The Tallahassee Economic Index (TEI) rose 6.8 points in August to 75.38, following a 7.33 point drop in July and a 15.75 point increase in June.
Says Brett F. Ewing, Founder of the Tallahassee Economic Index:
“August saw a steep decline in the number of initial claims for reemployment assistance. After getting a bad number in July this was something we were watching closely, but this month affirms a positive jobs outlook for Tallahassee which continues to improve. New construction permits still continue to decline, but realtor sales saw a sharp rise in both the monthly (7.89%) and yearly (32.26%) numbers. This shows new construction may be starting to slow, but buyers still have an appetite for real estate.”
“Discretionary spending continues to be strong in Tallahassee as shoe & apparel stores had strong year over year growth and home furniture and furnishings also fared well” says Lance Mitchell, Director of Research at the TEI. “Drinking places also saw huge growth on both a monthly and yearly basis as the students came back to town and showed they too feel better about their situation as a consumer. This is a category we will pay close attention to during the school year and football season as we compare last year’s numbers to this year.”
TEI Mission: To establish an index that tracks and predicts economic growth in the city of Tallahassee. This will be accomplished using data collected from official sources in Leon County.