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Port St. Lucie........................................................................................110
Short Term Outlook for Port St. Lucie, FL December 2021 Forecast
2021:Q4 2022:Q1 2022:Q2 2022:Q3 2022:Q4 2023:Q1 2023:Q2 2023:Q3 2023:Q4 2024:Q1 2024:Q2 2024:Q1 2024:Q2
Personal Income (Billions $)
Total Personal Income 30.6 30.6 31.0 31.4 31.7 32.0 32.3 32.6 33.0 33.3 33.6 33.9 34.2
Pct Chg Year Ago Wages and Salaries
6.4 -7.0 0.4 2.4 3.7 4.4 4.1 3.8 4.0 4.1 3.9 3.9 3.9 8.8 8.9 9.1 9.2 9.3 9.4 9.5 9.6 9.7 9.8 9.9 10.0 10.1 Nonwage Income 21.8 21.7 22.0 22.2 22.4 22.6 22.8 23.0 23.3 23.5 23.7 23.9 24.2 Real Personal Income (12$) 27.2 27.1 27.3 27.5 27.7 27.8 27.9 28.1 28.2 28.4 28.5 28.6 28.7 Pct Chg Year Ago 1.7 -10.6 -2.6 0.1 1.8 2.5 2.2 2.0 2.1 2.1 1.9 1.8 1.8 Per Capita Income (Ths) 61.0 60.9 61.6 62.2 62.6 62.9 63.4 63.9 64.4 64.9 65.3 65.9 66.4 Real Per Capita Income (12$) 54.2 53.9 54.2 54.5 54.6 54.7 54.8 55.0 55.2 55.3 55.4 55.5 55.7 Average Annual Wage (Ths) 54.1 54.5 54.7 54.9 55.1 55.4 55.7 56.0 56.5 56.9 57.5 58.0 58.5 Pct Chg Year Ago 4.3 4.3 2.3 1.6 2.0 1.7 1.9 2.0 2.4 2.7 3.1 3.5 3.6
Establishment Employment (Place of Work, Thousands, SA)
Total Employment 161.3 162.6 165.0 166.6 167.6 168.6 170.0 170.7 171.0 171.2 171.2 171.3 171.3 Pct Chg Year Ago 6.7 6.6 5.6 4.7 3.9 3.7 3.0 2.5 2.0 1.5 0.7 0.4 0.2 Manufacturing 7.9 7.9 8.0 8.0 8.0 8.1 8.1 8.1 8.1 8.0 8.0 7.9 7.8 Pct Chg Year Ago 5.2 5.0 3.8 1.5 1.4 1.5 1.0 1.3 0.6 -0.3 -1.3 -2.1 -2.8 Nonmanufacturing 153.4 154.7 157.0 158.6 159.6 160.5 161.9 162.6 162.9 163.1 163.2 163.3 163.5 Pct Chg Year Ago 6.8 6.7 5.6 4.8 4.0 3.8 3.1 2.5 2.1 1.6 0.8 0.5 0.3 Construction & Mining 13.5 13.5 13.5 13.4 13.4 13.4 13.3 13.2 13.1 13.0 13.0 12.9 12.9 Pct Chg Year Ago 8.9 5.9 3.6 -0.5 -0.4 -0.8 -1.0 -1.5 -2.0 -2.7 -2.8 -2.6 -2.2 Trade, Trans, & Utilities 31.3 30.8 30.6 30.6 30.1 29.9 30.4 30.2 30.2 29.9 29.2 29.0 28.9 Pct Chg Year Ago 1.5 1.0 0.6 -0.9 -4.1 -2.9 -0.9 -1.1 0.4 0.0 -3.7 -4.1 -4.3 Wholesale Trade 5.0 5.0 5.1 5.2 5.3 5.4 5.4 5.5 5.5 5.6 5.7 5.8 5.8 Retail Trade 20.8 20.3 20.0 19.7 19.2 18.9 19.4 19.3 19.2 18.8 17.9 17.6 17.4 Trans, Wrhsng, & Util 5.5 5.5 5.5 5.6 5.6 5.6 5.5 5.5 5.5 5.5 5.6 5.6 5.6 Information 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.4 1.4 1.4 1.4 Pct Chg Year Ago 31.9 31.1 12.6 -1.6 -3.0 -1.5 0.2 1.1 4.7 5.5 5.6 4.2 1.7 Financial Activities 6.3 6.4 6.5 6.7 6.7 6.8 6.8 6.9 6.9 7.0 7.0 7.1 7.1 Pct Chg Year Ago 5.8 6.3 9.4 7.4 6.9 7.0 4.6 3.0 3.1 2.3 3.0 2.9 2.5 Prof & Business Services 25.0 25.9 26.6 27.1 27.4 27.9 27.8 27.9 28.1 28.4 28.7 28.8 28.9 Pct Chg Year Ago 14.9 14.7 11.0 9.8 9.7 7.8 4.6 3.0 2.4 1.9 3.0 3.3 2.9 Educ & Health Services 28.6 29.1 29.9 30.1 29.9 30.0 29.9 29.9 30.0 30.3 30.5 30.8 31.0 Pct Chg Year Ago 3.1 5.1 7.7 6.6 4.8 3.2 0.1 -0.7 0.2 0.8 2.0 3.0 3.4 Leisure & Hospitality 20.4 20.4 20.6 20.9 22.1 22.4 23.4 24.0 24.1 