Quarterly Economic Dashboard

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Employment was nearly identical to the Q4 2023 average of 199,026. Average employment has increased year-over-year 12 consecutive quarters.
Employment
1st Quarter 2024
199,024
Up 4,582 from Q1 2023
+2.4%
MSA Initial Claims for Unemployment Compensation in Q1 2024 up by 2 (0.5%) from 432 in Q4 2023, and 81% less than the 10-year Q1 average of 2,276 during 2014-2023.
Unemployment Compensation Claims
1st Quarter 2024
434
82 fewer than in Q1 2023
-15.9%
Single-Family Construction Permits in Leon Co. were down 3.1% from a total of 160 permits in Q4 2023, and 10% lower than the 10-year Q1 average of 172 permits during 2014-2023.
New Single-Family Construction Permits
1st Quarter 2024
155
9 fewer than in Q1 2023
-5.5%
Median Sales Price was down 1.3% from Q3 2023, has risen in 14 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
4th Quarter 2023
$322,000
Up $7K from Q4 2022
+2.2%
MSA Tourist Development Tax Receipts increased by 36.9% from Q3 2023 (receipts for Q4 were more than Q3 in 19 of the past 20 years). Receipts were 48% higher than the 5-year Q4 average of $1.93M during 2018-2022.
Tourist Tax Receipts
4th Quarter 2023
$2.86 M
Up $354.7K from Q4 2022
+14.2%
TLH Passengers in Q1 2024 were the most for any Q1 since 2007, and 31% higher than the 10-year Q1 average of 170,365 during 2014-2023.
Tallahassee Passengers
1st Quarter 2024
222,840
29,330 more than in Q1 2023
+15.2%
The MSA 3-month average Unemployment Rate was up 0.2 points from 3.2% in Q4 2023. The 3-month average Unemployment Rate has been under 4% since Q4 2021
Unemployment Rate
1st Quarter 2024
3.4%
Up from 2.9% in Q1 2023
+0.5 pts.
The MSA Average Weekly Wage was up $15 from Q2 2023 and since Q3 2022 has only varied between $1,057 and $1,085.
Average Weekly Wage
3rd Quarter 2023
$1,075
$8 more than in Q3 2022
+0.7%
Mortgage Foreclosures in Leon Co. were up by 13 from a total of 53 in Q4 2023. Foreclosures in Q1 2024 were 42% lower than the 10-year Q1 average of 113 during 2014-2023.
Mortgage Foreclosures
1st Quarter 2024
66
14 more than in Q1 2023
+26.9%
Office Vacancy was down 0.6 points from 5.0% in Q4 2023, and has been under 6% since Q1 2020.
Office Vacancy Rate
1st Quarter 2024
4.4%
Down from 5.7% in Q1 of 2023
-1.3 pts.
Industrial Vacancy was unchanged from 1.6% in Q4 2023, has been under 3% every quarter since Q2 2018 and under 2% every quarter since Q4 2020.
Industrial Vacancy Rate
1st Quarter 2024
1.6%
Down from 1.7% in Q1 of 2023
-0.1 pts.
MSA average monthly Labor Force was up 379 (0.2%) from Q4 2023. Labor Force has increased year-over-year 12 consecutive quarters.
Labor Force
1st Quarter 2024
206,105
Up 5,841 from Q1 2023
+2.9%
MSA Taxable Sales in Q4 2023 were up 5.7% from Q3 2023, and 15.6% higher than the Q4 average of $1.45 B during 2018-2022.
Taxable Sales
4th Quarter 2023
$1.67 B
Up $39M from Q4 2022
+2.4%

Support Small Businesses to Strengthen the Local Economy

According to the American Independent Business Alliance, independent retailers return more than three times as much money per dollar of sales than chain competitors. This means more of each dollar spent at a local, independent business is returned to the communitysupporting wages, suppliers and livelihoods. Visit our local business directory to support small businesses in Tallahassee-Leon County.