Florida’s capital city is experiencing some positive economic growth. The June report for the Tallahassee Economic Index shows a slight turnaround in a year that has largely seen slow economic development.
A major contributing factor to the uptick is fewer people filing for unemployment says TEI Founder and Director Brett Ewing.
“So we were looking at a 21 percent drop month-over-month in initial claims,” she adds. “And that broke a recent trend with the claims rising. If claims start rising it’s showing weakness in the local labor market. So if the claims go down, that has a positive impact on the index.”
Ewing says a positive index means the rate of growth is accelerating and a negative one means the rate is slowing down. In other words, a negative index doesn’t mean negative growth.
Other factors contributing to the positive trajectory include a record nine months of traffic at the Tallahassee International Airport - the longest since the airport began international service - and strong performance in the lumber and construction sectors.