The most recent reading from the Tallahassee Economic Index shows a downward trend for the month of May. Although the index fell slightly, officials say there are bright spots.
The Tallahassee Economic Index combines data from businesses throughout the city to create a picture of the local economy. According to Index founder Brett Ewing, the city’s economy is still growing, but isn’t accelerating quite as fast as it did in April.
Ewing is hanging his hopes on the housing market, which he thinks may bring faster growth in the coming months.
“We would not say it’s accelerating at a tremendous growth rate, but the housing data that we’re getting in is really the multiplier going forward,” Ewing said.
According to the Index, home sales grew by 30% from April to May, and are up 60% compared to May last year. On the other hand, initial unemployment claims in Tallahassee also rose by more than 20% in May.
And historical data indicates that trend may continue.
The federal Bureau of Labor Statistics shows Tallahassee’s worst month for unemployment in each of the last three years has been July.