October 2017 Press Release

Tallahassee Economy Makes Slight Advances in October New Construction Permits and Airport Traffic Fly High

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending October 2017. After a 2.69 point retreat in September, the Index advanced 2.13 points from 50.56 to 52.69 in October.

“This month’s index showed mixed numbers across the categories, but after everything was computed we saw a slightly higher index number. Existing homes sales rebounded from a five-month low in September and saw the highest October sales number ever.” said TEI Founder Brett F. Ewing. “Another noteworthy figure was Airport Traffic. With 74,060 passengers coming and going, this was the best October since 2006, and the highest reading since April 2008. Not to mention it was the most passenger traffic seen in one month since the airport gained “International” designation.

“Despite weather issues early in the month, October goes into the books as a positive for the local economy,” said Lance Mitchell, Director of Research at the TEI. “The most leading indicators for real estate bounced back in a big way. New construction permits rallied from a dreadful September to hit 61, the highest October number in over a decade, while lumber sales continued a steady record setting pace. Another bright spot was in office equipment and supplies which were up nearly 20 percent year-over-year and has now had three straight months of year-over-year gains.”

• Median Existing Home Sales Prices advanced 2.38 percent from September and 2.87 percent from last October
• Airport Traffic jumped 32.33 percent from last month and 5.23 percent from October last year
• New Construction Permits recovered 335.71 percent from September, and 74.29 percent from last October
• Initial Claims for Reemployment Assistance moved back up 21.24 after hitting an all-time low in September, but were still 13.26 percent lower than one year ago
• Realtor Sales continued their slide by 8.33 percent month-over-month and 9.5 percent year-over-year