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Comprehensive Plan Economic Development Element Figure 5.3: Indian River County Tourist Tax Revenue $1,600,000 - $1,498,823.28 $1,498,022.83 $1,400,000 - $1,298,819.54 $1,200,000 - $1,000,000 $800,000 $600,000 $400,000 $200,000 $- 2006/07 2007/08 2008/09 Fiscal Year Economic Characteristics Labor Force/Employment In any area, the total labor force is normally defined as the number of people of working age (16 thru 65 years old) multiplied by labor participation rates. Table 5.7 displays Indian River County's total labor force and unemployment rates for the last seven years. Over those seven years, the total labor force increased by 13,042 persons or 27%. During that same period, Indian River County's unemployment rate increased by 0.20 percentage points. For each of the years listed in table 5.7, Indian River County's unemployment rate is well above the state of Florida's unemployment rate. While Indian River County's unemployment rate was 2.4 percentage points above the State unemployment rate in 2002, it was 1.9 percentage points above the state average in 2008. That 2008 unemployment rate of 8.1% represented a 2.3 percentage point increase from the county's 5.8% 2007 rate. For 2009, average annual unemployment rate data are not currently available. Monthly employment data for 2009, however, are available through November 2009. That data show that the recent economic recession has had a significant adverse effect on the county with the November 2009 unemployment rate being 14.6%. A rate which is 5.1 percentage points higher than the county's November 2008 unemployment rate. Community Development Department Indian River County 13