Quarterly Economic Dashboard

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Employment was up 662 (0.3%) from Q3 2023, the smallest quarter-to-quarter gain since the increase of 136 (0.1%) from Q4 2022 to Q1 2023
Employment
4th Quarter 2023
203,358
Up 5,780 from Q4 2022
+2.9%
MSA Initial Claims for Unemployment Compensation in Q4 2023 were down 18.9% from Q3 2023, and 76% less than the 10-year Q4 average of 1,794 during 2013-2022.
Unemployment Compensation Claims
4th Quarter 2023
432
143 fewer than in Q4 2022
-24.9%
Single-Family Construction Permits in Leon Co. were up 6.7% from a total of 150 permits in Q3 2023, and 29% higher than the 10-year Q4 average of 124 permits during 2013-2022.
New Single-Family Construction Permits
4th Quarter 2023
160
72 more than in Q4 2022
+81.8%
Median Sales Price was down 1.7% from Q2 2023, has risen in 14 of the past 20 quarters in the MSA, and has been more than 20% lower than the statewide median sales price since Q3 2021.
Median Single-Family Home Sales Price
3rd Quarter 2023
$326,213
Up $7K from Q3 2022
+2.3%
MSA Tourist Development Tax Receipts decreased by 20% from Q2 2023 (receipts for Q3 were less than Q2 in 18 of the past 20 years). Receipts were 25% higher than the 5-year Q3 average of $1.67M during 2018-2022.
Tourist Tax Receipts
3rd Quarter 2023
$2.09 M
Down $18K from Q3 2022
-0.9%
TLH Passengers in Q4 2023 were up 7.9% from Q3 2023, and 22% higher than the 10-year Q4 average of 191,403 during 2013-2022.
Tallahassee Passengers
4th Quarter 2023
233,889
20,943 more than in Q4 2022
+9.8%
The MSA 3-month average Unemployment Rate was down 0.1 points from 3.3% in Q3 2023. The 3-month average Unemployment Rate has been under 4% since Q4 2021.
Unemployment Rate
4th Quarter 2023
3.2%
Up from 2.6% in Q4 2022
+0.6 pts.
The MSA Average Weekly Wage was up $3 from Q1 2023 and since Q3 2022 has only varied between $1,057 and $1,085.
Average Weekly Wage
2nd Quarter 2023
$1,060
$64 more than in Q2 2022
+6.4%
Mortgage Foreclosures in Leon Co. were down by 15 from a total of 68 in Q3 2023. Foreclosures in Q4 2023 were 51% lower than the 10-year Q4 average of 108 during 2013-2022.
Mortgage Foreclosures
4th Quarter 2023
53
10 more than in Q4 2022
+23.3%
Office Vacancy was down 0.2 points from 5.2% in Q3 2023, and has been under 6% since Q1 2020.
Office Vacancy Rate
4th Quarter 2023
5.0%
Down from 5.6% in Q4 of 2022
-0.6 pts.
Industrial Vacancy was down from 1.8% in Q3 2023, has been under 3% every quarter since Q2 2018 and under 2% every quarter since Q4 2020.
Industrial Vacancy Rate
4th Quarter 2023
1.6%
Unchanged from 1.6% in Q4 of 2022
SAME
Tallahassee MSA average monthly Labor Force was up 560 (0.3%) from Q3 2023. Labor Force has increased year-over-year 11 consecutive quarters.
Labor Force
4th Quarter 2023
210,232
Up 7,110 from Q4 2022
+3.5%
Tallahassee MSA Taxable Sales in Q3 2023 were down 3.2% from Q2 2023, but 13.9% higher than the Q3 average of $1.38 B during 2018-2022.
Taxable Sales
3rd Quarter 2023
$1.57 B
Down $10M from Q3 2022
-0.6%

Support Small Businesses to Strengthen the Local Economy

According to the American Independent Business Alliance, independent retailers return more than three times as much money per dollar of sales than chain competitors. This means more of each dollar spent at a local, independent business is returned to the communitysupporting wages, suppliers and livelihoods. Visit our local business directory to support small businesses in Tallahassee-Leon County.