Quarterly Economic Dashboard

Email
Employment was up 1,112 from Q4 2021, an increase of 0.6%. Seven consecutive quarters of employment gains since Q3 2020 have surpassed employment losses occurring in Q1 and Q2 2020 by over 3,400.
Employment
1st quarter 2022
192,579
Up 10,361 from Q1 2021
+5.7%
MSA Initial Claims for Unemployment Compensation in Q1 2022 were down 9% from Q4 2021 and 84% less than the 10-year Q1 average of 2,754 during 2012-2021.
Unemployment Compensation Claims
1st Quarter 2022
440
7,911 fewer than in Q1 2021
-94.7%
Single-Family Construction Permits in Leon Co. were 15% lower than the 10-year Q1 average of 167 during 2012-2021.
New Single-Family Construction Permits
1st Quarter 2022
141
86 fewer than in Q1 2021
-37.9%
Median Sales Price was up 0.4% from Q3 2021, has risen in 13 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 2021
$280,000
Up $23,100 from Q4 2020
+9.0%
MSA Tourist Development Tax Receipts increased 10.6% from Q3 2021 and were 46% higher than the 10-year Q4 average of $1.50M during 2011-2020.
Tourist Tax Receipts
4th Quarter 2021
$2.19 M
Up $1.17M from Q4 2020
+115%
TLH Passengers in Q1 2022 were down 14.2% from Q4 2021, and nearly 12% higher than the 10-year Q1 average of 165,027 during 2012-2021.
Tallahassee Passengers
1st Quarter 2022
184,927
89,552 more than in Q1 2021
+93.9%
The MSA 3-month average Unemployment Rate was unchanged from 3.1% in Q4 2021.
Unemployment Rate
1st Quarter 2022
3.1%
Down from 5.1% in Q1 2021
-2.0 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 2021
$1,005
$88 more than in Q3 2020
+9.6%
Mortgage Foreclosures in Leon Co. were up 30% from the 46 in Q4 2021. Foreclosures in Q1 2022 were 67% lower than the 10-year Q1 average of 184 during 2012-2021
Mortgage Foreclosures
1st Quarter 2022
60
33 more than in Q1 2021
+122%
Office Vacancy was unchanged from 6.4% in Q4 2021, and has been gradually increasing since Q1 2020 when the vacancy rate was 5.6%.
Office Vacancy Rate
1st Quarter 2022
6.4%
Up from 6.2% in Q1 of 2021
+0.2 pts.
Industrial Vacancy was unchanged from 1.1% in Q4 2021, and has been in gradual decline since Q1 2020 when the vacancy rate was 2.9%.
Industrial Vacancy Rate
1st Quarter 2022
1.1%
Down from 1.8% in Q1 of 2021
-0.7 pts.
MSA average monthly Labor Force was up 0.5% from Q4 2021. Labor force has grown 2.9% since Q1 2020 and has increased in seven of the past 12 months.
Labor Force
1st Quarter 2022
198,633
Up 6,476 from Q1 2021
+3.4%
MSA Taxable Sales were up 4.7% from Q3 2021, were 21% higher than the Q4 average of $1.30 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
4th quarter 2021
$1.58 B
Up $247M from Q4 2020
+18.6%

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