At the June 11th Leon County Commission meeting, the Tallahassee-Leon County Office of Economic Vitality (OEV) provided a local economic update via the May 2024 Quarterly Economic Dashboard Report
The update noted the Tallahassee International Airport experienced a surge in passenger volume, with the highest Q1 traffic in 14 years.
In addition, the update described the positive workforce indicators for the quarter, which included a 2.4% increase in employment levels, a 15.9% decrease in initial claims for Unemployment Compensation, and a 2.9% growth in the labor force compared to Q1 of 2023.
On the real estate front, the update revealed that single-family housing indicators are more neutral, with a slight decrease year-over-year in permits for new construction and a slight increase in mortgage foreclosures. Industrial vacancy rates continue to be neutral, holding steady at 1.6% to 1.7%.
The Tallahassee-Leon County Office of Economic Vitality (OEV) has produced the Quarterly Economic Dashboard since February 2017 to give a consistent recurring snapshot of the local economy and to demonstrate the ongoing efforts to support economic vitality and provide a return on investment. The Dashboard is designed to appeal to local decision-makers and business leaders outside Leon County who may be considering company expansion or relocation.
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