ECONOMI C D EVELOP MENT COMM I SSI ON OF F LORI DA’S SPA CE COA ST Winter-Spring 2015
ECONOMIC REVIEW The Economic Review is a comprehensive, semi-annual analysis of current economic conditions in Brevard County, Florida. Covering multiple areas of the economy, from unemployment and home sales to industry-specific metrics, the Review uses the most current data available from local, state and federal sources.
HIGHLIGHTS
2014 was overall a good year and most elements indicate that Brevard’s Economy is still on a recovery path. Brevard’s GDP remains below its pre-recession level but
Brevard’s unemployment rate was 5.7% in December. (Page 2) In December, private employment increased by 2,700 jobs compared with December 2013.
Page 3) December’s total inventory for single-family homes decreased by 15.5% compared with December 2013. (Page 4) In November the retail activity index increased 7.5% compared with November 2013, a new record for the past few years. (Page 5) Between July and December 2014, Brevard Zoo experienced a 10.5% increase in visitors when compared to the same period in 2013. (Page 6)
appears steady and should soon reflect the economy’s positive growths. The U.S. Consumer confidence which was already upward bound at the beginning of 2014, is still climbing and reflects in Brevard’s spending behavior.
Over the past year, single family homes median prices and closed sales surpassed 2013 each month year-over-year, indicating people are confident and able to make substantial long term investments. Additional measurements such as the taxable sales index, and tourism spending have posted consistently higher numbers than in 2013.
In the area of labor, the size of the force and employment have both slightly decreased, with manufacturing showing a sluggish growth. Manufacturing evolution is definitely one of the sectors affected by the baby-boomers retirement; it has been said that 10,000 baby-boomers retire every day in the US. However, let’s not undervalue the resilient decrease of the unemployment rate which reached 5.7% in December 2014.
Economic Development Commission of Florida’s Space Coast | 597 Haverty Court, Suite 40 | Rockledge, FL 32955 | 321.638.2000 | F 321.633.4200 www.SpaceCoastEDC.org
ECONOMIC REVIEW
Winter – Spring 2015 | PAGE 2
15,000 7% 10,000
Total Employment (not seasonally adjusted)
2.0%
251,000
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
Labor Force and Total Employment Year-over-Year % Change (not seasonally adjusted)
3.0%
253,000
Feb-14
Brevard Florida United States Jan-14
Dec-14
Nov-14
4%
Oct-14
250,000
Sep-14
5%
Aug-14
255,000
Jul-14
6%
Jun-14
260,000
May-14
7%
Apr-14
265,000
Mar-14
8%
Feb-14
Unemployment Rate Brevard, Florida, United States (not seasonally adjusted)
9%
270,000
Jan-14
5%
Apr-14
0
10%
Labor Force (not seasonally adjusted)
255,000
6%
5,000
May-14
280,000
9% 8%
Apr-14
While labor force and employment saw negative yearover-year percentage changes over 2014, it peaked in December with increases of 0.9% and 1.9% respectively.
20,000
Mar-14
Brevard’s December unemployment rate of 5.7% represents a 0.4 percentage point decrease from November but a decline of 0.9 percentage point from the same period in 2013.
10%
Total Unemployment (left axis) Unemployment Rate (right axis)
Feb-14
Total employment saw a month-over-month decrease of approximately 0.2% in December.
25,000
Jan-14
In December, Brevard’s civilian labor pool was down by 1,639 people compared with the prior month.
275,000
Unemployment (not seasonally adjusted)
30,000
Mar-14
LABOR MARKET
1.0%
249,000
0.0%
247,000
-1.0%
245,000 243,000
-2.0%
241,000
-3.0%
239,000
Labor Force
-4.0%
237,000
Total Employment Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Jan-14
-5.0%
235,000
Source: Florida Department of Economic Opportunity Labor Market Statistics Center
Economic Development Commission of Florida’s Space Coast | 597 Haverty Court, Suite 40 | Rockledge, FL 32955 | 321.638.2000 | F 321.633.4200 www.SpaceCoastEDC.org
ECONOMIC REVIEW
Winter – Spring 2015 | PAGE 3
INDUSTRY FOCUS In December, private sector employment increased by 2,700 jobs compared with December 2013 and posted a 1,300-job increase over November 2014.
