Tallahassee real estate, consumer spending surge in March
Consumer spending and real estate related industries showed another consecutive month of economic improvement, according to the Tallahassee Economic Index.
The index is a report assessing more than a dozen economic factors to determine local trends. The overall index in March rose 7.98 points to 62.92. That boost followed a 7.73 point increase in February and a 1.58 point drop in January.
“Led by an expanding real estate market, the TEI is now up over 14 points for the year. New construction permits, realtor sales, lumber and other building materials were all up 9 percent or more from a year ago,” said Brett Ewing, financial advisor at First Franklin Financial Services and founder of the index. “There was also healthy seasonal consumer spending growth from February to March; with apparel and accessory sales and shoe store sales rising over 30 percent and 50 percent, respectively.”
The index report showed:
- Pawn shops rebounded from February rising 36.24 percent in March
- Household appliances continued to grow, moving up 9.74 percent month over month, and 9.95 percent year over year
- Home furniture, furnishings and equipment posted a year over year gain of 9.19 percent
- Drinking places continue to have a good year with the third consecutive month of seasonally adjusted growth rising 7.15 percent.
- The Tallahassee International Airport had an increase in its number of passengers, which rose 16.24 percent month-over-month
- Initial claims, while still declining 27.19 percent year over year, saw its first monthly increase of the year up 7.59 percent month-over-month