December 2016 Press Release

Index Creeps Higher: Tallahassee Real Estate Strong, Job Market Steady

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending December 2016 which showed a slight tick up from last month. The Index was led by unseasonably strong real estate numbers and a consistent job market.

“The TEI ended the year on a positive note, growing modestly for the second consecutive month,” said TEI Founder Brett F. Ewing. “Solid and stable are the words that come to mind when looking at the numbers. We saw growth pretty much across the board with really the only negative being a slight bump in the number of initial claims for reemployment. The capital city looks to be leaving 2016 with a solid foundation for future growth into the new year.”

The Index ticked up 1.85 points, from 46.73 in November to 48.58 in December.

“December was another good month for the index, which was led by stunning real estate numbers. We got the rare clean sweep, meaning we saw growth in every real estate number both on a month-to-month basis and year-over-year,” said Lance Mitchell, Director of Research at the TEI. “This is especially rare in winter months, which shows how strong the overall market really is. The median sales price was the highest for any December in the TEI’s recorded history, dating back to 2004. And it’s only five percent away from an all-time high set back in September 2007 at the height of the housing bubble.”

• Building Permits jumped 88.24 percent from December 2015
• Reemployment Assistance Initial Claims slid another 8.65 percent YoY
• Realtor Sales were grew a solid 27.27 percent from last month, and by 16.5 percent YoY
• Airport Passengers dropped 11.89 percent from November, but advanced 4.17 percent from this time last year
• Household Appliances saw a continued downturn in December. Sales decreased 4.95 percent MoM, and also 72.37 percent YoY
• Drinking Places continued to ascend 3.08 percent from last December