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Presentation by John Tucillo, Florida REALTORS® chief economist, at the Florida REALTORS® District 12 Economic Summit.
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The Economy and Real Estate
District 12 PresentationJune 20, 2013
Industry Data & Analysis
GDP and National Employment
-10
-8
-6
-4
-2
0
2
4
6
-1,000,000
-800,000
-600,000
-400,000
-200,000
0
200,000
400,000
600,000
GDP Per-centage Growth (Left Axis)
National Employment Change (Right Axis)
Industry Data & Analysis
National Residential Sales
2008 2009 2010 2011 2012 20133,000,000
3,500,000
4,000,000
4,500,000
5,000,000
5,500,000
Industry Data & Analysis
National Median Home PriceM
ay 2
011
Jun
2011
Jul 2
011
Aug
2011
Sep
2011
Oct
201
1
Nov
201
1
Dec
201
1
Jan
2012
Feb
2012
Mar
201
2
Apr
2012
May
201
2
Jun
2012
Jul 2
012
Aug
2012
Sep
2012
Oct
201
2
Nov
201
2
Dec
201
2
Jan
2013
Feb
2013
Mar
201
3
Apr
2013
$150,000
$155,000
$160,000
$165,000
$170,000
$175,000
$180,000
$185,000
$190,000
$195,000
Industry Data & Analysis
Florida Employment and Sales
Jan 2010
Mar
2010
May
2010
Jul 2
010
Sep 2010
Nov 2010
Jan 2011
Mar
2011
May
2011
Jul 2
011
Sep 2011
Nov 2011
Jan 2012
Mar
2012
May
2012
Jul 2
012
Sep 2012
Nov 2012
Jan 2013
Mar
20130
5,000
10,000
15,000
20,000
25,000
7,600,000
7,800,000
8,000,000
8,200,000
8,400,000
8,600,000
8,800,000
Florida Closed Sales (Left Scale)
Florida Em-ployment (Right Scale)
• Close to 7,000 workers were laid off at the close of the Space Shuttle program at Kennedy Space Center.
• Of those, 1,366 were highly-specialized scientists and technicians.
• Space Coast EDC estimates 2.8 workers in surrounding businesses depended on the spending of each NASA employee, bringing the combined negative impact to 26,6000 residents
• What do we do now?
Recovering from Economic Adversity
• $6.5 million recently awarded to Port Canaveral towards new cruise terminal, in addition to Governor’s $24 million to widen and deep end existing channel. These funds will work alongside $18 million in homeland and state grants already in place.
• Metro Orlando Economic Development Commission established 40 projects this year.– 4,604 projected jobs created through 2015– $299,841,157 capital investment– 1,805,549 square feet of leased or purchased space
• $2 billion investment in Lake Nona Medical City, clustering facilities will foster growth and innovative research. Projected job creation of 30,000 jobs and $7.6 billion in economic impact by 2023.
• Orlando’s per capita income rose 1.2 percent in 2011 to $31,700, marking the third straight year of increases in income levels.
• Space Coast EDC currently vying for a bid from SpaceX, in hopes of keeping Kennedy Space Center facilities in operation.
Recovering from Economic Adversity
Industry Data & Analysis
Residential Building Permits by County, 2004-2013
Jan-04
Apr-04Jul-0
4
Oct-04Jan
-05
Apr-05Jul-0
5
Oct-05Jan
-06
Apr-06Jul-0
6
Oct-06Jan
-07
Apr-07Jul-0
7
Oct-07Jan
-08
Apr-08Jul-0
8
Oct-08Jan
-09
Apr-09Jul-0
9
Oct-09Jan
-10
Apr-10Jul-1
0
Oct-10Jan
-11
Apr-11Jul-1
1
Oct-11Jan
-12
Apr-12Jul-1
2
Oct-12Jan
-130
200
400
600
800
1000
1200
1400
1600
Orange CountyOsceola CountySeminole CountyPe
rmits
Industry Data & Analysis
Residential Price Index
Industry Data & Analysis
Single Family Homes, May 2013
Industry Data & Analysis
Price Tier Breakdown
Industry Data & Analysis
Distressed Properties