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Palm Bay–Melbourne–Titusville ....................................................95
Short Term Outlook for Palm Bay-Melbourne-Titusville, FL July 2021
2021:Q22021:Q32021:Q42022:Q12022:Q2 2022:Q32022:Q42023:Q12023:Q22023:Q32023:Q42024:Q12024:Q2
Personal Income (Billions $)
Total Personal Income 33.0 32.7 32.6 33.0 33.4 33.8 34.0 34.3 34.7 35.1 35.5 35.9 36.3 Pct Chg Year Ago 3.2 3.0 4.3 -6.0 1.4 3.2 4.5 3.9 3.8 3.9 4.2 4.8 4.7 Wages and Salaries 14.6 14.9 15.1 15.3 15.5 15.6 15.8 15.9 16.1 16.3 16.5 16.7 16.8 Nonwage Income 18.4 17.8 17.4 17.7 17.9 18.1 18.2 18.4 18.6 18.8 19.0 19.3 19.5 Real Personal Income (12$) 30.3 29.9 29.7 29.9 30.2 30.4 30.5 30.6 30.8 31.0 31.2 31.4 31.6 Pct Chg Year Ago 0.4 0.6 1.8 -7.8 -0.2 1.6 2.8 2.2 2.0 2.1 2.3 2.8 2.7 Per Capita Income (Ths) 53.8 53.2 52.9 53.5 54.1 54.5 54.9 55.2 55.7 56.3 56.8 57.4 58.0 Real Per Capita Income (12$) 49.4 48.7 48.2 48.5 48.9 49.1 49.2 49.2 49.5 49.7 49.9 50.2 50.5 Average Annual Wage (Ths) 63.0 63.0 63.3 63.4 63.8 64.2 64.7 65.3 65.9 66.5 67.1 67.8 68.4 Pct Chg Year Ago 6.2 3.8 2.6 1.7 1.3 1.9 2.3 3.0 3.3 3.6 3.7 3.8 3.9
Establishment Employment (Place of Work, Thousands, SA)
Total Employment 229.1 233.9 236.6 238.3 240.1 240.7 241.0 240.9 242.1 242.6 242.8 243.1 243.3 Pct Chg Year Ago 6.3 4.1 4.6 4.5 4.8 2.9 1.9 1.1 0.8 0.8 0.8 0.9 0.5 Manufacturing 29.5 29.7 29.7 29.7 29.6 29.5 29.3 29.2 29.0 28.9 28.7 28.5 28.4 Pct Chg Year Ago 4.7 3.1 -0.1 0.7 0.4 -0.8 -1.2 -1.7 -2.0 -2.0 -2.1 -2.2 -2.2 Nonmanufacturing 199.6 204.1 206.9 208.6 210.5 211.2 211.7 211.7 213.1 213.7 214.1 214.5 214.9 Pct Chg Year Ago 6.5 4.2 5.3 5.1 5.5 3.4 2.3 1.5 1.2 1.2 1.2 1.3 0.9 Construction & Mining 16.9 17.1 17.2 17.2 17.3 17.3 17.3 17.3 17.2 17.2 17.1 17.1 17.0 Pct Chg Year Ago 8.7 5.1 4.9 2.7 2.1 1.4 0.7 0.1 -0.4 -0.9 -0.9 -1.0 -1.1 Trade, Trans, & Utilities 38.1 38.5 38.3 37.5 36.9 36.5 35.7 35.1 35.6 35.3 35.1 34.7 34.2 Pct Chg Year Ago 8.3 3.4 1.9 -1.0 -3.2 -5.0 -6.7 -6.2 -3.4 -3.4 -1.6 -1.4 -4.0 Wholesale Trade 5.2 5.2 5.2 5.3 5.3 5.5 5.5 5.5 5.5 5.5 5.5 5.6 5.6 Retail Trade 28.6 28.9 28.5 27.6 26.9 26.3 25.5 24.8 25.3 24.9 24.8 24.2 23.6 Trans, Wrhsng, & Util 4.3 4.4 4.5 4.6 4.6 4.8 4.8 4.8 4.8 4.8 4.9 4.9 5.0 Information 1.8 1.8 1.8 1.9 1.9 1.9 1.9 1.9 1.9 1.9 2.0 2.0 2.0 Pct Chg Year Ago -2.5 2.0 -2.6 6.1 6.7 6.0 3.1 0.5 1.3 0.8 3.3 4.1 4.7 Financial Activities 9.0 9.1 9.1 9.2 9.3 9.5 9.5 9.5 9.4 9.3 9.3 9.4 9.4 Pct Chg Year Ago 4.5 2.9 0.7 0.4 3.4 4.0 3.9 3.0 0.3 -1.6 -1.4 -1.1 0.6 Prof & Business Services 37.3 38.3 39.5 41.1 41.2 40.7 40.8 41.1 41.1 41.3 41.6 42.1 42.7 Pct Chg Year Ago 4.2 3.6 7.7 10.2 10.5 6.3 3.2 0.1 -0.2 1.4 1.9 2.4 3.9 Educ & Health Services 35.4 36.1 36.4 36.2 37.2 37.5 37.4 37.5 37.5 37.6 37.8 38.0 38.3 Pct Chg Year Ago 3.4 3.9 3.8 2.4 5.0 4.0 2.7 3.5 0.9 0.3 1.0 1.4 2.0 Leisure & Hospitality 25.6 27.1 27.8 28.2 29.1 29.7 31.0 31.0 32.0 32.6 32.7 32.7 32.6 Pct Chg Year Ago 26.5 13.2 16.2 