August 2019 Press Release

Local Economy Bucks Slowing Trend

Real Estate and Employment Stand Tall Going Into Fall

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending August 2019. Following a 10.42 point skid in July, the Index saw a 16.08 point vault from 35 to 51.08 in August.

“This month the index saw its biggest move in over six years. The economy seems to be accelerating into the fall. The heaviest weighted input, Initial Claims for Reemployment Assistance, fell 20.41 percent from last August which added some fuel to this month’s move. Initial Claims are just 30 claims above the all-time low seen in March 2019.” said TEI Founder Brett F. Ewing. “One Input we are watching closely is New Construction Permits. This Input has been on a rollercoaster ride going from 10 permits this past December to 65 in April and steadily slowing to the 22 posted in August. The August number is 26.67% lower than August of last year. ”

“August brought a much need rebound to the index after the ten point drop in July. Real estate categories helped spur the move this month. Realtor Sales were over 11% higher from the previous month and over 6% higher than August of 2018. The Median Price of single-family homes is less than half a percent below the all-time high we saw in June of this year.” Said Lance Mitchell, Director of Research at the TEI. “Airport Traffic continued to add strength to the index. This input has shown seasonally adjusted growth for the tenth month in a row.”

• New Construction Permits crumbled 15.38 percent MoM, and 26.67 percent YoY
• Initial Claims For Reemployment Assistance Plummeted 24.86 percent from last month, and 20.41 percent since August of last year
• Realtor Sales closed 11.37 percent more sales versus last month, and 6.1 percent more than at the same time last year