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Economic Outlook for Tallahassee in 2025: Challenges and Opportunities

Skyline of Tallahassee representing economic growth and challenges

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News Summary

As Tallahassee looks ahead to 2025, the economic landscape presents a mixed bag of challenges and opportunities. Insights from economist David Altig reveal slower growth and job losses in Leon County, amidst a glimmer of hope with a slight job growth in the metro area. Rising public debt and inflation stabilization add to the complexity, yet the Greater Tallahassee Chamber of Commerce aims to align workforce development with high-wage industries to foster job creation. With initiatives in place, the city prepares to tackle upcoming economic hurdles.

Economic Outlook for Tallahassee in 2025: A Mixed Bag of Challenges and Opportunities

Ah, Tallahassee! A city that brings a unique blend of southern charm and vibrant community spirit. But as we look ahead to 2025, the road to economic growth might be a bit bumpy. A recent meeting hosted by the Tallahassee Chamber of Commerce provided insights into what the future might hold, thanks to a top federal economist who shared a cautious view of our economic forecast.

What’s on the Horizon?

According to insights from economist David Altig, the economic growth in 2025 will likely feel a bit slower compared to previous years. His prediction? Expect “a little bit less growth, a little bit less employment, a little less inflation, but still pretty good.” While that sounds like a promising outlook, it’s important to keep our eyes open to the uncertainties that might affect us.

The Puzzle of the Economy

Altig likened today’s economy to a puzzle with missing pieces. This missing puzzle can be attributed to various factors, including tariffs, inflation, immigration policies, and overall fiscal impacts. Keeping tabs on these elements is crucial for any forward planning.

Job Challenges for Leon County

Turning the spotlight on Leon County, the job landscape is concerning. The area has lost a staggering 904 jobs since last year, resulting in a meager job growth rate of only 0.6%. This situation has been described as a “five alarm” crisis by past Chamber officials. Though there’s been a total job gain of 18,000 over the last five years, recent data reveals the area experienced a year-over-year loss of more than 700 jobs.

Local Growth vs Statewide Trends

Talk about some homegrown success!

Rising Concerns

Inflation Stabilizes

Workforce Development Initiatives

Initiatives aimed at local industry growth and workforce development programs are already in the works to meet these pressing needs.

The Future Needs

Targeting High-Growth Sectors

Construction and Wages

Job Creation Amid Losses

As we approach 2025, Tallahassee’s economic story will be engaging to follow. With concerted efforts from various stakeholders, the community is ready to tackle the hurdles ahead while celebrating the wins that come along the way.