Quarterly Economic Dashboard

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.

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.

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.

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.

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.

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.

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.

MSA Average Weekly Wage 4-quarter moving average has increased in all but 1 quarter since 2014, comparing same quarter of the prior year.

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.

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%.

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.

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.

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.