In December 2014, retail surpassed by 0.7% its previous December 2013 unprecedented high since 2010, reaching 27,200 employees.
In December, the largest monthly gain in private employment came from professional and business services, but retail trade, and leisure and hospitality also saw strong increases.
The construction industry continues to post the most consistent employment growth among all sectors, which can be attributed to the economic recovery and Brevard’s new developments. Employment
Industry TOTAL PAYROLL EMPLOYMENT PRIVATE Construction Manufacturing Wholesale Trade Retail Trade Transportation, Warehousing, and Utilities Information Financial Activities Professional and Business Services Education and Health Services Leisure and Hospitality Other Services GOVERNMENT
198,400 169,500 10,100 19,500 5,600 27,200 3,400 1,900 7,600 28,600 33,800 23,700 8,100 28,900
196,900 168,200 10,000 19,500 5,600 26,800 3,400 1,900 7,500 28,100 33,800 23,400 8,200 28,700
Dec 2013
Change from Nov 2014 to Dec 2014 Dec 2013 to Dec 2014 Level Percent Level Percent
195,500 166,800 9,300 19,700 5,500 27,000 3,800 1,900 7,600 28,600 33,100 22,800 7,500 28,700
1,500 1,300 100 0 0 400 0 0 100 500 0 300 -100 200
20,000
9,000
19,400
8,500
19,200
34,000
1.5% 1.6% 8.6% -1.0% 1.8% 0.7% -10.5% 0.0% 0.0% 0.0% 2.1% 4.0% 8.0% 0.7%
Total Private Employment Year-over-Year % Change 5%
Brevard United States
Florida
0%
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14
19,600
2,900 2,700 800 -200 100 200 -400 0 0 0 700 900 600 200
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14
9,500
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14
19,800
Retail (not seasonally adjusted)
0.8% 0.8% 1.0% 0.0% 0.0% 1.5% 0.0% 0.0% 1.3% 1.8% 0.0% 1.3% -1.2% 0.7%
Manufacturing (not seasonally adjusted)
Construction (not seasonally adjusted)
10,000
Education & Health (not seasonally adjusted)
Employment in Select Sectors Year-over-Year % Change 19%
33,500
14%
33,000
9%
Construction Manufacturing Retail Education & Health
4%
32,500
-1% -6%
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14
32,000
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14
27,500 27,000 26,500 26,000 25,500 25,000 24,500
Nov 2014
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14
10,500
Dec 2014
Source: Florida Department of Economic Opportunity Labor Market Statistics Center
Economic Development Commission of Florida’s Space Coast | 597 Haverty Court, Suite 40 | Rockledge, FL 32955 | 321.638.2000 | F 321.633.4200 www.SpaceCoastEDC.org
ECONOMIC REVIEW
Winter – Spring 2015 | PAGE 4
REAL ESTATE
Existing Single-Family Homes
1200
In December 2014, the number of single-family homes sold in Brevard increased by 12.0% year-over-year. December’s total inventory for single-family homes decreased by 15.5% compared with December 2013.
$180,000
Realtor Sales (left axis)
1100
$170,000
Median Sales Price (right axis)
1000
$160,000
900 800
$150,000
700
$140,000
Condo transactional volumes between January and December 2014 were 17.4% higher year-over-year, reaching 2,449.
600
$130,000
On an annual basis December 2014 building permits in Brevard County increased in units by 64.0% thus raising the total value by 69.8%.
