Quarterly Economic Dashboard

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.

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.

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.

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.

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.

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.

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.

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.

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.

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%.

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.

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.

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.