Quarterly Economic Dashboard

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Employment was up 1,105 from Q1 2023, an increase of 0.6%. Twelve consecutive quarters of employment gains since Q3 2020 have surpassed employment losses occurring in Q1 and Q2 2020 by nearly 9,800.
Employment
2nd Quarter 2023
198,999
Up 4,964 from Q2 2022
+2.6%
MSA Initial Claims for Unemployment Compensation in Q2 2023 were down 2.7% from Q1 2023, and 86% less than the 10-year Q2 average of 3,480 during 2013-2022.
Unemployment Compensation Claims
2nd Quarter 2023
502
26 fewer than in Q2 2022
-4.9%
Single-Family Construction Permits in Leon Co. were up 33% from a total of 164 permits in Q1 2023, and 33% higher than the 10-year Q2 average of 163 permits during 2013-2022.
New Single-Family Construction Permits
2nd Quarter 2023
218
65 more than in Q2 2022
+42.5%
Median Sales Price was down 3.2% from Q4 2022, has risen in 14 of the past 20 quarters in the MSA, and has been lower than the statewide median sales price since Q4 2013.
Median Single-Family Home Sales Price
1st Quarter 2023
$305,000
Up $8,500 from Q1 2022
+2.9%
MSA Tourist Development Tax Receipts decreased by 24.6% from Q4 2022 (receipts for Q1 were less than Q4 in 16 of the past 19 years). Receipts were 39% higher than the 10-year Q1 average of $1.36M during 2013-2022.
Tourist Tax Receipts
4th Quarter 2022
$1.89 M
Down $35K from Q1 2022
-1.8%
TLH Passengers in Q1 2023 were up 9.9% from Q1 2023, and 22% higher than the 10-year Q2 average of 174,772 during 2013-2022.
Tallahassee Passengers
2nd Quarter 2023
212,722
4,987 fewer than in Q2 2022
-2.3%
The MSA 3-month average Unemployment Rate was up 0.2 points from 2.7% in Q1 2023. The 3-month average Unemployment Rate has been under 4% since Q4 2021.
Unemployment Rate
2nd Quarter 2023
2.9%
Down from 3.0% in Q2 2022
-0.1 pts.
Average Weekly Wage in Q4 2022 decreased 0.6% compared to Q4 2021, the first year-over-year decrease since Q4 2016 and only the second since Q1 2013. In Q4 2022 average weekly wage was 84% of the State’s average of $1,287.
Average Weekly Wage
4th Quarter 2022
$1,085
$7 less than in Q4 2021
-0.6%
Mortgage Foreclosures in Leon Co. were up by 28 from a total of 52 in Q1 2023. Foreclosures in Q2 2023 were 56% lower than the 10-year Q2 average of 142 during 2013-2022.
Mortgage Foreclosures
2nd Quarter 2023
80
5 more than in Q2 2022
+6.7%
Office Vacancy was down 0.3 points from 6.0% in Q1 2023, and has increased in seven of the 13 quarters since Q1 2020 when the vacancy rate was 5.4%.
Office Vacancy Rate
2nd Quarter 2023
5.7%
Down from 5.8% in Q2 of 2022
-0.1 pts.
Industrial Vacancy was up from 1.7% in Q1 2023, has been under 3% every quarter since Q2 2018 and under 2% every quarter since Q4 2020.
Industrial Vacancy Rate
2nd Quarter 2023
1.8%
Up from 1.3% in Q2 of 2022
+0.5 pts.
Tallahassee MSA avg. monthly Labor Force was up 0.8% from Q1 2023. Labor force has grown 5.2% since Q1 2020 and has increased in 38 of the past 60 months.
Labor Force
2nd Quarter 2023
204,903
Up 4,833 from Q2 2022
+2.4%
Tallahassee MSA Taxable Sales were down 1.9% from Q4 2022, were almost 20% higher than the Q1 average of $1.34 B during 2018-2022, and have gone up in 34 of the past 40 quarters, comparing sales to the same quarter of the previous year.
Taxable Sales
1st Quarter 2023
$1.60 B
Up $55.3M from Q1 2022
+3.6%

Support Small Businesses to Strengthen the Local Economy

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