23.9 23.9 23.8 23.7 Pct Chg Year Ago 14.5 11.2 2.1 5.1 7.9 10.0 13.4 15.0 9.2 6.8 2.4 -1.0 -1.8 Other Services 7.9 8.0 8.4 8.7 8.8 8.8 8.8 8.8 8.8 8.9 9.0 9.1 9.1 Pct Chg Year Ago 7.1 8.1 10.4 13.9 11.6 9.6 4.4 0.9 0.6 0.9 2.4 3.1 3.6 Federal Government 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 Pct Chg Year Ago -8.5 -3.6 0.9 7.3 5.3 4.3 2.9 1.6 0.2 -0.6 -1.1 -1.4 -1.4 State & Local Government 18.2 18.3 18.5 18.7 18.9 19.0 19.1 19.2 19.3 19.4 19.4 19.5 19.5 Pct Chg Year Ago 2.1 3.5 6.0 4.4 4.0 3.7 3.2 2.7 2.3 1.9 1.7 1.3 1.2
Other Economic Indicators
Population (Ths) 501.4 502.8 503.9 504.9 506.3 507.9 509.5 510.8 511.7 512.6 513.6 514.7 515.9 Pct Chg Year Ago 1.5 1.5 1.3 1.0 1.0 1.0 1.1 1.2 1.1 0.9 0.8 0.8 0.8 Labor Force (Ths) 234.5 236.7 238.1 239.2 239.7 240.0 240.2 240.2 240.0 239.7 239.8 239.9 240.1 Pct Chg Year Ago 8.7 7.4 5.5 3.2 2.2 1.4 0.9 0.4 0.2 -0.1 -0.2 -0.1 0.0 Unemployment Rate (%) 4.8 4.8 4.8 4.7 4.6 4.5 4.5 4.6 4.7 4.5 4.6 4.6 4.4 Total Housing Starts 6401.3 5756.6 5159.2 4747.0 4457.4 4236.5 4075.7 4097.4 4065.2 3964.2 3888.0 3874.2 3813.7 Single-Family 5129.9 4636.0 4226.4 3885.0 3659.0 3463.3 3331.6 3300.0 3265.3 3162.5 3100.7 3095.9 3051.6 Multifamily 1271.4 1120.5 932.7 862.0 798.4 773.2 744.2 797.4 799.9 801.7 787.3 778.3 762.1
PROFILES
The Punta Gorda MSA is located in the southwest segment of the state. Punta Gorda is the County seat of Charlotte County and the only incorporated municipality in the country.
QUICK FACTS
• Metro population estimate of 181,067 as of 2019 (5-Year Estimate) (U.S. Census Bureau). • Charlotte County population estimate of 181,067 as of 2019 (5-Year Estimate) (U.S. Census
Bureau). • Civilian labor force of 74,644 in August 2021 (Florida Research and Economic Database). • An unemployment rate of 5.0% as of August 2021, not seasonally adjusted. This amounts to 3,718 unemployed people (Florida Research and
Economic Database).
OUTLOOK SUMMARIES
The Punta Gorda Metropolitan Statistical Area (MSA) is expected to show mixed levels of growth in its economic indicators. Punta Gorda’s Gross Metro Product will be the fourth lowest in the state at a level of $5,136.89 million. Average annual wage growth of 3.4 percent will lead to an average annual wage of $52,700, the fifth lowest level in the state. Personal incomes will grow by 3.8 percent. This will lead to a per capita income level of $43,800, the fifth lowest in the state. Population growth will average 1.3 percent.
Employment growth is expected to average a rate of 1.6 percent annually. The unemployment rate is estimated to average 5.1 percent.
The Information sector will lead Punta Gorda at an average annual growth rate at 6.7 percent. The Leisure sector and the Other Services sector will expand at respective rates of 6.1 percent and 4.5 percent.
METRO NEWS SUMMARIES
Pair of airports fuel up for a fast-coming surge in passenger traffic, with some $25 million in new projects.
