Volusia County Economic Development Fourth Quarter “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 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 FloridaCommerce President of Business Development Laura DiBella, who provided an update on the state’s economic development initiatives. The streamed event can be watched on YouTube.
The just-released fourth 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 3.3% as of December 2023. Available labor force is currently at 275,965 and experienced an increase of 3% over the same period in 2022. Employed labor force is currently at 266,795, with an increase of 2%. Employment by industry indicates that 6,065 jobs were gained with health care and social assistance accounting for 33% of the gains, followed by leisure and hospitality gaining 16% over the same period in 2022. Construction and transportation, warehousing & utilities both experienced minor losses.
In addition to labor data, the latest report includes charts related to Volusia County’s GDP from 2017 to 2022 indicating an increase of 13% from 2017. The largest year-over-year gains in GDP were professional & business services and arts, leisure & hospitality. Export trends and rankings for the Deltona-Daytona-Beach-Ormond Beach MSA were also highlighted in the report. Companies conducting international commerce with exported products increased 29% in 2022 to $391 million, which helps move the area MSA from No. 11 in Florida to No. 10.
Reports on residential and commercial development are always included in the report and provide details on the volume and value of permits from all municipalities tracking real estate investment and development in the county. The fourth quarter of 2023 showed a decrease in residential new construction with 740 single-family permits. Commercial investment continues in Volusia County with the fourth quarter showing $206 million in new ground up construction – the highest in 2023 – which included permits for the Cici and Hyatt Brown Center for Aerospace Technology at Embry-Riddle Aeronautical University, several multi-family developments, and a cold storage facility.
Other metrics often featured in “Q” reports include data and trends for education completions, annual wages with comparisons to neighboring counties, Florida and the U.S., business formations and growth, 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.