15.5 13.5 9.3 11.5 9.9 10.2 10.1 5.7 5.4 1.9 Other Services 8.1 8.4 8.7 8.9 9.0 9.2 9.2 9.2 9.1 9.1 9.0 9.0 9.0 Pct Chg Year Ago 5.3 6.1 8.6 10.8 11.3 9.7 6.3 4.0 1.0 -1.5 -1.9 -2.1 -1.2 Federal Government 6.7 6.8 6.8 6.9 6.9 6.9 7.0 7.0 7.0 7.0 7.1 7.1 7.1 Pct Chg Year Ago 1.8 -0.5 -0.2 1.1 2.6 2.0 1.9 1.9 1.6 1.6 1.6 1.7 1.9 State & Local Government 20.7 21.0 21.4 21.5 21.7 21.9 22.0 22.1 22.2 22.3 22.4 22.4 22.5 Pct Chg Year Ago -4.6 -2.0 0.9 2.1 5.2 4.4 2.9 2.7 2.3 1.9 1.8 1.4 1.2
Other Economic Indicators
Population (Ths) 613.3 614.6 615.7 617.0 618.0 619.2 620.3 621.6 622.8 623.8 624.8 625.9 627.0 Pct Chg Year Ago 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.8 0.8 0.7 0.7 0.7 Labor Force (Ths) 282.7 286.8 288.5 290.1 291.4 293.5 294.9 296.2 297.6 298.9 299.8 300.7 301.7 Pct Chg Year Ago 4.7 2.6 2.0 3.2 3.1 2.3 2.2 2.1 2.1 1.8 1.7 1.5 1.4 Unemployment Rate (%) 2.8 2.8 2.7 2.7 2.6 2.6 2.7 2.7 2.6 2.7 2.7 2.7 2.7 Total Housing Starts 4649.4 4727.3 4598.8 4508.9 4415.9 4347.9 4337.5 4354.8 4295.5 4278.5 4319.7 4325.3 4311.0 Single-Family 3387.6 3545.5 3614.6 3577.9 3525.7 3496.0 3518.6 3520.2 3458.6 3445.0 3487.5 3491.3 3483.0 Multifamily 1261.8 1181.8 984.2 931.0 890.2 851.9 818.9 834.6 837.0 833.5 832.1 834.0 828.1
PROFILES
The Panama City MSA, known for its beaches and emerald green water is located in the Northwest portion of the state. Panama City is the largest City between Tallahassee and Pensacola. This area is the more populated of two principal cities of the Panama City-Lynn Haven MSA and it is the county seat of Bay County.
QUICK FACTS
• Metro population estimate of 182,161 as of 2019 (5-Year Estimate) (U.S. Census Bureau). • Bay County population estimate of 182,161 as of 2019 (5-Year Estimate) (U.S. Census
Bureau). • Civilian labor force of 93,669 in May 2021 (Florida Research and Economic Database). • An unemployment rate of 4.2% as of May 2021, not seasonally adjusted. This amounts to 3,938 unemployed people (Florida Research and Economic Database).
OUTLOOK SUMMARIES
The Panama City Metropolitan Statistical Area (MSA) will show mixed levels of growth in the studied economic indicators when compared to other MSAs. The MSA will have the tenth-highest Gross Metro Product at $9,048.11. Average annual wage growth will average 3.8 percent, the sixth highest, leading to an average annual wage of $56,400. Personal income growth will average 3.5 percent, leading to a per capita income level of $50,600.
Employment growth will average 1.7 percent, ranking in the bottom half of the MSA list. However, Palm Bay’s unemployment rate will hover around the state average at 2.6 percent, the fourth lowest compared to other MSAs.
The Leisure sector will lead the way in Panama City with an average annual growth rate of 8.0 percent. The Professional & Business Services sector will follow with a growth rate of 5.2 percent, and Education & health services will be third at 1.3 percent average annual growth.
