Central Florida’s economy appears to be slowing in recent months, according to the latest CFB Economic Index.
The index, a basket of leading indicators using local data, predicts an October growth rate of 2.96 percent for the six-county area.
It marks the fifth consecutive month in which the growth rate is projected to be lower than 3 percent. That follows seven months of growth at 3.75 percent or higher.
The decline is connected to a consistent drop in the typically volatile category of building permits. Activity in that area is expected to drop at least 10 percent during each of the five months of slower growth.
In July, the most recent month for which actual figures are available, the local economy grew at a rate of 1.76 percent, the lowest rate in more than a year. Hurting growth was a 15.59 percent dip in building permits and a modest 1.65 percent increase in tourist tax collections.
October’s growth is expected to be led by Lake County, with a 7.02 percent rate, followed by Orange at 4.84 percent and Volusia at 3.03 percent. Brevard is expected to show a decline, with a -1.41 percent rate.
