November 2017 Press Release

The “Tally-conomy” Falls Back in November Consumer Spending Stalls While Construction Tops Last Year

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending November 2017. After a 2.13 point jump in October, November declined 2.96 points.

“This month, the index essentially gave back what it gained last month. This pullback was mostly due to slowing consumer spending. Apparel and Household Appliances and Accessories both saw double digit negative seasonally adjusted sales numbers. ” said TEI Founder Brett F. Ewing. “Looking on the bright side, New Construction Permits posted 43 permits which were 53.57% higher than last November. This Index Input has had a wild three months, posting just 14 permits in September and then roaring back with 61 in October. 2017 is poised to be the best year for local new construction in at least 6 years

“The TEI slid back down in November and has continued to flatten throughout the year,” ” said Lance Mitchell, Director of Research at the TEI. “The flattening is consistent with growth leveling off, but the underpinnings of our indicators continue to be steady. We look forward to seeing if the weak consumer spending categories can be buoyed in 2018 by the new tax plan, and whether real estate and employment can continue their sizzling pace.;

• Airport Traffic declined 5.39 percent from last month, but gained 7.67 percent from this time last year
• New Construction Permits dropped 29.51 percent from October, however, they still gained 53.57 percent from last November
• Initial Claims for Reemployment Assistance continue to hover around all-time lows, dropping .96 percent from last month, and .31 percent from November of last year
• Median Home Sales Prices slid by 2.33 percent MoM, but were still up 8.95 percent from November 2016
• Realtor Sales grew 10.53 percent from last month, and 16.7 percent from this time last year