300
$110,000
200
$100,000
70%
$120,000
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Single-Family Homes Median Sales Price Year-over-Year % Change
30% Brevard Florida
50%
Apr-14
Mar-14
Feb-14
Jan-14
400
40%
Single-Family Homes Sales Year-over-Year % Change
60%
500
20%
40% 30%
10%
20% 0% Brevard
Dec-14
Nov-14
Oct-14
Sep-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
180
$160,000
Number of Permits (left axis)
160
$150,000
Value in Thousands (right axis)
140
$140,000
120
$130,000
100
$120,000
80
$110,000
60
$100,000
40
$90,000
20
$80,000
0
$50,000 $40,000 $30,000 $20,000 $10,000
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
$0
Dec-14
Dec-14
Jan-14
Building Permits – Units Authorized
$170,000
Feb-14
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Realtor Sales (left axis) Median Sales Price (right axis)
Jan-14
Nov-14
Oct-14
Sep-14
Aug-14
Jun-14
May-14
Apr-14
Jul-14
$180,000
Condos
Florida
-10%
Jan-14
300 280 260 240 220 200 180 160 140 120 100 80
Mar-14
Feb-14
Jan-14
0%
Aug-14
10%
Sources: Florida Realtors; Home Builders & Contractors Association of Brevard
Economic Development Commission of Florida’s Space Coast | 597 Haverty Court, Suite 40 | Rockledge, FL 32955 | 321.638.2000 | F 321.633.4200 www.SpaceCoastEDC.org
ECONOMIC REVIEW
Winter – Spring 2015 | PAGE 5 $700
$500 $450
Index of Retail Activity
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
Taxable Sales Year-over-Year % Change
12%
145 143 141 139 137 135 133 131 129 127 125
May-14
$400
Apr-14
In November, all categories of taxable sales saw yearover-year increases, with the highest growth found in consumer non-durables with 10.2%.
$550
Mar-14
The retail activity index which had picked up in the first half of 2014 kept increasing in the second half. In November the index increased 7.5% compared with November 2013, a new record for the past few years.
$600
Feb-14
November total taxable sales increased statewide by approximately 7.6% on a year-over-year basis.
$650
Jan-14
In November, total taxable sales in Brevard experienced an 8.0% increase on a year-over-year basis.
Taxable Sales (in millions)
Dec-13
RETAIL
10% 8% 6% 4%
Brevard
Oct-14
Aug-14
Jun-14
Apr-14
Feb-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Dec-13
Taxable Sales - Select Categories Year-over-Year % Change
25%
Autos & Accessories (in millions)
$150 $140 $130 $120 $110 $100 $90 $80
Autos & Accessories Consumer Durables Tourism & Recreation Consumer Non-Durables
10% 5% 0%
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Oct-14
Aug-14
-5% Jun-14
Oct-14
Aug-14
Jun-14
Apr-14
Dec-13
Feb-14
Tourism & Recreation (in millions)
$160 $150 $140 $130 $120 $110 $100 $90 $80
0%
15%
Apr-14
Oct-14
Aug-14
Jun-14
Apr-14
Feb-14
Dec-13
$20
Florida
20%
Dec-13
$30
Consumer Non-Durables (in millions)
$350 $325 $300 $275 $250 $225 $200 $175 $150
Feb-14
$40
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Consumer Durables (in millions)
Dec-13
$50
Jan-14
Dec-13
2%
Source: Florida Legislature, Office of Economic & Demographic Research
Economic Development Commission of Florida’s Space Coast | 597 Haverty Court, Suite 40 | Rockledge, FL 32955 | 321.638.2000 | F 321.633.4200 www.SpaceCoastEDC.org
ECONOMIC REVIEW
Winter – Spring 2015 | PAGE 6
Between July and December 2014, Port Canaveral welcomed more than 1.9 million multi-day passengers. That’s 1.23% more than in the same period in 2013.
425,000
Port Canaveral Multi-Day Cruise Passengers
400,000
2013
Between July and December 2014, Brevard Zoo experienced a 10.5% increase in visitors when compared to the same period in 2013.
350,000
Between January and December 2014 Melbourne International Airport saw a 0.9% increase in passenger totals year-over-year, reaching 221,433 passengers.
