March 2016 Press Release

Tallahassee Real Estate, Consumer Spending Surged in March

Local Index Also Saw Gains in Advertising, Graphic Arts, Printing and Publishing

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending March 2016 which show another month of improved economic activity, especially in consumer spending and real estate.

“Led by an expanding real estate market, the TEI is now up over 14 points for the year. New construction permits, realtor sales, lumber and other building materials were all up 9 percent or more from a year ago,” said TEI Founder Brett F. Ewing. “There was also healthy seasonal consumer spending growth from February to March; with apparel and accessory sales and shoe store sales rising over 30 percent and 50 percent, respectively.”

Overall the index rose 7.98 points to 62.92, which follows a 7.73 point increase in February and a 1.58 point drop in January.

“The TEI posted its second consecutive month of strong growth, putting an end to any recession worries that had been rearing their ugly heads during the winter months,” said Lance Mitchell, Director of Research at the TEI. “The business community seems to be doing especially well lately. Advertising continued its recent surge up an impressive 60 percent year over year while graphic arts, printing and publishing saw its second consecutive month of double digit year over year gains.”

• Pawn Shops rebounded from February rising 36.24 percent in March

• Household Appliances continued to grow, moving up 9.74 percent MoM, and 9.95 percent YoY
• Home Furniture, Furnishings and Equipment posted a YoY gain of 9.19 percent
• Drinking Places continue to have a good year with the third consecutive month of seasonally adjusted growth rising 7.15 percent YoY
• The Tallahassee International Airport saw the Number of Passengers climb 16.24 percent MoM
• Initial Claims, while still declining 27.19 percent YoY, saw its first monthly increase of the year up 7.59 percent MoM