January 2016 Press Release

Local Economy Slows Overall, But Housing Sectors Show Marked Improvement

Building Materials, Home Furnishings, Realtor Sales, Median Home Sales Price All Gained Big Year-Over-Year

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending January 2016 which show an overall economic slowdown, but an improving housing market.

“The month of January marked the first time in over two years that the TEI has posted three consecutive months of deceleration. This lines up with other leading indicators across the country in which many have seen slowdowns in the recent months,” said TEI Founder Brett F. Ewing. “While you never want to see slowdowns, not all is bleak. Twelve out of the 15 indicators were at or above their yearly averages which shows a solid and steady picture, not a crashing one.”

Overall the index fell 1.58 points to 47.21, which follows a 13.54 point decrease in December and a 13.63 point drop in November.

“The TEI fell slightly, but the move was muted and the results much more promising than the last few months” said Lance Mitchell, Director of Research at the TEI. “After sending huge red flags recently, housing was the clear winner in this month’s release, with building materials, home furnishings, realtor sales, and median sales price all showing nice yearly gains.”

• Shoe Stores saw phenomenal growth up 13.5 percent YoY and 86 percent MoM.
• Graphic Arts and Printing, a leading small business indicator, was up 8.5 percent YoY and 29.34 percent MoM.
• New Construction Permits bounced back after an awful December, rising 147 percent MoM.
• Airport Traffic continued its decline, down 5.9 percent YoY and16 percent MoM.
• Initial Claims for Reemployment Assistance have fallen 40 percent YoY, but have risen each of the last three months, which is troubling.
• Lumber and Building Materials are up 0.21 percent YoY and 35.09 percent MoM.
• Home Furniture, Furnishings and Equipment are up 21 percent YoY and 55 percent MoM.
• Realtor Sales are up 6 percent YoY.
• Median Home Sales Price is up 12 percent YoY and 10.86 percent MoM.