Monday – July 9, 2007

WORKER COMPENSATION RATES TO DECLINE -- Florida employers will pay less for workers' compensation insurance next year because of a 50 percent reduction in the assessment rate for the Workers' Compensation Administration Trust Fund. There will be a savings statewide of up to $19 million. In addition, 28 new insurance carriers are writing workers' compensation in Florida, generating significant premium growth that reduces the workers' compensation trust fund assessment rate. Less dependency on the trust fund lowers costs for the employers.

MANUFACTURER SEEKS BUILDING, LAND – The county Department of Economic Development is working with a Connecticut window manufacturer that is seeking 30,000 square feet of manufacturing space on at least 10 acres of industrial land that can be developed. If you have or know of an existing facility with land to grow, please contact John Kizer, Business Specialist, at 386/248-8048.

SEPTEMBER 11 TERROR ATTACKS COST FLORIDA $50 BILLION – According to a recent study, Florida's economy has lost more than $50 billion in spending and investment from foreign visitors and businesses due to federal immigration and visa policies following the September 11, 2001 terrorist attacks. The state lost 40,000 international students. Florida's international banking employment fell 35 percent between 2000 - 2005. Security costs at Florida's ports have increased 400 - 600 percent under post 9-11 rules, as clearance time for shipments has increased from one to two days.

FLORIDA’S BUSINESS CLIMATE FRIENDLY – According to the 2007 State Business Tax Climate Index study conducted by The Tax Foundation, Florida ranks fifth in the nation for business climate. The index measures each state's tax rates, brackets, credits, and business exemptions and then produces a ranking of "business friendliness".

WEALTH OF INFORMATION AVAILABLE FROM THE U.S. LABOR DEPARTMENT -- The U.S. Department of Labor’s Bureau of Labor Statistics offers a wide range of workplace and business information. The Bureau of Labor Statistics provides the latest economic news on wages, employment and productivity. The site also can connect you to the Job Corps program for those aged 16-24, and links to the Employment and Training Administration's O*NET database of occupation attributes. Go on-line to www.dol.gov.

AVERAGE ANNUAL WAGE LOCALLY CONTINUES TO GROW -- The average annual wage for Volusia County workers has risen 24.5 percent since 2001, according to the latest state report. Average wages annually have grown from $25,068 in 2001 to $31,212 in 2006, an annual average increase of 4.9 percent. Much of this increase is due to a healthy growth of new jobs in business and professional services and healthcare. The stability of the county’s manufacturing workforce in light of employment declines statewide also has helped to maintain the area’s average annual wage. Manufacturing employment in the fourth quarter of 2006 posted average annual wages in excess of $40,000.

COUNTY’S MANUFACTURING EMPLOYMENT STEADY – Nationally, manufacturing employment has been declining since 1978. In the past few years Florida has experienced a similar decline. But Volusia’s manufacturing employment has remained steady with a quarterly average 10,540 workers, according to the latest report. Volusia’s manufacturing workers produce annual wages of $423.7 million, an average individual annual wage of $40,204. Manufacturing wages are 28.8 percent higher than the county’s average annual wage of $31,212 for all employment sectors.

LOCAL EMPLOYMENT IMPACTED BY INTERNATIONAL TRADE – According to the U.S. Department of Commerce, 3,111 area fulltime jobs are impacted directly by the sale of goods and services produced in Volusia and exported to foreign countries. Locally made goods account for 1,776 jobs while exporting services support 1,335 area workers.

NEWS ITEMS WANTED! – Please send your business news items to Dave Byron, Volusia County Community Information Director, 123 W. Indiana Ave., DeLand, 32720-4612, by fax at (386) 822-5072 or by e-mail at dbyron@co.volusia.fl.us