September 2019 Press Release

Tallahassee’s Economy Keeps up Last Month’s Momentum

Realtor Sales and Home Prices Add Fuel to the Fire

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending September 2019. Following a 16.08 point jump in August, the Index saw a slight increase of .54 points in September from 51.08 to 51.63.

“The Index had a hard time following up last month’s double digit move. However, it was positive in September and showed the economy’s continuing acceleration. We have been watching New Construction Permits closely and it moved in the right direction, gaining 13.64 percent compared to last month. Airport Traffic has also continued to perform, it gained 11.48 percent compared to last September. This input just hit the eleventh month of seasonally adjusted growth in a row.” said TEI Founder Brett F. Ewing. “Initial Claims for Reemployment Assistance has been on fire, until this month. It finally saw some year over year slowing, moving up 4.92 percent compared to September of 2018.”

“After last month’s big move, The Index seems to be taking a month to digest. The Index was buoyed by real estate related inputs continuing to provide a solid foundation. Realtor Sales gained 35 percent year over year, with 285 closed sales, we have just witnessed the biggest number in any September since 2006.” Said Lance Mitchell, Director of Research at the TEI. “Median Prices of Single Family Homes has continued its streak. This Indicator has gone up for 18 months in a row on a seasonally adjusted basis.”

• Household Appliances and Accessories leaped 44.65 percent from August, and 2.33 percent from September 2018
• Lumber and Other Building Materials plummeted 26.96 percent MoM, but had growth of 2.44 percent YoY
• Apparel and Accessory Stores saw a bump of 4.18 percent compared to the prior month, but have grown 17.17 percent compared