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  • Ormond Beach Economic Development Update

    Ormond Beach City Economic Development Happenings
    Business Outlook and Trends:  
    Year to date (September 2019) compared to same period 2018.
     
    Employment
    Ormond Beach employment for August 2019 was 19,573. This is up 2.2% from 2018. The City’s unemployment rate is 3.5% down from 3.6% one year ago. The City’s jobless rate was slightly lower than the Deltona-Daytona-Ormond Metro Region (3.7%) and the State (3.5%). Year to date over 420 jobs were added to the economy in 2019 since January of this year.
     

    City of Ormond Beach 2019 2018
    Labor Force 20,274 19,856
    Employment 19,573 19,146
    Unemployment 3.5% 3.6
                                                                                      (Source: LAUS, FL. DEO)
     
    Business Licenses:           468Total licenses:                        -66 more than last year
                                               112 New businesses:                  -51 less than last year   
                                                 63 Home based businesses:      -63 less than last year
    Building Permits:  
    4,209 Total permits:                                               -544 less than last year
    $81.6 Million Total Construction Value:                  -$36 million less than last year
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                         B. Permits                         Constr. Value $
    2018             6,119 (-2.9%)                    $143 (+10%)
    2017             6,304 (+13%)                     $130 (+17%)
    2016             5,594  (+12%)                    $109 (+18%)
    2015             4,989  (+12%)                    $  92 (+16%)
    2014             4,452                                 $ 79
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    Development Pipeline and Updates
     
    The regional business development pipeline remains very active. City’s Department of Economic Development continues to work closely with Team Volusia and regional partners on corporate site selection and prospects. According to recent updates:
    • Attended the Space Commerce workshop in August. Several upcoming events to be involved in. The overarching purpose of the workshop was to help companies learn how they may participate in the aerospace industry and understand the resources available at the State and Federal level as well as Nonprofit and private organizations. Florida Venture Forum is hosting an aerospace capital forum in November. Good traction for opportunities in this sector
    Business Park and Commercial Development
     
    There is approximately 234,900 SF of new office and industrial development under construction or planned with the City of Ormond Beach. Activity is occurring the Airport Business Park, Ormond Crossings, and along U.S. 1. Notable updates:
    • Ormond Crossings: Security First Insurance HQ construction continues. They anticipate opening in the Fall 2019.  
    • The office/warehouse project on Coolidge Avenue just south of Division Ave. has commenced and will bring approximately 14,400 SF to market.
    • Total Comfort started construction on a project to construct a 25,800+ SF building and Boat and RV parking located at 1345 N. US 1.
    Ormond Airport
     
    Ormond Beach Airport received $3.3 million grant from the Federal Aviation Administration (FAA).
     
    The FAA grant funds will be used to extend runway 9-27 and will bring the new total length of the primary runway to 5,004 feet. This will improve the safety and efficiency of airport operations and promote economic growth in the region.
     
    This project is the third phase of a process to rehabilitate and extend the airport's primary runway, which is one of the City's near-term airport capital improvement project goals established in the Airport Master Plan. Earlier this year the rehabilitation of Runway 9-27 and improvements to the heliport were completed.
     
    Retail Development
     
    There is approximately over 250,000 SF of new retail space either under construction or planned within the City of Ormond Beach, primarily along major commercial corridors of US 1 and Granada Blvd. Notable updates:
    • The Extended Stay hotel will commence construction this quarter bringing 124 keys to the area. .
    • Chase Bank completed their new 3,470+ SF branch.
    • Aldi and TD Bank celebrated grand openings this past month. WaWa is scheduled to cut the ribbon tomorrow, Thursday 10/17 at 9am in the morning.
     Residential Development
     
    There are 8 residential projects with approximately 592 housing units.
     
    Cypress Trails 48
    Gardens at Addison Oaks 60
    Halifax 100 Condominiums 12
    Ormond Renaissance Condominium 280
    Pineland 192
    Plantation Oaks, Unit 2B 125
    Plantation Oaks, Unit 2C 121
    Plantation Oaks, Unit 2D 84
    Total 922
     
    Proposed (not approved)
     
    Ormond Grande 60
    Courtyards at Ormond Beach 48
    Total 108
     
    Did you know?
     
    The median household income (dollars) in Ormond Beach is $51,152 while the Mean household income (dollars) is $75,699. The Median earnings for full-time, year-round workers with earnings is $42,391 and the Mean earnings for full-time, year-round workers with earnings is $64,366.
               (Source: U.S. Census Bureau, 2013-2017 American Community Survey 5-Year Estimates: Selected Economic Characteristics)

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