Pulse. prince george s CONTENTS. Changes in Employment. Top Ten Changes in Employment 3rd Quarter 2014 to 3rd Quarter 2015

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1 M-NCPPC Prince George s County Planning Department APRIL 2016 VOL. 1, ISSUE 4 prince george s CONTENTS Pulse Employment and Wages... 2 Employment Private Sector Employment Total Wages Average Wage Per Worker Business Establishments Real Estate... 4 Housing Market Median Home Sales Price Housing Market Transactions Foreclosure Events Increase in Median Sale Prices Rents for Multifamily Units Commercial Market Volume of Space Vacancies Net Absorption (Space Leased) Rental Rates County Revenues... 7 Sales and Use Taxes Changes in Revenues Changes in Employment Administrative and Waste Services, Construction, and Manufacturing saw the largest increases in employment between the third quarters of 2014 and More than 70 percent of the total increase in employment in the County occurred in these three sectors. Two other sectors also recorded significant gains in employment during the period Health Care and Social Assistance, and Real Estate and Rental and Leasing. Together, the two sectors added 480 jobs, representing 18 percent of the total increase in the County. The Information sector recorded the highest loss of employment in the County between the third quarter of 2014 and the third quarter of The 679 job losses accounted for 39 percent of the County s total. Transportation and Warehousing and Other Services also recorded significant losses in employment during the period 477 and 202 jobs respectively representing 28 percent and 12 percent of the total losses in the County. Top Ten Changes in Employment 3rd 2014 to 3rd Source: State of Maryland Department of Labor, Licensing and Regulation. 1

2 Employment and Wages EMPLOYMENT There was a very slight, 1,924 increase (0.6 percent) in the quarterly average employment between the first quarter of 2014 and the first quarter of ,354 1st Average Employment 187, ,877 Seventy percent (1,345) of the increase in employment occurred in the public sector, and the remaining 579 in the private sector. PRIVATE SECTOR EMPLOYMENT Most of the increase in private sector employment (477 or 82 percent) occurred in the service sector. There were only 102 more jobs in the private goods producing sector. TOTAL WAGES Overall, total wages in the County during the first quarter of 2015 was $4,050.3 million, which was 4.2 percent higher than the first quarter of The largest increase ($79.4 million, representing 5.3 percent) occurred in the public sector, followed by $71.7 million (3.7 percent) in the private service sector. Total wages in the private goods sector increased by $14.6 million (3.2 percent). 88,494 89,616 87,149 30,967 31,892 30,865 1st th st 2014 Government Sector Private Sector Goods Private Sector Service Source: Maryland DLLR, ( Private Sector - Service Private Sector - Goods Government Sector 1st Total Wages (in millions) $464 $449.4 $545.3 $1,478 $1,577.7 $1,498.3 $2,008.6 $1,936.9 $2, ,000 1,500 2,000 2,500 Source: Maryland DLLR, ( 1st th st 2014 AVERAGE WAGE PER WORKER Overall, the average weekly wage per worker in the County increased by 3.2 percent from the first quarter of 2014 to the first quarter of There were increases in all three sectors. The highest increase (3.7 percent) occurred for workers in the public sector, followed by 3.5 percent for those in the private service sector, and 2.9 percent in the private goods sector. 1st Average Weekly Wage per Worker $1,371 $1,269 $1,315 $1,322 $1,153 $1,120 $861 $903 1st Q th Q st Q 2014 Government Sector Private Sector Goods Private Sector Service Source: Maryland DLLR, ( $833 2

3 BUSINESS ESTABLISHMENTS Between the third quarter of 2014 and the third quarter of 2015, there were increases in business establishments in some sectors and decreases in others. The highest increase (56 establishments) occurred in the Professional and Technical Services. Four other sectors recorded modest increases: Construction (26), Transportation and Warehousing (21), Health Care and Social Services (11), and Manufacturing (6). The highest losses of establishments occurred in Other Services (-76), Wholesale Trade (-29), Real Estate and Rental and Leasing (-27), Finance and Insurance (-22), and Information (-18). Top Ten Changes in Establishments 3rd s 2014 and Source: State of Maryland Department of Labor, Licensing, and Regulation. Top Ten Changes in Employment 3rd 2014 to 3rd Source: State of Maryland Department of Labor, Licensing and Regulation. 3

