September 2017 Press Release

Local Economy Gets Blown Sideways in September Employment Glows as Other Inputs Get Shaded by Hurricanes

Tallahassee, FL – The Tallahassee Economic Index (TEI), the city’s top economic growth indicator, today released numbers ending September 2017.TAfter a 6.29 point advance in August, September gave back 2.96 points.

“The Index saw a moderate decline in September led down by both business and consumer spending segments and a reversion in housing ” said TEI Founder Brett F. Ewing. “However, there was some hope found in the results. Initial claims for reemployment assistance hit an all-time low in September and continue to show just how strong the employment situation is in Leon County. Another positive can be seen in lumber sales with September marking the eighth straight month of growth.

The Index moved down 2.96 points, from 53.52 in August to 50.56 in September.

“The first month of Fall brought a slight pullback in the TEI as Tallahassee’s economy took a break in September, perhaps due to weather,” said Lance Mitchell, Director of Research at the TEI. “We had a month where real estate weighed heavily on the Index as Realtor Sales and Median Sales Price dropped on a month over month and year over year basis for the first time since early 2014. New Construction Permits also plunged in September. This disappointing data was almost assuredly hurt by the hurricane and should bounce back in October.”

• Airport Traffic declined 5.04 percent from last month, and 5.61 percent from this time last month
• New Construction Permits dropped 63.16 percent from August, and 77.05 percent from last September
• Initial Claims for Reemployment Assistance hit an all-time low, plunging 21.99 percent MoM, and 24.05 percent YoY
• Median Home Sales Prices slid by 6.67 percent MoM, and 2.33 from September of 2016
• Realtor Sales dipped 28.52 percent from last month, and lost 5.8 percent from this time last year