October 2019 Press Release

Local Economic Expansion Remains Intact in October

Real Estate, Employment, and Airport Traffic Firm This Month

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending October 2019. After a .54 point rise in September, the Index climbed 8.98 points in October, from 51.63 to 60.60.

“October’s Index reading marked the third month in a row of acceleration. We saw seasonally adjusted growth in 11 out of the 15 inputs that make up the index. Initial Claims for Reemployment Assistance moved back in the right direction this month, dropping 30 percent compared to October of 2018.” said TEI Founder Brett F. Ewing. “Weak spots were hard to find this month. Shoe Stores and Apparel showed some year over year weakness, dropping 8.56 percent and .28 percent, respectively.”

“October showed continued growth for the local economy. We saw New Construction Permits, Lumber and Other Building Materials and Store and Office equipment all expand on a year-over-year and a month-over-month basis.” Said Lance Mitchell, Director of Research at the TEI. “Real Estate categories continued to expand on a seasonally adjusted basis. Airport Traffic also showed strength, hitting its twelfth month of seasonally adjusted Growth. ”

• New Construction Permits had a 40 percent jump from last month, and a 12.9 percent jump from October 2018
• Initial Claims for Reemployment Assistance increased 10.94 percent from September, but slid 30.05 percent YoY
• Lumber and Other Building Materials soared 46.04 percent MoM, and 31.92 percent YoY
• Realtor Sales dropped 11.58 percent from September, but gained 18.3 percent from a year ago