Local Index Saw Muted Movement Overall, but Posted Strong Gains in Advertising, New Construction Permits
Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending April 2016 which show a slowdown in spending on apparel and similar sectors, but an upswing in residential real estate.
“The consumer seemed to take a step back this month as apparel and accessories, shoe stores and household appliances were negative on a year-over-year basis,” said TEI Founder Brett F. Ewing. “Overall the move in the index was muted, but we still see many of the most reliable indicators flashing green. We don’t believe the move is the start of a new trend.”
Overall the index fell 4.94 points to 57.98, which follows a 7.98 point jump in March and a 7.73 point increase in February.
“Even though the index posted a negative month, the underlying fundamentals of the local economy appear to be steady,” said Lance Mitchell, Director of Research at the TEI. “Local construction looks to be picking up again, as new permits, building materials and home furnishings all saw solid year-over-year gains. Advertising continues to be a stalwart of growth in the index, rising 50 percent from last month and more than 100 percent from last year.”