Hurricane Dorian put a major bite into tourism, construction slowed down and the Volusia County economy was just not showing its usual pep.
Thus leading to an uncomfortable start to the fall in our area.
Fortunately there wasn’t anything catastrophic that the area economy can’t overcome quickly, but an 16.5% drop in bed tax collections in September from last year does give you pause. Especially since it followed an 8.78% drop in August.
The Volusia County Economic Development Department reported there were 779 permits issued for new housing units in the county in the third quarter, down from 817 in the third quarter of 2018. The value of new construction for which permits were issued in the quarter was $36.2 million, down from $66.9 million last year.
Some specific events happened recently, though, that provide some optimism. Security First has moved into its new headquarters, Smart Baking Co. is working on a new plant in DeBary and Future Foods is working on space for its operation in Ormond Beach, and the Publix opened at Lattitude Landings.
So, there is a lot going on the area that will help keep the economy rolling into 2020, which is looking like it will be filled with big changes for Volusia.
With a permit request filed with the St. Johns River Water Management District, a closer look at the plans for part of Riverwalk in Port Orange show construction starting on a two-story restaurant first, followed by a 15-story condo, then a second 15-story condo and then a marina..
Alpine Income Property Trust Inc., a spinoff of Daytona Beach-based Consolidated-Tomoka Land Co. has launched its initial public offering of 7.5 million shares of common stock. The IPO price expected between $19 and $21 per share. The firm is seeking to list on NYSE under symbol PINE.
Summitt Contracting has filed notice that it is beginning construction of the 240-unit Madison Pointe apartments, along with clubhouse and other amenities, on Williamson Boulevard, just south of LPGA Blvd., in Daytona Beach.
Summitt Contracting has filed notice that it is beginning construction of the 240-unit Madison Pointe apartments, along with a clubhouse and other amenities, on Williamson Boulevard, just south of LPGA Boulevard, in Daytona Beach.
Also, after a pre-construction meeting with city staff last week, the owner should start building a Dunkin Donuts at 1535 N. U.S. 1 in Ormond Beach.
On a final note, commercial real estate has been slow as well with the only large transaction I found was Maronda Homes buying a batch of lots at Sawyer's Landing in DeLand for $1 million.
Managing Editor Cecil G. Brumley has been tracking business and the economy in Volusia County for more than 22 years. Contact him at firstname.lastname@example.org (no hyphens) or follow him on Twitter @cecilbrumley.