Economic DashboardQuarterly FocusFOURTH QUARTER 2017GROSS DOMESTIC PRODUCT (GDP)

@OEVforBusiness

In 2016, GDP for the Tallahassee Metro Area totaled nearly $15.8 billion (current dollars), with private sector industries accounting for 67%. Tallahassee’s GDP was up 6.3% from 2015, compared with a 4.9% increase for Florida and a rise of 3.2% for the US. The $940 million increase in GDP for Tallahassee in 2016 was the most since 2007.

The Tallahassee Metro Area in 2016 ranked highest among all of Florida’s 22 metro areas for percentage growth in Real GDP Per Capita, up 3.8% from 2015. The rate of Real GDP growth in 2016 placed Tallahassee among the top 30 metro areas nationwide.

ANNUAL CHANGE IN GDP, 2002-2016(PERCENT CHANGE FROM PRIOR YEAR)

10%

8%

6%

4%

2%

-2%

0%

-4%2002 2006 2010 20142004 2008 2012 20162003 2007 2011 20152005 2009 2013

Tallahassee

Florida

US

REAL GDP PER CAPITA GROWTH RATE OF FLORIDA METRO AREAS, 2015-2016(INFLATION ADJUSTED, CHAINED 2009 DOLLARS)

-5% -4% -3% -2% -1% 0% 1% 2% 3% 4%

Tallahassee

Cape Coral - Fort Myers

Crestview - Fort Walton Beach - Destin

Gainesville

Ocala

Deltona - Daytona Beach - Ormond Beach

Pensacola - Ferry Pass - Brent

Sebring

Sebastian - Vero Beach

The Villages

Jacksonville

North Port - Sarasota - Bradenton

Orlando - Kissimmee - Sanford

Tampa - St. Petersburg - Clearwater

Miami - Fort Lauderdale - West Palm Beach

Port St. Lucie

Palm Bay - Melbourne - Titusville

Naples - Immokalee - Marco Island

Punta Gorda

Panama City

Lakeland - Winter Haven

Homosassa Springs

3.8%

2.0%

1.3%

1.0%

3.4%

1.9%

1.3%

0.8%

2.5%

1.6%

1.0%

0.8%

-0.3%

2.1%

1.5%

1.0%

0.7%

-1.3%

0.5%

-1.3%

0.1%

-4.3%

SOURCE: U.S. DEPARTMENT OF COMMERCE, BUREAU OF ECONOMIC ANALYSIS

Fourth QuarterECONOMIC DASHBOARDFOR MORE INFORMATION • Visit OEVforBusiness.org.

TOP ECONOMIC INDICATORS • Sourced by the Tallahassee-Leon County Office of Economic Vitality (OEV), economic indicators help track trends and forecast the direction of the local economy. OEV’s Data Center is the community’s most comprehensive database of nearly 80 economic indicators.

INDICATOR MOST RECENT WHAT DOES THIS MEAN?

SINCE LAST PERIOD

SINCE LAST YEAR

INDICATOR MOST RECENT WHAT DOES THIS MEAN?

SINCE LAST PERIOD

SINCE LAST YEAR

184,084August 2017

-0.1%

Down 266 from July to August

+3.6%Up 6,466 from August

2016

Employment levels have now increased 19 months in a row, comparing same month of prior year. MSA monthly avg. of 184,400 in Jan.-Aug. is 4% higher than the same period in 2016.

EMPLOYMENT

191,716August 2017

-0.4%Down 1819 from July

to August

+2.5%

Up 4,744 from August 2016

MSA avg. monthly Labor Force in Jan.-Aug. 2017 (192,537) was 3.5% higher than during the same months in 2016. The 12-month average has increased each month since Mar. 2016.

LABOR FORCE

4.0%August 2017

-0.7%Down 1,251 from April

to May

+4.4%Up 7,881 from May

2016

Unemployment Rate was the lowest for any August since 2007, and the sixth month in a row where unemployment was down from the same month of 2016.

UNEMPLOYMENT RATE

$8231st Quarter, 2017

-1.4%$12 lower than in Q4

2016

+8.0%

$63 more than in Q1 2016

Average Weekly Wage increased by 8% in one quarter, the most since Q1 2006, though only 0.4% higher than the $820 of Q3 2016.

AVERAGE WEEKLY WAGE

447August 2017

-20.2%100 fewer than in July

-15.5%75 fewer than in

August 2016

Each Jul. to Aug., Initial Claims for Unemployment Compensation seasonally declines. The 470 monthly avg. in Jan.-Aug. 2017 was only half the 914 avg. in Jan.-Aug. 2014.

UNEMPLOYMENT CLAIMS

46August 2017

+42.7%16 more than in July

-16.0%8 fewer than in August 2016

Mortgage Foreclosures in Leon Co. in Jan.-Aug. 2017 totaled 359, the lowest Jan.-Aug. sum since before the 2008 recession. Foreclosures since Aug. 2016 averaged 41 per month.

MORTGAGE FORECLOSURES

72August 2017

+42.7%Up from 47 in July

+36.5%22 more permits than

in August 2016

New Single-Family Construction Permits totaled 522 in Jan.-Aug. 2017, 211 more than the Jan.-Aug. avg. of 311 in 2009-2016. The 72 permits in Aug. 2017 were the most for any Aug. since 2007.

NEW SINGLE-FAMILY CONSTRUCTION

PERMITS

$204,000July 2017

-11.8%Down $25,000 from

June to July

+2.6%Up $5,300 from July

2016

Median Sales Price has risen in seven of the past 12 months in the MSA, and has been lower than the statewide median sales price 34 months in a row.

MEDIAN SINGLE-FAMILY

HOME SALES PRICE

633,319Q3 FY 2017

-4.8%Down 31,433 from Q2

of FY 2017

+5.3%Up 32,791 from Q3 of

FY 2016

Total Visitors increased 5.3% from Q3 of 2016, which was down 5.1% from Q3 of 2015. Visitors in FY 2017 have averaged 613,017 per quarter.

TOURISM:TOTAL VISITORS

4.6%Q2 2017

SAMEUnchanged from Q1 of

2017

-2.3 pts.Down from 6.9% in

Q2 of 2016

Office Vacancy has fallen steadily: down 2.3 points since Q2 of 2016 and down 3.3 points from Q2 of 2015.

OFFICE VACANCY RATE

3.4%Q2 2017

-0.3 pts.Down from 3.7% in Q1

of 2017

-1.8 pts.Down from 5.2% in

Q2 of 2017

Industrial Vacancy was down 1.8 points from Q2 of 2016, and down 2.5 points from Q2 of 2015.

INDUSTRIAL VACANCY RATE

58,934August 2017

+2.6%1,532 more than in July

2017

-4.5%2,728 fewer than in

August 2016

During 2011-2017, TLH Passengers in Aug. averaged 58,213. Passengers increased 1.6% in Jan.-Aug. 2017 from Jan.-Aug. 2016.

TALLAHASSEE PASSENGERS

$402.7 MJune 2017

-0.1%Down $0.3 M from May

to June

+2.5%$10 M more than in

June 2016

Taxable Sales were $90 million higher in Jun. 2017 than in Jun. 2012, and have gone up in 56 of the past 60 months, comparing sales to the same month of the previous year.

TAXABLE SALES