Third Quarter “Q” Report Now Available

Presenting pertinent and timely information about the local and regional economy is a core service of Volusia County Economic Development. This information comes in many forms, including the “Q” quarterly economic update report, which contains valuable metrics on the health of the Volusia County community.

Each quarter, these reports are highlighted during VCED’s quarterly “Q” breakfast meetings to inform business and community leaders on Volusia County’s key performance indicators. The breakfast meeting is streamed live to provide interested parties with an opportunity to learn more and hear from subject matter experts. The most recent breakfast featured Metro Atlanta Chamber of Commerce’s Chief Economist Jerry Parrish, Ph.D., who provided a 2024 economic outlook. The event can be watched on YouTube, LinkedIn or Facebook.

The just released third quarter 2023 “Q” report features labor market trends showing year-over-year comparisons on the county’s available and employed workforce. Volusia County is maintaining a healthy unemployment rate of 3.4% as of September 2023. Available labor force is currently at 280,583 and employed labor force is currently at 271,114, both showing increases of 4% over the same period in 2022. Employment by industry indicates that 5,229 jobs were gained with health care and social assistance accounting for 35% of the gains, followed by leisure and hospitality gaining 29% over the same period in 2022.

In addition to labor data, the latest report includes charts related to entrepreneurship, utility patents, and job creation. Volusia County had over 10,300 new business formations registered with the IRS in 2022 – a 52% increase from pre-pandemic levels. An estimated 3,500 are high propensity applications – which would indicate a higher likelihood of a business with payroll. That’s a 25% increase from 2019. Businesses that have grown in the Volusia County Business Incubator have created 887 job positions since 2011.

Reports on residential and commercial development are regularly included providing details on the volume and value of permits from all municipalities tracking real estate investment and development in the county. The third quarter of 2023 showed no slowing down in residential new construction with 996 single-family permits – the highest for 2023. Commercial investment continues in Volusia County with the third quarter showing $75 million in new ground- up construction.

Other metrics often featured in “Q” reports include data and trends for GDP, exports, annual wages with comparisons to neighboring counties, Florida and the U.S., education completions, population, and demographics.

To view all “Q” economic update reports, visit 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.