September 2018 Press Release

Tallahassee Cools off Heading into Fall Labor and Airport Traffic Shine, While Real Estate Stalls

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending September 2018. Following a .94 point move up in August, the Index fell 2.08 points from 40.10 to 38.02 in September.

“The Index numbers dropped more than two points, resuming the slower growth trend of 2018. This marks the seventh of nine months so far in 2018 that the Index has seen a deceleration in the local economy. New construction building permits continued to slide, down 35.71 percent from September of 2017, and are now at the lowest levels in over 10 years,​" said TEI Founder Brett F. Ewing. “One of the few bright spots this month is airport traffic, up 12.61 percent from September 2017. This indicator has been growing on a seasonally adjusted basis all year, but hasn’t been enough to make up for the pressure other indicators have been under this year.”

“The TEI is sending a clear signal that growth is slowing in the capital city as September marks yet another month of what is becoming a steady fall,” said Lance Mitchell, Director of Research at the TEI. “While initial claims hit a new low since we began collecting data over a decade ago, it couldn’t offset the slowing demand from consumer spending as shoe and apparel stores both experienced near 20 percent drops from a year ago. Realtor sales also continue to slow which hurts growth throughout a litany of industries, highlighted by the banking sector. And that isn’t a good signal going into the final quarter of the year.”

• Airport Traffic declined 5.53 percent from last month, but advanced 12.61 percent from September 2017
• Lumber Sales grew 1.24 percent MoM, and 8.70 percent YoY
• New Construction Permits sank 18.18 percent from August, and 35.71 percent from last August
• Initial Claims for Reemployment Assistance fell by 27.81 percent MoM, and 5.79 percent YoY
• Realtor Sales dropped 33.12 percent from August, and 7.9 percent from a year ago