4 Real Estate HOUSING MARKET Median Home Sales Price The median sales price for all homes sold during the third quarter of 2015 in Prince George s County was $241,000, reflecting a 0.4 percent increase over the median sales price of $240,000 during the third quarter of The largest percentage increase in price was for condominium units at 3.3 percent. Housing Market Transactions The total number of all units sold dropped from 3,473 units in the third quarter of 2014 to 2,273 units in the third quarter of The decline was mostly due to a reduced number of foreclosure sales. Foreclosure sales at 819 units made up 23.0 percent of all unit sales in the third quarter of 2014, but only 8.1 percent (271 units) in the third quarter of New units sold declined from 354 in the third quarter of 2014 to 290 in the thrid quarter of Regular resales saw a significant increase in the number of units sold from 1,876 in the third quarter of 2014 to 2,039 for the same quarter in Foreclosure Events The totals of foreclosure events increased beginning in the fourth quarter of Consequently, the number of events in the fourth quarter of 2015 was 2,742, 890 higher than the 1,852 recorded in the fourth quarter of Until the third quarter of 2014, the overall quarterly increase resulted mostly from the growing numbers of Notices of Sales as well as Lender Purchases. However, in the fourth quarter of 2015, there was a spike in Notices of Default, while both Notices of Sales and Lender Purchases declined. The recent spike in Notices of Default suggests that the overall number of foreclosure events will likely increase in the near future. Median Sales Price $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 0 # of Units Sold 4,000 3,500 3,000 2,500 2,000 1,500 1, Change in Median Home Sales Price by Unit Type Single Family Single Family Attached Condominium All Units 3rd rd 2015 Single Family Single Family Attached Condominium Total 3,000 2,500 2,000 1,500 1, % 2,278 2nd % 2,684 Number of Units Sold by Type 20.4% 20.1% 1,852 3rd rd 2015 ly Foreclosure Events in Prince George's County 3rd th 2014 Total Foreclosure Events 19.0% 22.2% 2,415 2,293 2,408 1st nd rd 2015 County Share of State Total 19.5% 2,742 4th % 20% 15% 10% 5% 0% 4

5 Increase in Median Sale Prices The median sale prices for new and regular resale of single-family housing units increased by 6.4 percent and 5.8 percent respectively, while those of Real Estate Owned (REO) properties increased by 2.3 percent. The largest increase in median sale price (9.2 percent) occurred for new condominiums. For single-family attached units, the largest increase in median sale price (0.3 percent) occurred for new sales, while a decline occurred for regular resale. Rents for Multifamily Units The average asking rent for multifamily units increased by $55 (4.5 percent) between the third quarter of 2014 and the third quarter of The County offers some of the more affordable rents in the region with average rents for a studio apartment $405 less than the region. The average rent in the County was $279 less than the region for a one bedroom apartment, $282 less for a two bedroom, and $227 less for a three bedroom apartment. REO properties are properties that have gone through the foreclosure process and failed to sell at auction and are therefore owned by the bank or lender. Median Sales Price Percent Change by Transaction and Unit Type from 3rd 2015 to 3rd % 5.77% Single Family 2.25% 0.30% -1.31% Single Family Attached 0.16% 9.18% 4.29% -0.06% Condominium New Regular Resale REO $1,290 $1,280 $1,270 $1,260 $1,250 $1,240 $1,230 $1,220 $1,210 $1,200 $1,190 Asking Rent Per Unit $1,279 $1,269 $1,224 3rd nd rd ,000 Multifamily Units Under Construction 2,500 2,000 1,500 1, ,469 2,814 2, rd nd rd

6 COMMERCIAL MARKET Volume of Space The County is a regional leader in terms of the volume of industrial space of all classes. The existing Rentable Building Area (RBA) of industrial space of all classes during the first quarter of 2015 (49,815,202 square feet) represented 30 percent of the total for the Washington D.C. Metropolitan Region. Vacancies There was a very slight improvement in the Class A Office market conditions in the County, but also a slight deterioration for Class B. The vacancy rate for Class A Office declined by 0.4 percent while that for Class B increased by 0.5 percent. At the same time, the vacancy rate for Class A Office space in the region did not change, while that for Class B declined slightly by 0.2 percent. The vacancy rate for Class A Flex space in the County increased significantly by 14.2 percent during the period. Even though the vacancy rate for Class A space increased by 5.1 percent in the County during the period, it declined by 0.4 percent for the region, and the County experienced the largest decrease in vacancies for Class B Flex (4.2 percent) as well as spaces (2.5 percent). Note that a decline in vacancies is a positive development. Net Absorption Net absorption is the amount of space occupied at the end of a period minus the amount occupied at the beginning of that period, that is, the space vacated during the period. For the third quarter of 2015, the Class A and Class A Office experienced the best conditions regarding total net absorption. Class C Office, Class B, and Class A Flex experienced negative net absorption in that period. Negative net absorption indicates that a larger volume of space was vacated than leased for the period. Percent Change in Vacancy Rate Square Feet Percent of RBA 35% 30% 25% 20% 15% 10% 20% 15% 10% 5% 0% -5% -10% 5% 0% % Change In Vacancy Rates 3rd 2014 Versus 3rd 2015 Office A Office B Office C Retail A Source: CoStar. Office A Office B Office C Retail A Source: CoStar. 6.79% 11.96% 15.31% Office A Office B Office C Retail A Source: CoStar. Percent of Region's Commercial Real Estate in Prince George's County, % 28.69% B B B 32.44% C C Total Net Absorption 3rd 2014 Versus 3rd % 15.16% 15.32% Flex A Flex B Flex C Flex A Flex B Flex C County Region C Flex A Flex B Flex C

