July 2016 Press Release

Index: Tallahassee Employment Finds Footing, Backed by Confident Consumers

Initial Reemployment Assistance Claims Drop, Consumers Spend, and Real Estate Continues to Improve

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending July 2016 which show a steady decrease in Reemployment Assistance Claims and mixed results in other categories.

“After three straight months of decline the Tallahassee Economic Index showed a little life in July,” said TEI Founder Brett F. Ewing. “Initial Claims for Reemployment Assistance declined for the first time since February, as less Leon County residents were forced out of their jobs. This indicator is the most leading in the index and it allows us to breathe a sigh of relief that the employment picture isn’t heading south.”

The Index climbed 3.23 points, from 56.45 in June to 59.69 in July.

“July was a great month for the consumer to show their strength as Apparel, Furniture & Furnishings, & Shoe Stores all showed solid month over month growth,” said Lance Mitchell, Director of Research at the TEI. “Housing also continued its strong showing in July with Median Sales Price up over 13% from 2015. Couple that with shrinking inventories and rising new construction permits, and it seems evident the housing bull has more room to run.”

• Reemployment Assistance Initial Claims fell 12.08 percent MoM, and 29.67 percent YoY
• Single Family Home Median Sales Price climbed 4.88 percent MoM, and 13.16 percent YoY
• Building Permits grew 37.50% from July of 2015
• Apparel Sales were up 19.24 % from June to July
• Home Furnishings gained 15.60 percent Mom, and also 9.27 percent YoY
• Shoe Stores were up both Mom and YoY, growing 7.6% and 3.16%, respectively