The Federal Reserve Board’s inflation fighting seems to have the desired effect of slowing down the economy, especially in Volusia County.
Employment, one of the chief economic indicators, had been growing at a fairly fast clip, but the latest report from the state labor agency shows some weak spots.
The household survey shows the unemployment rate remained above last year in Volusia in September at 3.4%, the same as in August, but up from 2.9% in September 2022. There were 9,455 workers unemployed out of a workforce of 280,499, compared to 7,822 unemployed and a workforce of 269,897 last year.
The huge jump in the workforce is good news. As you may recall, earlier this year and the past two or three years the mantra has been a lack of workers. But now it looks like there are more people available for jobs.
The non-agricultural employment report shows where the weak spots are, though.
In the Volusia-Flagler area in September employment was at 225,100, down from 226,100 in August, but up 5,800 from a year ago.
Breaking it down, construction was down 400 jobs from last year, manufacturing was down 100 jobs, professional and business services was down 200 jobs and state government was down 100 jobs.
The saving grace is healthcare jobs with the private education and health services sector up 4,500 jobs from last year (the hospitals sub-sector was up 900 jobs). Two other sectors with sharp growth are local government, up 900 jobs, and leisure and hospitality, up 600 jobs.
The Fed meets next week and Chairman Jay Powell has already indicated one more interest rate hike may be needed as the FRB tries to get inflation down to 2%.
Because the housing market was the driving force behind so much of Volusia’s recent economic growth, the Fed’s actions are having more impact than ever on us.
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I know I shouldn’t make fun of a big company like the Piaggio Group. Who knows what they could do to me, but sometimes it just too darn easy. Just in time for Biketoberfest, Piaggio has opened its MotoPlex Daytona at 566 Ballough Road. So, in the midst of all the Harleys in town last week, was a company opening a shop to sell scooters and crotch rockets.
A sleek Aprilia or Moto Guzzi bike probably looks just as much out of place as Piaggio and Vespa scooters among the brawny bikes most of the Bike Week and Biketoberfest visitors like. On a serious note, though, it’s nice to have those four brands available in the Daytona Beach area.
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Apparently there are some folks with money to invest and Volusia real estate is still considered a good place to park it. Some recent commercial real estate deals include a Venice investor buying one of the buildings in the MBA Business Center at 1433 N. U.S. 1 in Ormond Beach for $2.05 million. Froggy’s Saloon owners bought the property at 800 Main St. and adjacent parking on Grandview Avenue in Daytona Beach for $2 million.
Colorado and DeLand investors bought land formerly used for an RV park at 490 Flomich Ave. in Holly Hill for $1.7 million. A South Daytona investor bought the new Taco Bell property at 2077 LPGA Blvd. in Daytona Beach for $1.5 million. Bakkar Group of Jacksonville bought a lot in the Coastal Woods East development on State Road 44 in New Smyrna Beach for $915,000 for a Del Taco.
Managing Editor Cecil G. Brumley has been tracking business and the economy in Volusia County for more than 26 years. Contact him at [email protected] (no hyphens) or follow him on Twitter @cecilbrumley.
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