For all the business boom going on in parts of Volusia County, overall economic growth countywide is frustratingly slow.
Employment averaged 172,392 in Volusia in the second quarter, according to the just released Quarterly Census of Employment and Wages. That was up 1.3 percent from 170,213 in the second quarter of 2017.
The average occupational wage did go past $40,000 for the first time in Volusia history at $40,052 and was up 2.5 percent from last year’s average wage of $39,080. It was at least outpacing inflation, which has been on a 1.9 percent growth pace this year.
While statistically the economy doesn’t look that great, at least it is growing. Also, you can’t help but wonder if it was picking up any steam as the year progressed. Again, there are areas of Volusia, such as the LPGA Boulevard and Interstate 95 area of Daytona Beach that are booming. Hopefully we’ll see that spread into more of the county.
Investment in the multi-family residential market is still way up if you look at a couple of recent deals. Consolidated-Tomoka Land Co. has sold 29.93 acres on Williamson Boulevard, across from Florida Hospital, for about $3.2 million for a 300-unit apartment complex. Pompano Beach investor has bought the Palmetto Square Apartments, 1620 S. Palmetto Ave., South Daytona, for $1.725 million. One other commercial real estate deal was Mitchell Wyborny buying the property he uses for Special Forces Automotive at 2401 S. Ridgewood Ave. in South Daytona for $675,000.
Some of the new plans to hit the drawing board are sort of mundane, but then there’s this: Plans are underway to demolish and rebuild the Krystal on West International Speedway Boulevard in front of International Speedway Square in Daytona Beach. Also, plans were to the St. Johns River Water Management District submitted for a 12,000 square foot warehouse and manufacturing building for Atlantic Central Enterprises at LPGA Blvd. and the railroad in Holly Hill. Florida Door & Supply wants to construct the final two buildings in Bellevue Business Park in 2400 block of Bellevue Extension, south end of airport in Daytona Beach.
On a final note, Peanut & George's Pub on Main is replacing Main Street Pub & Grill at 821 Main St. in Dayton a Beach. Happy New Year!
Managing Editor Cecil G. Brumley has been tracking business and the economy in Volusia County for more than 21 years. Contact him at firstname.lastname@example.org (no hyphens) or follow him on Twitter @cecilbrumley.