November 2016 Press Release

Economic Index Modestly Moves Up, Buoyed by Real Estate, Stable Consumption

Continued Decline in Reemployment Assistance Initial Claims, Combined with Other Indicators, Worked to Keep Economy Grinding Forward

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, released numbers ending November 2016 which show a solid economic foundation for the local area.

“November saw a slight uptick in the TEI as the local economy tried to regain its footing into the year end,” said TEI Founder Brett F. Ewing. “While the month-to-month numbers were mostly down, led by large decreases in business categories like advertising, office equipment, printing and publishing, yearly numbers continue to show signs of underlying strength. Specifically, the historically low number of initial claims for reemployment assistance and historically high airport passenger numbers.”

The Index ticked up 3.35 points, from 43.38 in October to 46.73 in November.

“The TEI rose slightly in November, highlighted by several areas of bright spots showing a stable consumer,” said Lance Mitchell, Director of Research at the TEI. “Yet again we saw solid numbers across the board in real estate as new construction permits, existing home sales prices, and realtor sales all showed solid year over year growth.”

• Building Permits slid 20 percent MoM, but jumped 75 percent from November 2015
• Reemployment Assistance Initial Claims fell 12.15 percent MoM, and 8.09 percent YoY
• Realtor Sales were down 14.29 percent from last month, but they grew by 16.5 percent YoY
• Airport Passengers dropped 7.53 percent from October, and jumped10.10 percent from this time last year
• Drinking Places saw a jump in November. Sales increased 25.23 percent MoM, and also 3.01 percent YoY