SWFL Monthly Economic Snapshot

By Naples News Now | December 4, 2023

Airport Passenger Activity

Seasonally-adjusted passenger traffic for the three airports amounted to 1,520,050 in October 2023, down 1 percent from September 2023 and 44 percent higher than the October 2022 measure.
Seasonally-adjusted passenger traffic at RSW was 945,287 in October 2023, down 3 percent from the previous month and 70 percent above the same month last year.
PGD’s seasonally-adjusted passenger activity fell to 174,444 in October 2023, down 8 percent from September 2023 but 44 percent over October 2022.
SRQ seasonally-adjusted passenger traffic was 369,408 in October 2023, virtually unchanged from the prior month and 9 percent above October 2022.

Seasonally-adjusted real tourist tax revenues for the coastal counties rose to $7.8 million in September 2023, a 1 percent improvement from the prior month but 3 percent beneath the September 2022 figure.
Lee County’s seasonally-adjusted real tourist tax revenues improved to $3.2 million in September 2023, a 1 percent increase from the August 2023 measure but 16 percent below the September 2022 figure.
Collier County’s seasonally-adjusted real tourist tax revenues remained at $4.0 million in September 2023, a less than 1 percent decline from August 2023 but 8 percent over the September 2022 figure.
Seasonally-adjusted real tourist tax revenues in Charlotte County rose to $684.3 thousand in September 2023, up 2 percent from the August 2023 measure and 15 percent over September 2022.

Seasonally-adjusted real taxable sales for Southwest Florida totaled $3.213 billion in September 2023, an improvement of 13 percent from September 2022 but 2 percent below the August 2023 measure.
Lee County’s seasonally-adjusted real taxable sales were $1.729 billion in September 2023, up 14 percent from September 2022 but 1 percent beneath the prior month.
Collier County seasonally-adjusted real taxable sales were $1.080 billion in September 2023, 10 percent over September 2022 but down 2 percent from August 2023.
Seasonally-adjusted real taxable sales in Charlotte County totaled $352.6 million in September 2023, up 19 percent from September 2022 but 3 percent below August 2023.

The region’s seasonally-adjusted unemployment rate was 3.0 percent in October 2023, unchanged from the prior month but 0.5 percentage points below the same month last year.
Lee County’s seasonally-adjusted unemployment rate was 3.1 percent in October 2023, up 0.1 percentage points from September 2023 but 0.9 percentage points below October 2022.
The unemployment rate in Collier County was 2.9 percent in October 2023, down 0.1 percentage points from the previous month but 0.1 percentage points over same month last year.
Charlotte County’s unemployment rate was 3.3 percent in October 2023, no change from September 2023 and 0.7 percentage points below October 2022.

The coastal counties had a total of 1,735 single-family home sales in October 2023, an increase of 37 percent from October 2022 but 6 percent below September 2023.
Single-family home sales in the Cape Coral-Fort Myers MSA totaled 1,025 units in October 2023, a 41 percent improvement from October 2022.
- The median price in the Cape Coral-Fort Myers MSA fell from $425,000 to $400,000 over the same period.
The Naples-Immokalee-Marco Island MSA registered 352 single-family home sales in October 2023, up 2 percent compared to October 2022.
- The median price in the Naples-Immokalee-Marco Island MSA fell from $800,000 in October 2022 to $750000 in October 2023.
The Punta Gorda MSA reported 358 existing single-family home sales for October 2023, up 77 percent from October 2022.
- The median price in the Punta Gorda MSA was $380,000 in October 2023, down 6 percent over the same month last year.

Picture & information by FGCU Regional Economic Research Institute.