The Tallahassee Economic Index (TEI) rose 4.44 points to 75.96 in October, following a 7.90 point increase in September, and a 8.23 increase in August.
Said Brett F. Ewing, Founder of the Tallahassee Economic Index:
“Led by the lowest number of reemployment assistance claims in over a decade, the TEI continues to build momentum in the second half of the year. The claims number signals a tightening in the labor markets and should result in higher wages in the capital city. Advertising continues to also be another markedly strong area with gains of at least 30% year over year for each of the past 3 months.”
“Three straight does a trend make, and the TEI is definitely in an upward trend as it posted yet another strong month of gains in October” said Lance Mitchell, Director of Research at the TEI. “Broad strength is the best way to describe the nature of the run up in the index as 12 out of the 15 components showed year over year positive gains, led by the construction genre with permits, lumber sales, and home furnishings all up at least 9%.”
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.