Fort Walton Beach Council agenda — 03-23-2010 Special-Soundside Develp. Project — reading text

14, 396 284 2. 0% 25 -34 23, 676 28, 607 32,409 3, 802 13. 3% 35 -44 29,354 26, 333 27, 355 1, 022 3. 9% 45 -54 22, 319 29,836 28,462 1, 374 4. 6% 55 -64 15, 931 23, 123 27,001 3, 878 16. 8% 65 -74 12, 640 14, 965 18, 506 3, 541 23. 7% 75 -84 6, 446 9, 499 10, 396 897 9. 4% 85+ 1, 570 2, 978 3, 541 563 18. 9% Total 170, 498 198, 924 214, 092 15, 168 7. 6% Change 16. 7% 7. 6% Compounded annual growth rate (2000 to 2014) 1. 6% Compounded annual growth rate (2009 to 2014) 1. 5% Source: Demographic and Income Profile, ESRI Site Analysis. The projected annual growth is estimated to be 1. 5% from the 2009 to 2014. The total population is expected to increase by 7. 6% from the 2009 to 2014. Some of the fastest growing age cohorts are within the senior groups as illustrated below: The following table illustrates population totals across all age demographics: Value Tech Realty Services, Inc. www.gotovalue.com Page 24 39-  Sound Side Apartments Okaloosa County Area Analysis 2009 POPULATION BY AGE OKALOOSA COUNTY Age Total of Total 0 -19 49, 471 24. 9% 20 -24 14, 112 7. 1% 25 -44 54, 940 27. 6% 45 -54 29, 836 15. 0% 55 -64 23, 123 11. 6% 65 -74 14, 965 7. 5% 75 -84 9, 499 4. 8% 85+ 2, 978 1. 5% Total 198, 924 100.0% Source: Demographic and Income Profile, ESRI Site Analysis As shown above, those; aged 25 -54, considered the working age cohort, represent 42. 6% of the total population in the country. In addition, those aged under 19 represent 24.9% of the total population in the county. These data suggest a large presence of families in the area. Socio- Economic Characteristics Median income for households by age group is provided in the following table: MEDIAN HOUSEHOLD INCOME Median household income in 2009 Okaloosa County Total 54,028 25 31, 736 25 to 34 43, 879 35 to 44 53, 514 45 to 54 68, 177 55 to 64 61, 502 65 to 74 50, 142 74+ 45, 340 Source: Age by Income Profile, ESRI Site Analysis As illustrated in the following chart, median household income is highest within the 45 to 54 age group. The under 25 age group represents the area' s lowest median income group followed by the 25 to 34 age group. Household income does not include assets. MEDIAN HOUSEHOLD INCOME DISTRIBUTION 80,000 60,000 40,000 20,000 0 LO LO f0 J4 10 IO 44 40 to 04 00 IO O4 ; O0 ( O / 4 14+ Series 1 $ 31, 736 .$ 43, 879 $ 53, 514 [$ 68, 177 ' $ 61, 502 ; $ 50, 142 $ 45, 340 Source: A&v by Income Profile, ESRI Site Analysis Value Tech Realty Services, Inc. www.gotovalue.com Page 25 40-  Sound Side Apartments Okaloosa County Area Analysis Employment Employment in the Fort Walton Beach -Crestview -Destin MSA is dominated by Total Government, Leisure and Hospitality Services, and Professional and Business Services. This is illustrated in the table and chart below. EMPLOYMENT BY INDUSTRY ( Fort Walton Beach- Crestview -Destin VISA Chg. Chg. October 2009 Se tember 2009 Mom October 2008 YoY Indust Number Percent Number Percent Percent Number Percent Percent Total Employment 74, 800 100. 0% 75, 200 100. 0% 0. 5% 77, 000 100. 0% 2. 9% 4, 000 5. 3% 4, 000 5. 3% 0.0% 4, 600 6. 0% 15. 0% Mining, Logging, and Construction 4, 200 5. 6% 4, 200 5. 6% 0. 0% 4, 600 6. 0% 9. 5% Manufacturing Wholesale Trade 1, 100 1. 5% 1,100 1. 5% 0.0% 1, 100 1. 4% 0. 0% Retail Trade 10, 600 14. 2% 10, 600 14. 1% 0. 0% 11, 300 14. 7% 6. 6% Transportation, Warehousing, and Utilities 1, 200 1. 6% 1, 200 1. 6% 0. 0% 1, 200 1. 6% 0. 0% Information 1, 900 2. 5% 1, 900 2. 5% 0. 0% 1, 900 2. 5% 0. 0% Financial Activities 5, 300 7. 1% 5, 300 7. 0% 0. 0% 5, 600 7. 3% 5. 7% Professional and Business Services 11, 000 14. 7% 11, 000 14.6% 0. 0% 11, 500 14. 9% 4. 5% Education and Health Services 8, 500 11. 4% 8, 500 11. 3% 0.0% 8, 500 11. 0% 0. 0% 11, 700 15. 6% 12, 300 16. 4% 4. 9% 11, 800 15. 3% 0. 8% Leisure and Hospitality Other Services 3, 700 4. 9% 3, 700 4. 9% 0.0% 3, 700 4. 8% 0. 0% Total Government 15, 600 20. 9% 15, 400 20. 5% 1. 3% 15, 800 20.5% 1. 3% Source: Florida Research and Economic Database - Current Employment Statistics (CES), Not Seasonally Adjusted. Employment By Industry Fort Walton Beach- Crestview- Destin MSA) 6% 1% 20% aT 14% 2 7% 16% 15 °/ 6 11% mm Manufacturing Manufacturing Wholesale Wholesale Trade Wholesale TradeTrade OO RetailRetail TradeTrade O Transportation, Warehousing, and Utilities, 0 Information mm FinancialFinancial ActivitiesActivities ww ProfessionalProfessional andand Business Business ServicesServices OO EducationEducation andand HealthHealth ServicesServices aa LeisureLeisure andand HospitalityHospitality m Other Services OO TotalTotal GovernmentGovernment As illustrated above, the MSA has been greatly affected by the nationwide decline in the Construction industry, in addition to a downturn in the Manufacturing and Retail Trade industries. The MSA has