Economic Index: Upswing in local residential real estate
Tallahassee’s residential real estate sales increased in April while other economic indicators linked to consumer spending showed a bit of a slump, according to a recent report of Tallahassee Economic Index.
“The consumer seemed to take a step back this month as apparel and accessories, shoe stores and household appliances were negative on a year-over-year basis,” said TEI Founder Brett F. Ewing, in a statement. “Overall the move in the index was muted, but we still see many of the most reliable indicators flashing green. We don’t believe the move is the start of a new trend.”
The report analyzes more than a dozen components related to Tallahassee’s economy: Initial unemployment claims, office supplies, lumber, building permits, average home sales price, realtor sales counts, shoe stores, advertising, pawn shops, drinking establishments, home furniture, graphic arts, printing and publishing, household appliances and air traffic.
Report highlights include:
- New construction permits and realtor sales posted large gains from last year rising 45.83 percent and 11 percent respectively.
- Store and office equipment dropped 13.32 percent year over year.
- Household appliances fell 17.90 percent month over month and 9.80 percent year over year
- Home furniture, furnishings and equipment posted a year over year gain of 7.73 percent
- Graphic arts, printing and publishing rose 11.01 percent month over month and 17.50 percent year over year.
- Initial claims remained the same month over month but continued to fall year over year, which declined by 33.85 percent.