Issue Brief: FGCU Seasonality Index
Seasonality is an important feature of the Southwest Florida economy. The workforce region experiences a boost in population between October and April when the snowbird population makes its way down south to avoid the winter season. Local businesses adjust to account for this population influx, ramping up employment levels for the increased demand in goods and services.
In this issue brief, we introduce a new methodology for the FGCU Seasonality Index. The new index is based on a Mean Seasonal Variation, which looks at the average absolute difference between an unseasoned and seasoned data point over a period. We first introduce the methodology for calculating the index and provide comparisons to the old methodology. Using Southwest Florida as an example, the comparisons illustrate that the trend since 2000 is more consistent under the new methodology, as well as showing that the ordinal rankings do not differ much for the region.
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