Quarterly Economic Dashboard

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Employment was up 3,569 from Q4 2020, an increase of 2.0%. Consistent quarterly employment gains made since Q3 2020 have offset 75% of year-over-year employment losses occurring in Q1 and Q2 2020.
Employment
1st Quarter 2021
185,478
Down 4,042 from Q1 2020
-2.1%
MSA Initial Claims for Unemployment Compensation in Q1 2021 were nearly double the 4,491 in the previous quarter.
Unemployment Compensation Claims
1st Quarter 2021
8,351
4,600 more than in Q1 2020
+123%
Single-Family Construction Permits in Leon Co. were the most since Q3 2007, and were 29% higher than the Q1 average of 175 during 2016 to 2020.
New Single-Family Construction Permits
1st Quarter 2021
227
63 more than in Q1 2020
+38.4%
Median Sales Price was up 2.8% from Q3 2020, 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
4th Quarter 2020
$256,900
Up $24,950 from Q4 2019
+10.8%
MSA Tourist Development Tax Receipts decreased 1.0% from Q3 2020 and were 42% lower than the Q4 average of $1.76M during 2015-2019.
Tourist Tax Receipts
4th Quarter 2020
$1.02 M
Down $805K from Q4 2019
-44.1%
TLH Passengers in Q4 2020 were 2.7% lower than in Q4 2020, and 47% lower than the Q1 average of 179,236 during 2016-2020.
Tallahassee Passengers
1st Quarter 2021
95,079
84,191 fewer than in Q1 2020
-47.0%
The MSA 3-month average Unemployment Rate increased 0.3 points from 4.2% in Q4 2020.
Unemployment Rate
1st Quarter 2021
4.5%
Up from 3.9% in Q1 2020
+0.6 pts.
MSA Average Weekly Wage 4-quarter moving average has increased in all but 1 quarter since 2014, comparing same quarter of the prior year.
Average Weekly Wage
3rd Quarter 2020
$917
$42 more than in Q3 2019
+3.6%
Mortgage Foreclosures in Leon Co. decreased from a total of 39 in Q4 2020. Foreclosures in Q1 2021 were 77% lower than the Q1 average of 120 during 2016 to 2020.
Mortgage Foreclosures
1st Quarter 2021
27
50 fewer than in Q1 2020
-64.9%
Office Vacancy increased 0.2 points from 6.0% in Q4 2020, and was 1.3 points higher than the Q1 average of 4.9% during 2016-2020.
Office Vacancy Rate
1st Quarter 2021
6.2%
Up from 5.6% in Q1 of 2020
+0.6 pts.
Industrial Vacancy fell 0.1 points from 2.0% in Q4 2020, and was 2.6 points lower than Q4 average of 4.5% during 2016-2020.
Industrial Vacancy Rate
1st Quarter 2021
1.9%
Down from 3.5% in Q1 of 2020
-1.6 pts.
MSA avg. monthly Labor Force was up 2.3% from Q4 2020. Labor force gains made since Q3 2020 have offset 80% of the Q2 2020 labor force loss of 15,741.
Labor Force
1st Quarter 2021
194,244
Down 3,109 from Q1 2020
-1.6%
MSA Taxable Sales were up 4.9% from Q3 2020, were nearly 2% higher than the Q4 average of $1.28 B during 2015-2019., and have gone up in 14 of the past 20 quarters, comparing sales to the same quarter of the previous year.
Taxable Sales
4th quarter 2020
$1.33 B
Down $12.9M from Q4 2019
-1.0%

My Take: VisionFirst Advisors

By Gray Swoope, president and CEO of VisionFirst Advisors

Tallahassee’s strengths in education helped it to weather the impacts of COVID-19, and will continue to be a cornerstone of economic growth and development as the community plans ahead.

Florida State, Florida A&M, TCC, Lively Technical, and our other educational institutions play an essential role in building a robust talent pipeline for our community. With two research universities, a community college, a technical college, and other private higher education, Tallahassee produces an abundance of creative talent and intellectual capital, giving it a competitive advantage over other communities. Thousands of degrees and certificates are awarded each year (18,610 in 2019), which leads to a higher-than-average labor force participation rate. Tallahassee’s prime-age labor force participation rate is already strong at 84.1%, and with a steadily increasing number of educated and skilled workers. 46.4% of Leon County residents age 25 and older have a bachelor’s degree or higher, and expected growth rates for occupations requiring degrees and certificates are growing each year. Jobs with higher education and training requirements also tend to pay higher wages, increasing the standard of living among workers and elevating Tallahassee’s economy.

Taking this into account, VisionFirst is thrilled to be working with OEV and its scores of education, entrepreneur, workforce, business and government partners to position Tallahassee-Leon County for the next five years of growth. As we move forward recovering from the COVID-19 pandemic, economic development will be a significant part of the conversation. Prior economic trends, such as remote work and telemedicine were accelerated during the pandemic, and existing economic disparities were greatly exposed.

Fortunately, OEV’s structure was in place to respond quickly to business by providing COVID response programs. With an abundance of federal programs being put forward, our recovery can be more than just getting back to normal, it can be transformational with the implementation of a solid economic development strategy that focuses on maximizing the value of Tallahassee’s assets.

Phone: 850-558-6906

Website: VisionFirstAdvisors.com

Email: Gray.Swoope@VisionFirstAdvisors.com