Economy

2022 Volusia County
GDP

$20 Billion

2022 Volusia County
Exports

$391 Million

2023 Employed
Workforce 

262,170

2024 New Commercial
Building Permits

$663 Million

2024 New Residential
Building Permits

$1.22 Billion

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Gross Domestic Product

Volusia County's strong GDP of $20 billion is ranked 14th out of 67 counties in Florida.

The chart is showing the Volusia County Annual GDP from 2012 to 2022. Click the image link for a pdf with details. 


Exports

The Deltona-Daytona-Ormond MSA is ranked 10th out of 22 MSAs in Florida for exports. The top exports consist of Transportation Equipment, Machinery, Computer & Electronic Products, Electrical Equipment and Textile Mill Products respectively by value and make up 59% of the products exported.

Deltona-Daytona-Ormond Beach MSA Exports chart. Click image for pdf of chart with details.

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Employment

Volusia County employment dropped 6% due to the COVID pandemic and has since recovered by 10%. View the most current labor statistics reported monthly. 

Chart showing Volusia County total employed workforce from 2011 to 2021. Click image for pdf of chart with details.

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Commercial Building Activity

For the 12 months ending December 2024, an average of $55.2 million per month in new ground up commercial building permits have been issued.

This chart shows a 3-year history by quarter of new commercial construction building permits in Volusia County. There were 43 commercial building permits issued in the 4th quarter 2024 for a value of $152 million. This brings the 2024 total to 369 permits with a value of $663.2 million. In 2023, there was a total of 178 permits and a value of $541 million. In 2022, there was a total of 199 permits and a value of $821 million.

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Residential Building Activity

For the 12 months ending December 2024, an average of 259 new residential building permits have been issued per month. That's an average of $101.6 million per month in single family residential permits.

This chart shows a 3-year history by quarter of residential new construction building permits in Volusia County. There were 607 permits issued in the 4th quarter 2024 for a value of $248 million. This brings the 2024 total to 3,108 permits with a value of $1.21 billion. Total permits for 2023 were 3,503 for a value of $1.308 billion. Total permits for 2022 were 4,047 for a value of $1.329 billion. In 2022, there was a total of 4,047 permits and a value of $1.32 billion.

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Residential Building Permit Trend

Residential building permit activity has increased steadily every year since 2012 with the average value of homes constructed in 2023 at $373,613 whereas values were $188,611 at the height of activity in 2005. 

The residential new construction building permit trend chart displays the number and total value of permits issued from 2003 to 2024. In 2003, there were 5,728 permits issued with a value of $857 million. That total peaked in 2005 to 6,857 permits with a value of $1.29 billion. From 2006 to 2011, the number of permits fell sharply to a low of 474 permits in 2011 with a value of $131 million.  From 2012 to 2021, there was a steady increase in permits. As of 2022, permit activity has been trending lower with 4,047 permits with a value of $1.329 billion; 2023 had 3,503 permits with a value of $1.308 billion; and 2024 closed out with 3,108 with a value of $1.21 billion. Over the past 20 years, the average value of permits increased over 100% from approximately $188,611 in 2005 to approximately $392,295 in 2024.

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Housing Values

Median Sale Price (1st Qtr. 2024) East Volusia West Volusia
Single Family Homes $375,000 $361,000
Townhouses & Condos $310,000 $309,000

Sources: Daytona Beach Area Realtors Associations, West Volusia Realtors Association

The chart is showing the 12-month average of single-family typical home value trend from 2012 to 2024. The average values from 2014 to 2024 were 2014 - $129,928; 2015 -$140,886; 2016 - $156,143; 2017 - $173,296; 2018 - $191,885; 2019 - $203,828; 2020 - $218,391; 2021 - $256,124; 2022 $315,046; 2023 - $325,685; and 2024 - $330,706

Source: Zillow Home Value Index 

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Residential Foreclosure Filings

Volusia County has had a continuous downward trend of foreclosure filings since the peak in 2010. 

The trend chart displays the annual total of residential foreclosure filings in Volusia County from 2010 to 2022. Filings peaked to 6,203 in 2010, dropped to 3,668 in 2011, increased to 5,718 in 2012. The downward trend improved year over year to the lowest level in recent history at 293 in 2021 due to foreclosure moratoriums in place as a result of the COVID-19 pandemic. Foreclosures increased in 2022 to 548, 673 in 2023, and 701 in 2024.

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