1st quarter 2008

Volusia making the grade in national economic rankings

Parents tell their children to make good grades in school. But making good grades are important to more than school kids. Economic development rankings are important too. And Volusia has been getting some good grades in recent months.

Several influential economic development publications and organizations have ranked our community pretty high in a variety of economic categories, each of which contributes to the overall appeal of Volusia County as a great place in which to do business.

When it comes to the cost of doing business the cost in Volusia County is a third of that of New York City, and less than half in Miami. According to Forbes magazine’s Special Report (April 5, 2007), the Deltona-Daytona Beach-DeLand Metropolitan Statistical Area (MSA) ranks 66th best in the nation for the cost of doing business. The index is based on the cost of labor, energy, taxes, and office space. Miami ranks 150th, and New York City ranks 200th.

In addition to ranking the MSA 66th best in the nation relative to the cost of doing business, the region gets high marks for income growth, job growth, net migration and crime. Rankings for these categories in Forbes Best Places rankings list the region 57th best in the nation among its Best Places for Business and Careers. Miami ranks 148th. New York City ranks 113th.

“Rankings such as these help when it comes to bolstering our image as a great corporate address and a wonderful place in which to live,” said Rick Michael, Volusia County’s Director of Economic Development. “We can promote these things in advertising and brochures, on our web sites and at trade shows, but to have an independent, major medium do so strengthens our position in the marketplace.”

Volusia County also has been recognized by Inc. Magazine as a leading community in which to do business. In fact, Volusia moved up in the publication’s annual ranking of the nation’s best midsize markets for doing business. The Deltona-Daytona Beach-Ormond Beach MSA was fifth among 393 MSAs nationally as a hot spot for job growth. This is up from seventh place from Inc.’s 2006 survey. In the top spot was the Cape Coral-FortMyers area. Inc.’s rankings are based on an annual analysis of job growth data supplied by the U.S. Bureau of Labor Statistics.

At the state level, CNNMoney.com lists Florida fifth in the nation for starting a business, the only eastern state among the top five. The criteria for selection include the fact that Florida has no personal state income tax, its corporate state income tax is just 5.5 percent, and that energy rates are low.

Another state ranking cites Florida as a leader in house price appreciation. For the four quarters ending June 30, 2007, Florida ranked 45th among the 50 states and the District of Columbia with a gain of 1.29 percent in residential real estate value. But for the five years ending June 2007, Florida came in third nationwide, behind Hawaii and Washington, D.C., with 95.3 percent growth, according to the Office of Federal Housing Enterprise Oversight.

Volusia beaches also have scored kudos. Dr. Stephen Leatherman, known the world over as Dr. Beach, included the beaches at Lighthouse Point Park in Ponce Inlet as among the 10 best beaches in the nation. His ranking of the best beaches is coveted in tourism circles and is featured among major media including Time, Newsweek, National Geographic, NBC’s Today Show, CNN and others. Leatherman, an authority on beach erosion, has been compiling his list of the world’s best beaches since the early 1990s.

Finally, Orbitz.com has named Daytona Beach the fastest growing beach winter destination behind Maui. The ranking is based on percentage growth of hotel bookings during the winter over the past three years.