Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending March 2018. After a 2.08 point drop in February, the Index lost 2.50 points from 48.21 to 45.71 in March.
“The Index skid lower for the third time in 2018, marking three straight months of deceleration in the local economy. We finally saw lumber sales slip, falling 10.54 percent from March of 2017. Lumber has not had a negative year over year move since January of 2017, ” said TEI Founder Brett F. Ewing. “ One bright spot has been the Tallahassee International Airport. Airport traffic grew for the third straight month in a row and seasonally adjusted, it has increased for the past six months.
“The TEI experienced continued downward pressure in March as growth continued to flatten in the first quarter of 2018,” said Lance Mitchell, Director of Research at the TEI.“Business spending has gotten off to a weak start as office equipment and supplies has now registered lower numbers for each month of 2018 versus 2017. On the bright side, we saw yet another month of residential home price growth as the median sales price hit the highest levels the capital city has ever seen in the month of March.