Florida REALTORS® District 12 Economic Summit: The Economy and Real Estate


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Presentation by John Tucillo, Florida REALTORS® chief economist, at the Florida REALTORS® District 12 Economic Summit.

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Florida REALTORS® District 12 Economic Summit: The Economy and Real Estate

  1. 1. The Economy and Real EstateDistrict 12 PresentationJune 20, 2013
  2. 2. Industry Data & AnalysisGDP and National Employment-1,000,000-800,000-600,000-400,000-200,0000200,000400,000600,000-10-8-6-4-20246January2008March2008May2008July2008September2008November2008January2009March2009May2009July2009September2009November2009January2010March2010May2010July2010September2010November2010January2011March2011May2011July2011September2011November2011January2012March2012May2012July2012September2012November2012January2013March2013GDPPercentageGrowth (LeftAxis)NationalEmploymentChange(Right Axis)
  3. 3. Industry Data & AnalysisNational Residential Sales3,000,0003,500,0004,000,0004,500,0005,000,0005,500,000 200820092010201120122013
  4. 4. Industry Data & AnalysisNational Median Home Price$150,000$155,000$160,000$165,000$170,000$175,000$180,000$185,000$190,000$195,000 May2011Jun2011Jul2011Aug2011Sep2011Oct2011Nov2011Dec2011Jan2012Feb2012Mar2012Apr2012May2012Jun2012Jul2012Aug2012Sep2012Oct2012Nov2012Dec2012Jan2013Feb2013Mar2013Apr2013
  5. 5. Industry Data & AnalysisFlorida Employment and Sales7,600,0007,800,0008,000,0008,200,0008,400,0008,600,0008,800,00005,00010,00015,00020,00025,000Jan2010Mar2010May2010Jul2010Sep2010Nov2010Jan2011Mar2011May2011Jul2011Sep2011Nov2011Jan2012Mar2012May2012Jul2012Sep2012Nov2012Jan2013Mar2013FloridaClosed Sales(Left Scale)FloridaEmployment(Right Scale)
  6. 6. • Close to 7,000 workers were laid off at the closeof the Space Shuttle program at Kennedy SpaceCenter.• Of those, 1,366 were highly-specialized scientistsand technicians.• Space Coast EDC estimates 2.8 workers insurrounding businesses depended on thespending of each NASA employee, bringing thecombined negative impact to 26,6000 residents• What do we do now?Recovering from Economic Adversity
  7. 7. • $6.5 million recently awarded to Port Canaveral towards new cruiseterminal, in addition to Governor’s $24 million to widen and deepend existing channel. These funds will work alongside $18 million inhomeland and state grants already in place.• Metro Orlando Economic Development Commission established 40projects 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 facilitieswill foster growth and innovative research. Projected job creation of30,000 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 incomelevels.• Space Coast EDC currently vying for a bid from SpaceX, in hopes ofkeeping Kennedy Space Center facilities in operation.Recovering from Economic Adversity
  8. 8. Industry Data & AnalysisResidential Building Permits by County, 2004-201302004006008001000120014001600Jan-04Apr-04Jul-04Oct-04Jan-05Apr-05Jul-05Oct-05Jan-06Apr-06Jul-06Oct-06Jan-07Apr-07Jul-07Oct-07Jan-08Apr-08Jul-08Oct-08Jan-09Apr-09Jul-09Oct-09Jan-10Apr-10Jul-10Oct-10Jan-11Apr-11Jul-11Oct-11Jan-12Apr-12Jul-12Oct-12Jan-13PermitsOrangeCountyOsceolaCountySeminoleCounty
  9. 9. Industry Data & AnalysisResidential Price Index
  10. 10. Industry Data & AnalysisSingle Family Homes, May 2013
  11. 11. Industry Data & AnalysisPrice Tier Breakdown
  12. 12. Industry Data & AnalysisDistressed Properties