July 2019 Press Release

Tallahassee’s Economy Extends the Swoon from June

Consumer Spending and Real Estate Categories Show Weakness

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending July 2019. Following a .23 point slip in June, the Index saw a 10.42 point tumble from 45.42 to 35 in July.

“The July Index reading was one of the most severe drops we have seen in quite a while. The last time the index saw anything close to this was July of 2017 where the index dropped 10.06 points.” said TEI Founder Brett F. Ewing. “Airport Traffic and Initial Claims for Reemployment Assistance helped buoy this month’s number. Both inputs were about one percent worse than the month before, but were 8.58% and 14.96%, respectively, than last July.”

“The index took quite a surprisingly large tumble in July. The move was the third month in a row to the downside. New Construction Permits continue to slide on a seasonally adjusted basis, down 13.33 percent from July of 2018. Lumber and Building Material sales and Realtor sales were both down on a year over year and a month over month basis.” Said Lance Mitchell, Director of Research at the TEI. “Median Sales Price of Existing Family Homes just hit an all-time high in June, and while it moderated in July, it is higher by 11.39 percent from a year ago, and remains one of the bright spots in the capital city.”

• Airport Traffic descended 1.13 percent from June to July, but climbed 8.58 percent from July of 2018
• Realtor Sales slipped 17.4 percent from June, and 10.5 percent from last July
• New Construction Building Permits added 4 percent MoM, but crumbled 13.33 percent YoY
• Initial Claims for Reemployment Assistance gained 1.42 percent from last month, but are still 14.96 percent lower than a year ago