Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending June 2018. Following a 4.21 point fall in May, the Index regained 1.06 points from 38.52 to 39.52 in June.
“The June numbers are in, and the Index has moved up, slightly. While growth has slowed so far this year, June saw a slight turn around. Initial claims for reemployment assistance saw a double digit yearly and monthly move in the right direction. Lumber sales also helped boost the Index by having another month of double digit seasonally adjusted growth,” said TEI Founder Brett F. Ewing. “ Another input we like to mention is airport traffic – June marks the ninth month in a row of year-over-year growth. This is the longest streak of growth since the airport went international in June of 2015.”
“Finally—and for the first time all year—we can say that we had an acceleration in growth in the capital city,” said Lance Mitchell, Director of Research at the TEI.“While housing numbers seem to have slowed down, with all three of our categories negative year-over-year, consumers seem to be shopping again. Sales on smaller ticket items like shoes, apparel and accessories, and home furniture and furnishings all increased on a monthly and yearly basis. While consumers may have moved down the chain to less expensive purchases, the growth definitely shows a newfound attitude to spend some of their disposable income from the new tax plan.