Quarterly Economic Dashboard

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Employment was up 1,787 from Q2 2021, an increase of 1.0%. Five consecutive quarters of employment gains since Q3 2020 have offset 89% of employment losses occurring in Q1 and Q2 2020.
Employment
3rd Quarter 2021
189,048
Up 12,888 from Q3 2020
+7.3%
MSA Initial Claims for Unemployment Compensation in Q3 2021 were down 70% from Q2 2021 and 73% less than the 10-year Q3 average of 2,432 during 2010-2019.
Unemployment Compensation Claims
3rd Quarter 2021
668
7,902 fewer than in Q3 2020
-92.2%
Single-Family Construction Permits in Leon Co. were the most for any Q3 since Q3 2007, and were nearly twice as high as the 10-year Q3 average of 118 during 2010-2019.
New Single-Family Construction Permits
3rd Quarter 2021
227
34 more than in Q3 2020
+17.6%
Median Sales Price was up 7.1% from Q1 2021, has risen in 12 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 2021
$274,800
Up $34,800 from Q2 2020
+14.5%
MSA Tourist Development Tax Receipts increased 60.3% from Q1 2021 and were 20.5% higher than the 10-year Q2 average of $1.42M during 2010-2019.
Tourist Tax Receipts
2nd Quarter 2021
$1.71 M
Up $964K from Q2 2020
+130%
TLH Passengers in Q3 2021 were up 13.4% from Q2 2021, and 5% higher than the 10-year Q3 average of 175,846 during 2010-2019.
Tallahassee Passengers
3rd Quarter 2021
183,800
111,721 more than in Q3 2020
+155%
The MSA 3-month average Unemployment Rate increased 0.4 points from 4.5% in Q1 2021.
Unemployment Rate
2nd Quarter 2021
4.9%
Down from 8.8% in Q2 2020
-3.9 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
1st Quarter 2021
$903
$30 more than in Q1 2020
+3.4%
Mortgage Foreclosures in Leon County were unchanged from the 29 of Q2 2021. Foreclosures in Q3 2021 were 86% lower than the 10-year Q3 average of 214 during 2010-2019.
Mortgage Foreclosures
3rd Quarter 2021
29
2 fewer than in Q3 2020
-6.5%
Office Vacancy decreased 0.3 points from 6.4% in Q2 2021, and was the first quarterly decrease since Q3 2020.
Office Vacancy Rate
3rd Quarter 2021
6.1%
Up from 5.8% in Q3 of 2020
+0.3 pts.
Industrial Vacancy fell 0.1 point from 1.5% in Q2 2021, and was down 5.5 points from the Q3 average of 6.9% during 2010-2019.
Industrial Vacancy Rate
3rd Quarter 2021
1.4%
Down from 2.3% in Q3 of 2020
-0.9 pts.
MSA avg. monthly Labor Force was up 0.7% from Q2 2021. Labor force has grown 4% since January 2021 and increased in five of the past six months.
Labor Force
3rd Quarter 2021
198,176
Up 7,846 from Q3 2020
+4.1%
MSA Taxable Sales were up 9.3% from Q1 2021, were 25% higher than the Q2 average of $1.22 B during 2016-2020, and have gone up in 34 of the past 40 quarters, comparing sales to the same quarter of the previous year.
Taxable Sales
2nd quarter 2021
$1.52 B
Up $367M from Q2 2020
+31.8%

My Take: Love Your Local

By Cristina Paredes, Director of the Tallahassee-Leon County Office of Economic Vitality

Tallahassee-Leon County has a special place in my heart. From the award-winning parks and outdoor adventures to the innovation that thrives from our world-class universities and research institutions, there are a lot of incredible and unique qualities that keep our community beating strong. But what I love most about this time of year is exploring the unique local businesses that help fuel our economic vitality. At the Office of Economic Vitality (OEV), one of our priorities is supporting and celebrating local businesses, which is why we’ve created the Love Your Local initiative. Love Your Local shines a light on local companies in Tallahassee-Leon County and encourages residents and visitors alike to show love to our local businesses by supporting them.

Our local businesses offer unique products and services that make them special, and beyond the products they provide, they continue to make great contributions to our community and local economy. They are built, owned, and operated by your neighbors. So before you travel to a big-box store or shop with an online retailer outside of our community, join the movement to Love Your Local. Right now, many of us are making plans for our holiday shopping, so let’s all make a conscious effort to visit and support local companies in Tallahassee-Leon County. That’s the kind of thing that speaks volumes to businesses and our community.

Phone: 850-219-1080

Website: OEVforBusiness.org

Email: CParedes@OEVforBusiness.org