ECONOMI C D EVELOP MENT COMM I SSI ON OF F LORI DA’S SPA CE COA ST Winter-Spring 2015
ECONOMIC REVIEW The Economic Review is a comprehensive, semi-annual analysis of current economic conditions in Brevard County, Florida. Covering multiple areas of the economy, from unemployment and home sales to industry-specific metrics, the Review uses the most current data available from local, state and federal sources.
HIGHLIGHTS
2014 was overall a good year and most elements indicate that Brevard’s Economy is still on a recovery path. Brevard’s GDP remains below its pre-recession level but
Brevard’s unemployment rate was 5.7% in December. (Page 2) In December, private employment increased by 2,700 jobs compared with December 2013.
Page 3) December’s total inventory for single-family homes decreased by 15.5% compared with December 2013. (Page 4) In November the retail activity index increased 7.5% compared with November 2013, a new record for the past few years. (Page 5) Between July and December 2014, Brevard Zoo experienced a 10.5% increase in visitors when compared to the same period in 2013. (Page 6)
appears steady and should soon reflect the economy’s positive growths. The U.S. Consumer confidence which was already upward bound at the beginning of 2014, is still climbing and reflects in Brevard’s spending behavior.
Over the past year, single family homes median prices and closed sales surpassed 2013 each month year-over-year, indicating people are confident and able to make substantial long term investments. Additional measurements such as the taxable sales index, and tourism spending have posted consistently higher numbers than in 2013.
In the area of labor, the size of the force and employment have both slightly decreased, with manufacturing showing a sluggish growth. Manufacturing evolution is definitely one of the sectors affected by the baby-boomers retirement; it has been said that 10,000 baby-boomers retire every day in the US. However, let’s not undervalue the resilient decrease of the unemployment rate which reached 5.7% in December 2014.
Economic Development Commission of Florida’s Space Coast | 597 Haverty Court, Suite 40 | Rockledge, FL 32955 | 321.638.2000 | F 321.633.4200 www.SpaceCoastEDC.org