• The Charlotte County Airport Authority, which owns and operates the Punta Gorda Airport, is building a new 13,000-square-foot general aviation center. • A 650,000-square-foot-ramp for aircraft parking is under construction on the north side of the airport, and 24 T-hangars plus several larger corporate hangars are in the permitting phase. • There are about 100 acres available for development for services supporting general aviation, and the airport authority is already talking with an avionics company interested in building there. Source: Business Observer, July 8, 2021
• Construction on Allegiant’s Sunseeker Resort
Charlotte Harbor, which was halted in March 2020 because of the COVID-19 pandemic, is set to resume after 17 months. • Construction is moving ahead with the help of a new $350 million loan taken out by Allegiant, with the resort placed collateral. • When it is completed, the resort will feature approximately 500 hotel rooms and about 180 one-, two- and three-bedroom extended stay suites. Source: Sarasota Herald-Tribune, July 30, 2021
Harbor Custom Development, Inc. Closes 189 Unit Oceanfront Condominium Site in Punta Gorda, Florida for $4,700,000
• Harbor Custom Development, Inc. closed on a 40+ acre oceanfront parcel in Punta Gorda, for $4.7 million to construct upscale waterfront condominiums in one of the strongest real estate markets in Southwest Florida. • The project consists of 189 one- and twobedroom units that will range in size from 1,400 to 1,750 square feet. • It is anticipated that the condominiums will be priced from $500,000 to $650,000 and that the first units should be available for pre-sale in the fourth quarter of 2022. Source: GlobeNewswire, August 10, 2021
Real estate giant, Saudi firm team up on $37M senior living project
• Washington, D.C.-based Madison Marquette has teamed up with Arbah Capital to build a 135-bed senior living facility in Punta Gorda Isles. • It is scheduled for completion/resident move-ins in early 2023 and will be operated by Meridian
Senior Living, which currently manages over 75 communities with 7,000 residents nationwide.
• Madison Marquette has a portfolio of 330 assets in 20 states and manages an investment portfolio valued at over $6.2 billion. Source: Business Observer, August 17, 2021
Pulte Homes announces development of Edgewater Shores
• Pulte Homes announces the continuation of its popular Edgewater neighborhood in Babcock
Ranch with the development of a new phase,
Edgewater Shores. • This gated lakefront continuation of 101 singlefamily homes will display eight home designs offering flexible, open concept floor plans, personalized kitchens, outdoor living spaces, and smart home technology. • Offering lake and landscape views, this neighborhood offers homes ranging from 1,670 to 3,600 square feet of living space starting from the mid-$300,000s. Source: The News-Press, September 11, 2021.
Seagate to design and build Charlotte County Facility for ABC Supply
• Seagate Development Group will develop, design and build a 60,000-square-foot pre-engineered metal building for American Builders &
Contractors Supply Co., Inc. – America’s largest wholesale distributor of roofing, siding and more. • ABC Supply’s six-acre facility will accommodate a 54,000-square-foot warehouse, 6,000 square feet of office space and a fenced outdoor yard. • Seagate expects to break ground on this designbuild in the first quarter of 2022, with a projected fourth-quarter completion. Source: The News-Press, October 30, 2021
