Economic Development “Q” Report 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 key performance metrics (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 key performance indicators. 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 streamed event can be watched on YouTube, LinkedIn and Facebook.

The latest meeting featured a panel discussion on “The Downtown Effect on Volusia’s Economy” with economic development practitioners from the cities of DeBary, DeLand and New Smyrna Beach. The engaging panel provided perspectives on the unique qualities of their existing and planned downtowns, and shared success stories and challenges.

The just-released first quarter 2024 “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 3.7% as of March 2024. The available labor force was 275,965 and experienced an increase of 2% over the same period in 2023. The employed labor force was 261,431, showing an increase of 1.1%. Employment by major industry indicated that 4,307 jobs were gained over the same period a year prior, with health care and social assistance accounting for 5% of the gains. Transportation, warehousing & utilities, and natural resources & mining both experienced minor losses.

In addition to labor data, the report highlights annual average wages for Volusia County and regional counties for comparison. The county’s 2022 average private wage was $49,175, which increased 6.1% from 2021. Wage data by the major industry sectors indicates six of the 11 industries with average wages above the county’s wages.

Every year, VCED compiles graduation data from the community’s secondary and post-secondary education institutions to capture the number of students who could potentially enter the workforce each year. Highlights of this data are detailed for the 2022-23 cohort by occupational categories.

Residential and commercial development activity is always included in the report providing details on the volume and value of permits from all municipalities tracking real estate investment and development in the county. The first quarter of 2024 showed an increase in residential new construction with 88 single-family permits with a total value of $369 million. Commercial investment continues in Volusia County with the first quarter showing $125 million in new ground up construction, which included permits for a new hotel in Ormond Beach, health care facilities, and several multifamily developments.

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.