275,000
450,000
90%
2013
300,000
250,000 225,000
Dec
Nov
Oct
Sep
Melbourne International Airport Total Passengers
2014
80%
2013
75%
Aug
Jul
Jun
May
Apr
Feb
200,000
50,000
Hotel/Motels Occupancy Rate
85%
325,000
Jan
Between July and December the average daily room rate at Brevard hotels/motels increased by 6.1% on an annual basis.
2014
375,000
Mar
TOURISM
2014
40,000
70% 65% 60%
30,000
55% 50% 45%
Oct
Nov
Dec
Oct
Nov
Dec
Aug
Jul
Jun
Sep
60,000
2013
2014
50,000
2013 $100
May
Apr
Mar
Brevard Zoo Visitors
70,000
$110
Sep
Average Daily Room Rate
Feb
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan $120
Jan
20,000
40%
2014
40,000 30,000
$90
20,000 $80 10,000 $70
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
0
Sources: Space Coast Office of Tourism; Canaveral Port Authority; Melbourne Airport Authority; Brevard Zoo
Economic Development Commission of Florida’s Space Coast | 597 Haverty Court, Suite 40 | Rockledge, FL 32955 | 321.638.2000 | F 321.633.4200 www.SpaceCoastEDC.org
ECONOMIC REVIEW
Winter – Spring 2015 | PAGE 7
MONTHLY SNAPSHOT The Monthly Snapshot serves as a quick reference tool showing the general direction of the Brevard economy by highlighting monthly and annual percentage changes for a series of key indicators. For the latest data and interactive charts, visit the EDC’s Interactive Data Center at http://spacecoastedc.org/DataCenter/InteractiveDataCenter.
INDICATOR
MONTHLY % CHANGE
ANNUAL % CHANGE
MONTHLY % CHANGE
INDICATOR
LABOR MARKET
REAL ESTATE
Nov 2014 to Dec 2014
Dec 2013 to Dec 2014
Nov 2014 to Dec 2014
Dec 2013 to Dec 2014
23.8%
12.0%
8.1%
4.8%
35.2%
64.0%
Oct 2014 to Nov 2014
Nov 2013 to Nov 2014
Taxable Sales
4.3%
8.0%
Index of Retail Activity
0.8%
7.5%
Labor Force
0.6%
0.9%
Homes Sales
Total Employment
0.2%
1.9%
Median Sales Price
Total Unemployment
7.5%
13.5%
Housing Units Authorized
Unemployment Rate*
0.4%
0.9%
RETAIL
INDUSTRY EMPLOYMENT Nov 2014 to Dec 2014
Dec 2013 to Dec 2014
Construction
1.0%
8.6%
Manufacturing
0.0%
1.0%
Retail
1.5%
0.7%
Education & Health
0.0%
2.1%
* Rate changes are expressed in percentage points
ANNUAL % CHANGE
TOURISM Nov 2014 to Dec 2014
Dec 2013 to Dec 2014
Hotel Occupancy Rate*
0.3%
15.8%
Cruise Passengers Port Canaveral
1.1%
4.6%
Total Passengers Melbourne International Airport
0.8%
1.2%
Sources: Florida Department of Economic Opportunity, Labor Market Statistics Center; Florida Realtors; Home Builders & Contractors Association of Brevard; Florida Legislature, Office of Economic & Demographic Research; Space Coast Office of Tourism; Canaveral Port Authority; Melbourne Airport Authority
Economic Development Commission of Florida’s Space Coast | 597 Haverty Court, Suite 40 | Rockledge, FL 32955 | 321.638.2000 | F 321.633.4200 www.SpaceCoastEDC.org
The EDC’s Data Center contains essential facts, figures and statistics about the Space Coast, including demographics, corporate overview, quality of life topics, and more. Monitor trends with the monthly-updated Interactive Data Center section, where you will find data on industry, wages and income, workforce, demographics and tourism.
www.SpaceCoastEDC.org
Economic Development Commission of Florida’s Space Coast | 597 Haverty Court, Suite 40 | Rockledge, FL 32955 | 321.638.2000 | F 321.633.4200 www.SpaceCoastEDC.org