Employment was up 120 from Q4 2022, an increase of 0.1%. Eleven consecutive quarters of employment gains since Q3 2020 have surpassed employment losses occurring in Q1 and Q2 2020 by over 8,100.
Employment
1st quarter 2023
197,878
Up 6,270 from Q1 2022
+3.3%
MSA Initial Claims for Unemployment Compensation in Q1 2023 were down by 10.3% from Q4 2022, and 79% less than the 10-year Q1 average of 2,494 during 2013-2022.
Unemployment Compensation Claims
1st Quarter 2023
516
76 more than in Q1 2022
+17.3%
Single-Family Construction Permits in Leon Co. were up 86% from a total of 88 permits in Q4 2022, and comparable (3% lower) to the 10-year Q1 average of 170 permits during 2013-2022.
New Single-Family Construction Permits
1st Quarter 2023
164
23 more than in Q1 2022
+16.3%
Median Sales Price was down 1.3% from Q3 2022, has risen in 15 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 2022
$315,000
Up $35,000 from Q4 2021
+12.5%
Tallahassee MSA Tourist Development Tax Receipts increased 18.9% from Q3 2022 (receipts for Q4 were higher than Q3 in 18 of the past 19 years). Receipts were 56% higher than the 10-year Q4 average of $1.6M during 2012-2021.
Tourist Tax Receipts
4th Quarter 2022
$2.50 M
Up $309K from Q4 2021
+14.1%
TLH Passengers in Q1 2023 were down 8.7% from Q4 2022, but 15% higher than the 10-year Q1 average of 168,003 during 2013-2022.
Tallahassee Passengers
4th Quarter 2022
193,055
7,729 more than in Q1 2022
+4.2%
The Tallahassee MSA 3-month average Unemployment Rate was up 0.1 point from 2.6% in Q4 2022. The 3-month average Unemployment Rate has been under 4% since Q4 2021.
Unemployment Rate
1st Quarter 2023
2.7%
Down from 3.4% in Q1 2022
-0.7 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 2022
$1,067
$58 more than in Q3 2021
+5.7%
Mortgage Foreclosures in Leon Co. were up by nine from a total of 43 in Q4 2022. Foreclosures in Q1 2023 were 65% lower than the 10-year Q1 average of 149 during 2013-2022.
Mortgage Foreclosures
1sth Quarter 2023
52
8 fewer than in Q1 2022
-13.3%
Office Vacancy was up 0.1 point from 5.9% in Q4 2022, and has increased in seven of the 12 quarters since Q1 2020 when the vacancy rate was 5.5%.
Office Vacancy Rate
1st Quarter 2023
6.0%
Down from 6.2% in Q1 of 2022
-0.2 pts.
Industrial Vacancy was unchanged from 1.7% in Q4 2022, has been under 2% every quarter since Q4 2020, and under 3% every quarter since Q2 2018.
Industrial Vacancy Rate
1st Quarter 2023
1.7%
Up from 1.2% in Q1 of 2022
+0.5 pts.
Tallahassee MSA avg. monthly Labor Force was up 0.1% from Q4 2022. Labor force has grown 5.2% since Q1 2020 and has increased in 37 of the past 60 months.
Labor Force
1st Quarter 2023
203,347
Up 4,976 from Q1 2022
+2.5%
Tallahassee MSA Taxable Sales were up 3.2% from Q3 2022, were 19% higher than the Q4 average of $1.37 B during 2017-2021, and have gone up in 34 of the past 40 quarters, comparing sales to the same quarter of the previous year.
Taxable Sales
4th Quarter 2022
$1.63 B
Up $55.5M from Q4 2021
+3.5%
Support Small Businesses to Strengthen the Local Economy