Employment was up 0.1% from the Q2 2024 average of 196,312. Average employment has increased year-over-year 14 consecutive quarters.
Employment
3rd Quarter 2024
196,598
Up 1,058 from Q3 2023
+0.5%
MSA Initial Claims for Unemployment Compensation in Q3 2024 were down by 42 (-7.8%) from 539 in Q2 2024, and 76% less than the 10-year Q3 average of 2,044 during 2014-2023.
Unemployment Compensation Claims
3rd Quarter 2024
497
36 fewer than in Q3 2023
-6.8%
Single-Family Construction Permits in Leon Co. totaled 109 (City of Tallahassee, 78; Unincorporated Leon Co., 31), down 23.8% from 143 permits in Q2 2024, and 29% lower than the 10-year Q3 average of 171 permits during 2014-2023.
New Single-Family Construction Permits
3rd Quarter 2024
109
41 fewer than in Q3 2023
-27.3%
Median Sales Price was up 12.1% from Q1 2024, has risen in 13 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
2nd Quarter 2024
$342,000
Up $10K from Q2 2023
+3.0%
MSA Tourist Development Tax Receipts increased by 12.8% from Q1 2024 (receipts for Q2 were higher than Q1 in 19 of the past 20 years). Receipts were 32% higher than the 5-year Q2 average of $1.88M during 2019-2023.
Tourist Tax Receipts
2nd Quarter 2024
$2.47 M
Down $146K from Q2 2023
-5.6%
TLH Passengers in Q3 2024 were the most for any Q3 since 2005, and 32% higher than the 10-year Q3 average of 178,094 during 2014-2023.
Tallahassee Passengers
3rd Quarter 2024
235,771
19,101 more than in Q3 2023
+8.8%
The MSA 3-month average Unemployment Rate was up 0.3 points from 3.5% in Q2 2024. The 3-month average Unemployment Rate has been under 4% since Q4 2021 and under 5% since Q2 2021.
Unemployment Rate
3rd Quarter 2024
3.8%
Up from 3.4% in Q3 2023
+0.4 pts.
MSA Average Weekly Wage increased 6.7% from Q1 2023, exceeding the 4.7% average year-over-year Q1 increase during 2019-2023.
Average Weekly Wage
1st Quarter 2024
$1,128
$71 more than in Q1 2023
+6.7%
Mortgage Foreclosures in Leon Co. were down by 22 from a total of 60 in Q2 2024. Foreclosures in Q3 2024 were 64% lower than the 10-year Q3 average of 104 during 2014-2023.
Mortgage Foreclosures
3rd Quarter 2024
38
30 fewer than in Q3 2023
-44.1%
Office Vacancy was up 0.3 points from 4.4% in Q2 2024, and has been under 6% since Q1 2020.
Office Vacancy Rate
3rd Quarter 2024
4.7%
Down from 5.2% in Q3 of 2023
-0.5 pts.
Industrial Vacancy was down 0.5 points from 3.6% in Q2 2024, the steepest quarterly rate of decrease since Q3 2020. Industrial vacancy has been under 4% every quarter since Q2 2018.
Industrial Vacancy Rate
3rd Quarter 2024
3.1%
Up from 1.8% in Q3 of 2023
+1.3 pts.
MSA avg. monthly Labor Force was up 953 (0.5%) from Q2 2024. Labor Force has increased year-over-year 14 consecutive quarters.
Labor Force
3rd Quarter 2024
204,325
Up 1,901 from Q3 2023
+0.9%
MSA Taxable Sales in Q2 2024 were up 1.8% from Q1 2024, and 15.1% higher than the Q2 average of $1.45 B during 2019-2023.
Taxable Sales
2nd Quarter 2024
$1.67 B
Up $46M from Q2 2023
+2.8%
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