Volusia County Economic Development at vced@volusia.org or 386-248-8048.