METRO NEWS SUMMARIES
• The St. Joe Co, Tallahassee Memorial HealthCare
Inc. (TMH) and Florida State University
College of Medicine have partnered to develop a healthcare campus in Panama City Beach • The campus’ planned location is on an 87-acre parcel near the intersection of State Highway 79 and Phillip Griffitts Sr. Parkway. The property is planned to be close to the Latitude Margaritaville
Watersound community, a 55-and-older community that is planned for 3,500 homes. • Future development plans of the healthcare campus include the construction of an emergency center and 100-bed inpatient facility offering services such as gastroenterology, urology, gynecology, cardiology, and general surgery, among others. Source: Rebusiness online, April 12, 2021
Storm leaves behind damage to businesses RV’s, beach equipment and more.
• As damage continues to be seen across the
Panhandle, the West end of Panama City Beach was also one of the areas hard hit by the likely tornado Saturday morning. • Damage to roofs, windows, and beach chairs is just some of what can be seen here. Vacationers on the west end of the beach say they first woke up to the sound of strong winds blowing by their units. • Beach Safety Director Wil Spivey is warning beachgoers against getting in the water after
Saturday’s severe weather. Source: Mypanhandle, April 16, 2021
40 new businesses open in Panama City over the last three months.
• The Panama City Community Redevelopment agency is doing something special to welcome new businesses in the area. Over the last year, dozens of businesses have opened in the CRA areas of Glenwood, Millville, St. Andrews, and
Downtown. • One of those is called “My Space Downtown,” owner Michelle Sparks said she is excited to be a part of the downtown boom. Sparks opened “My
Space Downtown” in May. It has office spaces you can rent out or it can be a place to escape from your normal office. • My space downtown is one of 40 new businesses that have opened in the Panama City CRA areas within the last three months. CRA Program
Manager Lena Webb said this is only the beginning. Source: Mypanhandle, May 5, 2021
Three small businesses awarded thousands in microloans as part of revitalization project.
• Three local businesses received thousands in microloans as part of an initiative to revitalize the Glenwood community. The Cornerstone
Trust project awarded Josiah’s Southern Kitchen,
Darko’s Delish and B5 Quality Services, Inc. $5,000 each in microloans. • The project led by the Macedonia Missionary
Baptist Church, LEAD Coalition of Bay County and other partnering organizations selected the recipients after they have completed business fundamentals workshops and presented a business plan. • The Cornerstone Trust has awarded $20,000 in microloans to minority small businesses to date. Source: Mypanhandle, May 19, 2021
An unemployment ‘loophole’ is stifling hiring? Some Panama City-area restaurants say yes.
• With federal and state unemployment benefits still available, the general manager of a local restaurant says he is struggling to find and keep new employees. • Cody Ward, general manager of Wine World and The Craft Bar in Panama City Beach, said he has hired about 30 people during the past three months who quit shortly after getting the job.
He is also received many applications that never panned out. • While his business still runs smoothly thanks to a
“strong staff” of about 25 people, Ward added that this “loophole” in the unemployment system has led to a work environment where it is difficult for him to give employees time off. Source: News Herald, June 15, 2021
The City of Panama City applies for nearly $23 million in grant funding
• The City of Panama City is hoping to secure almost half of the $60 million set aside by the
