Charlotte County Economic Development July 2008 Figures little Surprise

This week, the Charlotte County Development Office put out its' July 2008 Economic Indicator Report which had little surprises. Unemployment was higher that the state and national levels at 7.6% (FL & US 5.7%.)  Tourism revenue is up, but that is deceiving because of additional taxes of 1% added in October 2005 and April 2007 to help build a new sports complex.  2004's Hurricane Charlie, plus the weakened economy is still having a dramatic effect on tourist dollars.  In 03/04, it was $1,415,095, 04/05 it was 1,355,295, then after adjusting for the increased tax, 05/06 would actually have been 983,727, and 06/07 would have been 918,047 a drop for three years in a row, and projecting out through September of 08, this year (adjusted for the new tax) will be about 908,171.  If that holds true, that will be four years in a row drop.  Although not all the hotels have been rebuilt since the hurricane, additional hotels have been built as well though.  So this is certainly an effect of the weak economy.

Total building permits are down 25%, and the valuation of those permits down 85% from $63 million to just under $9 million!  And SFR permits are down 45%, and their value down 44% as well, from $16 million to just under $9.  In June 2008, NO home building permits were for anything other than SFR.  Than is not a good indicator at all for this area!  Commercial building permits stayed almost the same.  SFR sales number actually increased from 235 to 292, although their value dropped from $186,900 to $154,600.  Good to see the sales, and while a drop in value was needed because of the explosion in price after '04 Hurricane Charlie, this is an ongoing drop that is actually bringing home values to BELOW pre-Charlie figures.  So this trend is not good either. 

The Southeast US showed a 10% inflation rate with the CPI going from 201.675 to 212.324.  At a time with higher unemployment, rising costs is not a good combination.  Total million in revenue from sales tax also dropped from $190 million to $171 million.  These revenues will need to be looked at by county government as they depend on this income! 

To see the full report, [CLICK HERE]

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Thanks and have a great productive week!  Enjoy your upcoming weekend as well!