Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today today released numbers ending August 2018. Following a .42 point move down in July, the Index rose .937 points from 39.167 to 40.104 in August.
“For just the second time this year, the index was positive as August saw a slight tick up. Strong consumers helped lead this month’s move higher by spending significantly more money on things like apparel, shoes, and plane tickets on a year over year basis.” said TEI Founder Brett F. Ewing. “The weakest segment in the report was business spending, which saw both of our categories most levered to small businesses show a move down.”
“The index once again had a very small move in August, albeit it this time a positive one,” said Lance Mitchell, Director of Research at the TEI. “The flattening of the index throughout 2018 continues to show moderating growth in the most leading economic categories we employ. Median home sales price grew at an unexpectedly strong pace after a few months of lackluster performance, but new construction permits continue to languish at multi-year lows and realtor sales remain on the weaker side. This puts Tallahassee in lockstep with the national real estate market where growth definitely seems to be cooling and it is something we will be watching closely to see whether it is just a cold or we catch the full blown flu.”