florida realtors® district 12 economic summit: the economy and real estate

12
The Economy and Real Estate District 12 Presentation June 20, 2013

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

TRANSCRIPT

Page 1: Florida REALTORS® District 12 Economic Summit: The Economy and Real Estate

The Economy and Real Estate

District 12 PresentationJune 20, 2013

Page 2: Florida REALTORS® District 12 Economic Summit: The Economy and Real Estate

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)

Page 3: Florida REALTORS® District 12 Economic Summit: The Economy and Real Estate

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

Page 4: Florida REALTORS® District 12 Economic Summit: The Economy and Real Estate

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

Page 5: Florida REALTORS® District 12 Economic Summit: The Economy and Real Estate

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)

Page 6: Florida REALTORS® District 12 Economic Summit: The Economy and Real Estate

• 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

Page 7: Florida REALTORS® District 12 Economic Summit: The Economy and Real Estate

• $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

Page 8: Florida REALTORS® District 12 Economic Summit: The Economy and Real Estate

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

Page 9: Florida REALTORS® District 12 Economic Summit: The Economy and Real Estate

Industry Data & Analysis

Residential Price Index

Page 10: Florida REALTORS® District 12 Economic Summit: The Economy and Real Estate

Industry Data & Analysis

Single Family Homes, May 2013

Page 11: Florida REALTORS® District 12 Economic Summit: The Economy and Real Estate

Industry Data & Analysis

Price Tier Breakdown

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

Industry Data & Analysis

Distressed Properties