December 2019 Press Release

Tallahassee’s Economy Taps the Brake for Second Month in a Row

Initial Claims for Reemployment Assistance Jump Higher

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending December 2019. Following a 6.04 point slump in November, the Index saw a decrease of 6.06 points in December, from 54.56 to 48.50.

“The Index saw another month of slowing in December. Ten of the fifteen indicators saw seasonally adjusted contraction, with six of those being double digit declines. Initial claims for Reemployment Assistance led the index lower. The seasonally adjusted move was the worst we have seen since October of 2018.” said TEI Founder Brett F. Ewing. “One positive input worth noting is New Construction Permits. One year ago they posted a meager 10 permits, this month they posted 47 permits, which is a year over year change of 370 percent.”

“December’s index reading showed another month of deceleration in the local economy. Consumer and Business spending were key in leading the index lower. Everything from Apparel and Accessories to Household Appliances showed lower sales when compared to last December. Lumber and Other Building Materials has also continued to slide on a seasonally adjusted basis for the second month in a row.” Said Lance Mitchell, Director of Research at the TEI. “Airport Traffic came to a screeching halt last month after 12 months of year over year growth. However, it resumed the trend in December gaining 2.98 percent compared to the prior month and 12.52 percent compared to December of last year. ”

• Lumber and Other Building Materials were chopped by 13.21 percent from November, and 2.92 percent from December 2018
• Home Furniture, Furnishings, and Equipment fell 15.34 percent MoM, and 15.61 percent YoY
• ● Store and Office Equipment Sales declined 14.66 percent from last month, and 13.04 percent from December of last year