7 Rental Rates During the third quarter of 2015, the average rent per square foot for all types of commercial space was lower in the County compared to the region. This was mostly due to the existing high vacancy rates, and applied, in particular, to office space. The rental rates for Office space was 62.6 percent lower than the region, retail was 25.8 percent lower, was 13.2 percent lower, and Flex was 29.8 percent lower than the region. Average Rent Per Square Foot $45 $40 $35 $30 $25 $20 $15 $10 $5 $0 Rental Rate Comparision Prince George's County Versus Washington Region 3rd 2015 Office A Office B Office C Retail A B C Flex A Flex B Flex C County Revenues SALES AND USE TAXES Source: CoStar. Sales and use taxes 1 collected during the second quarter of 2014 amounted to $126.6 million, representing 2.9 percent increase over the second quarter of 2013 when they totaled $123.1 million. The increase in the County was still lower than the State of Maryland. CHANGES IN REVENUES There was an overall increase in local taxes from $1.54 billion in FY 2011 to $1.61 billion in FY 2015, reflecting a 4.2 percent increase. The two dominant sources of local taxes property taxes and income taxes accounted for 86.7 percent of all local taxes in FY By far, property taxes have been the leading source of revenues in the County, generating $726.9 million in FY 2011, and $969.7 million in FY Data from the County s FY 2014 Budget show that from FY 2013 to FY 2014, while totals of Property and Other taxes each increased by 0.5 percent, income taxes declined by 2.5 percent, and other taxes declined by 0.6 percent. In FY 2015, property taxes represented 56.9 percent of all local taxes. Income taxes are also a major revenue source, representing 29.8 percent of the total. There was a $52.2 million (11.5 percent) increase in income taxes from FY 2011 to FY Sales and Use Tax Collected (in Millions) $39.9 County Sales and Use Tax Comparison 2nd s 2013 and 2014 $40.8 Region April May June Total Second 2nd nd 2014 Sales and Use Tax Growth in Prince George s County Compared to the State 2013/ % $41.7 $42.3 $41.4 $43.6 Source: Comptroller of Maryland, $123.1 $ % Property Taxes Change in General Revenues FY 2013 to FY 2014 FY 2013 TO FY % Income Taxes Other Taxes Other Revenues -0.6% Percent Growth 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 2.9% 3.5% 0.5% -2.5% Source: Prince George s County FY 2014 Budget. 0% Prince George s Maryland County Source: Prince George s County FY 2014 Budget. 7

8 Endnotes 1 Use Tax: The use tax is imposed on consumers of tangible personal property that is used or consumed. Use taxes are also used to help defray the cost of public services associated with particular types of personal property. The purpose of a use tax is to help recoup the cost of public services directly related to the use of certain types of personal property. The most common use taxes are assessed on motor vehicle and boat licenses. User fees are also charged for docking privileges in airports and harbors. Office Classifications Class A Office: In general, a Class A building is an extremely desirable, investment-grade property with the highest quality construction and workmanship, materials and systems, significant architectural features, the highest quality finish and trim, abundant amenities, and first rate maintenance and management. It is normally occupied by prestigious tenants with above average rental rates and in an excellent location with exceptional accessibility. Class B Office: A Class B building offers more utilitarian space without special attractions. It will typically have ordinary architectural design and structural features, with average interior finish, systems, floor plans, and overall condition. It will typically not have the abundant amenities and location that a Class A building will have. Class C Office: A functionally or economically obsolete building is one that does not offer a viable alternative for space and does not compete with others of similar type for occupancy by businesses seeking a location for operations. These buildings will usually have externally visible physical or structural features as well as internal ones that render it undesirable to be leased and therefore not competitive with any other properties in the market. The Maryland- The Maryland-National Capital Park and Planning Commission National Capital Prince George s County PlanningPark Department, Research/Special Projects Section and Planning Governor Oden Bowie Drive Commission Upper Marlboro, MD TTY:

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