Punta Gorda MSA Industry Loca�on Quo�ents
Total Nonagricultural Employment
Total Private
Goods Producing
Service Producing
Private Service Providing
Mining, Logging, and Construc�on
Manufacturing
Trade, Transporta�on, and U�li�es
Wholesale Trade
Retail Trade
Transporta�on, Warehousing and U�li�es
Informa�on
Financial Ac�vi�es
Professional and Business Services
Educa�onal and Health Services
Leisure and Hospitality
Other Services
Government
0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8
Long Term Outlook for Punta Gorda, FL December 2021 Forecast
2016 2017 2018 2019 2020 2021 2022 2023 2024
Personal Income (Billions $)
Total Personal Income Pct Chg Year Ago Wages and Salaries Nonwage Income Real Personal Income (12$) Pct Chg Year Ago Per Capita Income (Ths) Real Per Capita Income (12$) Average Annual Wage (Ths) Pct Chg Year Ago
7.1 7.4 7.8 8.3 8.9 9.5 9.5 9.9 10.3 6.1 4.9 5.4 5.5 7.5 7.4 -0.8 4.2 4.2 1.9 2.0 2.1 2.2 2.3 2.5 2.7 2.8 2.9 5.2 5.4 5.7 6.0 6.5 7.0 6.8 7.1 7.4 7.2 7.4 7.6 7.9 8.4 8.7 8.4 8.6 8.8 5.0 2.4 2.5 4.1 6.3 3.7 -3.5 2.3 2.1 40.8 42.0 43.6 45.0 47.1 49.5 48.4 49.7 51.2 41.6 41.8 42.2 43.0 44.5 45.2 42.9 43.4 43.8 40.0 41.4 42.8 44.5 48.0 51.1 52.1 53.0 54.8 2.1 3.5 3.5 3.9 8.0 6.3 1.9 1.8 3.4
Establishment Employment (Place of Work, Thousands, SA)
Total Employment 47.4 48.0 48.9 50.0 48.4 49.4 51.2 52.2 52.2 Pct Chg Year Ago 3.4 1.1 1.9 2.4 -3.3 2.1 3.8 1.8 0.1
Manufacturing Pct Chg Year Ago Nonmanufacturing Pct Chg Year Ago Construction & Mining Pct Chg Year Ago Trade, Trans, & Utilities Pct Chg Year Ago
0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 1.0 -1.0 1.1 -1.0 -2.4 -3.2 1.2 0.4 0.0 46.6 47.2 48.0 49.2 47.6 48.6 50.5 51.4 51.5 3.4 1.2 1.9 2.4 -3.4 2.2 3.9 1.8 0.2 3.9 3.9 4.2 4.3 4.4 4.5 4.4 4.3 4.2 11.6 0.3 8.0 3.2 3.0 1.4 -2.0 -3.1 -1.9 11.0 11.2 11.5 11.7 11.6 11.7 11.6 11.4 10.8 1.8 2.2 2.1 2.5 -1.3 1.3 -1.5 -1.8 -4.6
Wholesale Trade Retail Trade Trans, Wrhsng, & Util Information Pct Chg Year Ago 0.7 0.8 0.8 0.8 0.8 0.8 0.9 0.9 1.0 9.3 9.4 9.6 9.7 9.5 9.4 9.1 8.9 8.3 0.9 1.0 1.0 1.2 1.3 1.5 1.6 1.5 1.5 0.5 0.5 0.4 0.4 0.3 0.3 0.3 0.4 0.4 9.2 0.1 -13.4 -7.6 -19.0 -5.4 10.6 10.7 11.0
Financial Activities Pct Chg Year Ago Prof & Business Services Pct Chg Year Ago Educ & Health Services Pct Chg Year Ago Leisure & Hospitality Pct Chg Year Ago Other Services Pct Chg Year Ago Federal Government Pct Chg Year Ago State & Local Government Pct Chg Year Ago 2.1 2.1 2.2 2.3 2.2 2.2 2.4 2.5 2.6 5.5 2.1 4.3 3.5 -3.4 0.0 9.0 5.8 3.3 4.5 4.4 4.2 4.4 4.5 4.5 4.9 4.9 5.0 -0.3 -3.1 -3.0 2.8 3.3 -0.1 7.7 1.6 1.9 9.3 9.4 9.6 10.0 9.5 9.7 10.3 10.3 10.5 2.7 0.9 2.9 3.5 -4.4 1.8 6.1 -0.2 2.0 7.3 7.6 7.7 7.8 6.7 6.9 7.3 8.2 8.4 5.8 4.7 1.3 0.3 -14.1 3.1 7.0 12.2 2.1 2.1 2.1 2.1 2.2 2.3 2.5 2.7 2.7 2.7 4.6 -0.3 2.8 4.8 1.4 11.3 7.8 -0.7 -0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 8.2 -7.6 0.0 5.4 10.5 -15.2 -4.9 3.6 0.0 5.7 5.7 5.7 5.8 5.7 5.9 6.3 6.4 6.5 0.9 0.1 0.3 2.1 -2.7 4.5 5.2 2.3 1.4
Other Economic Indicators
Population (Ths) Pct Chg Year Ago Labor Force (Ths) Pct Chg Year Ago Unemployment Rate (%) Total Housing Starts Single-Family Multifamily 173.9 177.1 179.8 183.7 188.5 192.5 195.6 198.2 200.6 2.6 1.8 1.5 2.2 2.6 2.1 1.6 1.3 1.2 69.5 70.0 70.7 72.0 71.1 74.1 77.5 78.0 78.0 2.3 0.6 1.1 1.7 -1.1 4.2 4.5 0.7 0.0 5.4 4.8 4.1 3.9 7.4 5.4 5.4 5.0 4.8 805.1 1229.9 1883.3 2184.2 2583.2 3582.8 2639.5 1803.5 1612.8 744.8 1214.9 1817.6 2082.5 2379.7 3001.4 2029.2 1370.0 1222.0 60.3 14.9 65.7 101.7 203.5 581.3 610.3 433.5 390.8
