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DeLand, FL – Unemployment and foreclosures continue sliding down as residential construction permits keep going up in Volusia County.
The latest economic development report issued by the county shows the unemployment rate at 5.8% for the 3rd quarter of 2015, a 1.1% drop compared to the same 3-month period in 2014. It’s also the lowest unemployment rate in Volusia since the 1st quarter of 2008.
Volusia’s unemployed fell by 2,854 residents between the 3rd quarter of 2015 and the same quarter the year before. The overall labor force also dropped by 2,980 residents during that same time.
At the city level, Port Orange led the way with 4.7% unemployment, followed by Ormond Beach’s 5.2%, DeLand at 6% and Deltona at 6.1%.
Daytona Beach had the highest unemployment of all of Volusia’s major cities at 6.6%, but it also had the biggest rate improvement of 1.3% compared to the 3rd quarter of 2014.
Port Orange and Deltona improved by 1.1% while Ormond Beach had a 0.9% improvement and DeLand had a 0.7% improvement.
Education & health services was the big mover in Volusia’s job market between July and September, gaining 1,633 jobs during that time.
Professional & business services reported a gain of 867 jobs while leisure & hospitality (567) and local government (500) were the only other categories to gain 500 or more local jobs during that time period.
321 residential construction permits were filed in Volusia during the 3rd quarter for a value of $105 million. That’s 26 more permits and $12 million more in value compared to the 3rd quarter of 2014.
DeLand led all Volusia cities in the number of residential construction permits (77) and overall value ($25,261,022). New Smyrna Beach came in 2nd in permits (51) and value ($17,472,017) while Port Orange (41 and $13,549,986) came in 3rd in both categories.
Commercial construction permits weren’t nearly as strong in the 3rd quarter, with only 19 filed in Volusia for a value of $23 million. 28 were filed during the same time period last year for $38 million dollars.
The only Volusia cities with more than 2 commercial construction permits were Port Orange (6) and New Smyrna Beach (4), though New Smyrna Beach’s permits were far more valuable ($6,131,396) than Port Orange’s ($2,702,574).
Residential foreclosure numbers continued to fall in the 3rd quarter of 2015, with Volusia reporting around 350 homesteaded foreclosures compared to the nearly 400 posted for the same time in 2014.
Non-homesteaded foreclosures also fell to under 200 after creeping slightly over that number in the 3rd quarter of last year.
Commercial foreclosure numbers stayed roughly the same, as did the number of commercial foreclosure properties that sold.
Around 700 foreclosed homes sold in the 3rd quarter of this year, off the pace of the around 900 sold in the 3rd quarter of 2014.
Copyright 2015 Southern Stone Communications.
