November 2019 Press Release

Capital City Economy’s Growth Streak Halted

New Construction and Airport Traffic Slow in November

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending November 2019. Following an 8.98 point jump in October, the Index saw a decrease of 6.04 points in November, from 60.60 to 54.56.

“This month the Index gave back some momentum after 3 months in a row of growth. Eleven of our fifteen inputs went down on a monthly basis, and six of those were double digit declines. Also, after 12 months of seasonally adjusted growth; Airport Traffic finally broke its streak, dropping 4.26 percent from last month and 3.21 percent from November 2018.” said TEI Founder Brett F. Ewing. “On the bright side New Construction Permits were a highlight this month, gaining 60 percent on a seasonally adjusted basis. That’s the largest seasonally adjusted growth figure for this input since April’s massive 85 percent jump.”

“November’s Index reading showed the economy pulling back on the reigns after three months of acceleration. The consumer didn’t help this month. Apparel and Accessories Stores experienced a decrease of 14.70 percent along with Household Appliance and Accessories dropping by 5.80 percent. Initial Claims for Reemployment Assistance helped keep the index from slowing down even further with a decline of 9.86 percent from October and a year over year decrease of 16.88 percent.” Said Lance Mitchell, Director of Research at the TEI. “Realtor Sales and Median Single Family Home Prices once again helped steady the index with positive year over year increases. ”

• Home Furniture, Furnishings, and Equipment fell 4.09 percent MoM, but had a YoY jump of 23.19 percent in November
• Store and Office Equipment Sales declined 33.64 percent from last month, but still gained 9.87 percent from November of last year
• Initial Claims for Reemployment Assistance dropped 9.86 percent from October, and 16.88 percent from this time last year