No jobs, no tourists, no dice

Unemployment held steady in October in Volusia County, but is still up slightly from last year. The state labor agency reported the unemployment rate was 3.9% in October compared to 3.9% in September and 3.5% in October 2023. There were 10, 573 workers unemployed out of a labor force of 270, 224 compared to 9, 690 unemployed out of a labor force of 274, 341, according to the state agency's estimates. The non-agricultural jobs report is starting to line up with the overall employment report. The state report shows employers in the Volusia-Flagler area added just 600 jobs over the past 12 months and 200 from September to October. The areas losing workers over the last year included financial activities, down 500 jobs; retail trade, down 400; and leisure & hospitality and manufacturing, both down 300 jobs. Healthcare, with 800 job; government, with 700 jobs; and construction, with 200 jobs; helped overcome the decline. Now that inflation is near just 2% annual growth the Federal Reserve was seeking and the board has begun raising interest rates, a market like Volusia, with the continuing influx of retirees to go along with organic growth, will probably recover quickly. By the first quarter, we should see significant growth in jobs return. *** Add tourism to the list of areas not doing so well right now. Bed tax collections were down 4.9% in September from September 2023 in Volusia County as the Halifax area dropped off sharply, but Southeast and West Volusia were up. It was the slowest month since the Covid-19 Pandemic ended. The Daytona Beach Area Conventions & Visitors Bureau reported hotel occupancy decreased 0.1% to 45.7%, compared to 45.8% in September 2023 and the average daily room rate decreased 7.5% to $108.36 compared to $117.18 in September 2023.

A small amount of commercial real estate deals included D.R. Horton buying another batch of lots in Halifax Plantation at Ormond Beach for about $4.06 million. I'm not exactly sure what's going on, but a Tampa entity named Webster Holdings paid $3 million for the failed Webster Creek development on spoil islands in the Indian River Lagoon off the 5000 block of South Atlantic Avenue in New Smyrna Beach. A Missouri-Tampa partnership bought the medical office building at 2808 Enterprise Road in DeBary for $2.25 million. Owners of Florida Family Marine of DeLand bought the former roller skating rink at 1779 N. Spring Garden Ave. in DeLand for $1.125 million. A Tampa firm bought the medical office building at 1670 Providence Blvd. in Deltona for $985, 000. *** Some development news that may indicate some progress with some large projects, includes permitting underway for Ormond Crossings West, Northern Property, a 742.08-acre residential development consisting of about 1, 245 single-family dwelling units, a K-8 school, two parks and associated roadway infrastructure. The proposed stormwater management system will have 13 ponds. After years in development, the only building at Ormond Crossings is Security First Insurance's headquarters building. But who knows, we may see more in 2025. A stormwater plan also was filed with the St. Johns River Water Management District for Halifax Riverfront Apartments (on the former bowling center site on Ridgewood Avenue in South Daytona) with 254 apartments and a restaurant. *** On a final note, signs are going up soon for a 7Brew at Nova and Beville roads in the Promenade shopping center in Daytona Beach. Managing Editor Cecil G. Brumley has been tracking business and the economy in Volusia County for more than 27 years. Contact him at [email protected] (no hyphens) or follow him on Twitter @cecilbrumley.