Florida Department of Economic Opportunity for the Community Development Block Grant
Disaster recovery funding. • There are 50 businesses included in the city’s application along with projects for the Martin
Luther King Jr. recreation center, the St. Andrews
School, and the second section of the Harrison
Avenue streetscape. • This particular allocation of grant funding is to support the revitalization of low to moderate income areas that were impacted by Hurricane
Michael. Source: Mypanhandle, June 23, 2021
Panama City 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 es Wholesale Trade Retail Trade Transporta on, Warehousing and U 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
Long Term Outlook for Panama City, FL July 2021
2016 2017 2018 2019 2020 2021 2022 2023 2024
Personal Income (Billions $)
Total Personal Income 8.1 8.2 8.6 8.6 9.2 9.8 9.7 10.0 10.5
Pct Chg Year Ago Wages and Salaries Nonwage Income 3.4 2.2 4.9 -0.4 6.3 7.3 -1.6 3.1 5.2 3.8 3.8 4.0 4.0 4.1 4.5 4.7 4.8 5.1 4.3 4.4 4.7 4.6 5.0 5.3 5.0 5.1 5.4
Real Personal Income (12$) 8.3 8.3 8.5 8.3 8.7 9.1 8.8 8.9 9.2
Pct Chg Year Ago 2.3 0.4 2.7 -2.9 5.1 4.9 -3.2 1.3 3.2 Per Capita Income (Ths) 40.4 41.0 43.3 45.8 49.7 54.3 54.1 56.2 59.4 Real Per Capita Income (12$) 41.3 41.2 42.7 44.0 47.2 50.4 49.4 50.3 52.2 Average Annual Wage (Ths) 42.9 43.3 45.0 47.8 51.1 54.1 55.1 57.0 59.3
Pct Chg Year Ago 2.6 0.9 3.9 6.3 6.9 5.8 1.9 3.4 4.1
Establishment Employment (Place of Work, Thousands, SA)
Total Employment 83.4 84.1 83.9 80.7 78.4 81.4 82.5 83.0 83.7
Pct Chg Year Ago 1.5 0.8 -0.2 -3.8 -2.9 3.9 1.4 0.5 0.8 Manufacturing 3.7 3.2 3.1 3.0 3.2 3.2 3.2 3.3 3.3
Pct Chg Year Ago -0.2 -11.6 -4.9 -1.8 4.7 0.1 1.5 1.6 1.4 Nonmanufacturing 79.7 80.8 80.8 77.7 75.2 78.3 79.3 79.7 80.4
Pct Chg Year Ago 1.6 1.4 0.0 -3.9 -3.2 4.0 1.4 0.5 0.8 Construction & Mining 4.9 5.1 5.5 6.9 7.0 7.2 7.1 6.8 6.6
Pct Chg Year Ago 8.1 4.1 7.6 24.8 1.9 2.5 -1.5 -3.7 -3.5 Trade, Trans, & Utilities 16.5 16.5 16.1 15.7 15.8 16.4 15.5 14.7 14.1
Pct Chg Year Ago 0.3 0.0 -2.4 -2.1 0.4 4.0 -5.7 -5.1 -3.8
Wholesale Trade 2.3 2.3 2.3 2.3 2.2 2.3 2.3 2.3 2.3
Retail Trade 12.2 12.1 12.0 11.8 11.9 12.4 11.5 10.8 10.2
Trans, Wrhsng, & Util 2.1 2.1 1.8 1.7 1.7 1.8 1.7 1.7 1.6 Information 0.9 0.9 0.9 0.8 0.6 0.6 0.6 0.6 0.6
Pct Chg Year Ago -8.8 -8.8 1.0 -10.7 -19.1 -5.5 -1.7 -2.3 2.9 Financial Activities 4.3 4.4 4.6 4.5 4.7 4.9 4.7 4.6 4.6
Pct Chg Year Ago -1.1 3.0 3.0 -1.9 5.0 3.4 -3.4 -3.1 0.1 Prof & Business Services 10.7 11.0 10.9 11.1 10.0 10.6 11.6 11.8 12.3
Pct Chg Year Ago 3.1 3.5 -1.0 2.0 -9.9 5.4 9.7 2.0 3.7 Educ & Health Services 11.1 11.6 11.6 9.6 9.5 9.5 9.5 9.7 10.0
Pct Chg Year Ago 1.2 4.5 -0.1 -17.0 -1.2 0.1 0.5 1.7 2.9 Leisure & Hospitality 14.3 14.2 14.2 13.0 11.8 13.4 14.4 15.4 16.0
Pct Chg Year Ago 2.4 -0.7 -0.1 -8.9 -9.0 13.4 7.6 7.0 3.8 Other Services 2.8 2.8 2.8 2.7 2.6 2.5 2.6 2.7 2.7
Pct Chg Year Ago 0.7 1.6 0.3 -6.3 -2.8 -2.8 4.9 1.5 1.3 Federal Government 3.8 3.8 3.9 3.7 3.9 3.9 3.9 3.9 3.9
Pct Chg Year Ago 1.4 0.1 1.6 -4.4 4.9 0.5 -0.4 0.3 0.6 State & Local Government 10.4 10.5 10.4 9.8 9.3 9.3 9.4 9.6 9.6
Pct Chg Year Ago 1.0 0.3 -0.7 -5.9 -4.8 0.3 1.1 1.4 0.6
Other Economic Indicators
Population (Ths) 199.9 201.2 199.7 187.9 184.4 181.1 178.7 177.6 176.8
Pct Chg Year Ago 1.0 0.6 -0.7 -5.9 -1.9 -1.8 -1.3 -0.6 -0.4 Labor Force (Ths) 93.7 94.4 93.9 90.0 86.1 90.1 90.5 91.0 91.7
Pct Chg Year Ago 0.4 0.7 -0.5 -4.2 -4.3 4.6 0.4 0.5 0.8 Unemployment Rate (%) 4.8 4.2 4.1 3.9 6.1 2.6 2.5 2.6 2.7 Total Housing Starts 1049.1 1497.1 1499.8 1710.6 1392.4 1782.2 1592.6 1412.1 1395.3 Single-Family 911.3 955.1 1101.8 1407.0 1192.2 1258.9 955.2 848.9 846.0 Multifamily 137.8 542.0 398.0 303.7 200.2 523.2 637.4 563.2 549.4
