March 2019 Press Release


June 10, 2019

FOR IMMEDIATE RELEASE CONTACT:

Chelsea Gold
(850) 422-7724
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Tallahassee’s Economy Stagnates in March

Businesses and Consumers Slack off as Spring Sets in

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending March 2019. Following a 7.42 point breakthrough in February, the Index saw a setback of 4.42 points from 49.38 to 44.96 in March.

“The Local Economy took a bit of a breather in March, after two months of substantial acceleration. This month’s Index reading broke the prior two month’s trend due to multiple inputs showing material year over year declines.” said TEI Founder Brett F. Ewing. “One of the indicators we are watching closely is New Construction Building Permits. This input closed out the year with a meager 10 permits in December, but has rebounded to 51 permits in March.”

“The Ides of March did not fare well for Tallahassee’s Economy with this month’s report looking rather bleak. Business spending was especially weak, and unlike prior months real estate numbers didn’t provide much help.” Said Lance Mitchell, Director of Research at the TEI. “One of the most troubling data points in the index continues to be realtor sales, which, on a seasonally adjusted basis, has been flat or negative in 9 out of the past 12 months. The slowdown effects many industries across the economy, but with mortgage rates dropping we will be watching to see if it can pick back up for the rest of 2019.”

  • New Construction Building Permits improved 50 percent MoM, and 2 percent YoY
  • Median Sales Prices of Single Family Homes deteriorated 5.83 percent from February, but rose .22 percent from March of 2018
  • Initial Claims for Reemployment Assistance dropped 6.64 percent MoM, and 10.49 percent YoY
  • Airport Traffic climbed 16.14 percent from last month, and continued its ascent moving up 5.64 percent from one year ago

The components of the TEI include:

Initial Unemployment Claims

Office Supplies

Lumber

Building Permits

Average Home Sales Price

Realtor Sales Counts

Shoe Stores

Advertising

Home Furniture

Graphic Arts, Printing and Publishing

Household Appliances

Apparel

Airport Traffic

Pawn Shops

Drinking Establishments


About the TEI

Powered by First Franklin Financial Services, the TEI tracks and predicts economic growth in the city of Tallahassee, Florida. This is accomplished using data collected from official sources throughout Leon County. More info at TallahasseeEconomicIndex.com.

CONTACT

  • Tallahassee Economic Index
  • 2528 BARRINGTON CIRCLE #1
  • TALLAHASSEE, FL 32308
  • Phone:
    (850) 422-7724
  • Fax:
    (850) 422-7736

The Tallahassee Economic Index, First Franklin Financial Services and Centaurus Financial Incorporated are not affiliated companies.

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