Regional Update (July-September 1997)

Index The State of the States Views from the Region Southeastern Manufacturing Survey Southeastern Economic Indicators

Cover Story - Georgia Landowners Face Decision on Conservation Reserve Program Acreage

Economic Shifts Cause Florida's Major Cities to Interact Differently

S outheastern Economic Indicators
Alabama
Quarterly Annual Averages
1996Q2 1996Q3 1996Q4 1997Q1 1997Q2 1993 1994 1995 1996
Total Payroll Employmenta 1,822.4 1,828.0 1,834.1 1,841.4 1,845.3 1,716.7 1,758.4 1,803.5 1,825.7
Year-over-Year Percent Change 1.1 1.3 1.2 1.3 1.3 2.5 2.4 2.6 1.2
Quarterly Percent Change 0.2 0.3 0.3 0.4 0.2
Manufacturing Payroll Employmenta 382.6 381.5 381.2 382.6 379.9 384.2 386.4 391.8 383.0
Year-over-Year Percent Change -2.6 -2.5 -2.1 -1.0 -0.7 0.9 0.6 1.4 -2.3
Quarterly Percent Change -1.0 -0.3 -0.1 0.4 -0.7
Civilian Unemployment Rate 5.4 4.9 4.6 4.4 4.5 7.6 6.0 6.3 5.1
Initial Unemployment Claimsb 367.1 326.7 328.0 298.4 344.6 364.2 301.6 365.4 356.9
Year-over-Year Percent Change 12.1 -15.3 -28.2 -26.5 -6.1 2.2 -17.2 21.2 -2.3
Quarterly Percent Change -9.6 -11.0 0.4 -9.0 15.5
Single-Family Building Permitsc 14,924 14,450 13,953 13,479 14,864 12,815 14,443 13,412 14,566
Year-over-Year Percent Change 15.6 4.2 -4.8 -9.8 -0.4 11.0 12.7 -7.1 8.6
Quarterly Percent Change -0.1 -3.2 -3.4 -3.4 10.3
Multifamily Building Permitsc 4,259 4,201 9,662 7,515 2,765 3,290 4,693 6,702 5,302
Year-over-Year Percent Change -37.7 -38.8 28.9 143.5 -35.1 39.5 42.6 42.8 -20.9
Quarterly Percent Change 38.0 -1.4 130.0 -22.2 -63.2
Personal Incomed 85.1 86.6 87.5 88.7 -- 73.0 77.0 81.6 85.7
Year-over-Year Percent Change 5.1 5.5 5.6 6.0 -- 4.5 5.6 5.9 5.1
Quarterly Percent Change 1.7 1.7 1.0 1.5 --
Birmingham
Total Payroll Employmenta 449.9 450.1 450.4 453.9 455.9 418.5 429.9 442.8 449.6
Year-over-Year Percent Change 1.9 1.4 1.1 1.3 1.3 2.3 2.7 3.0 1.5
Quarterly Percent Change 0.4 0.0 0.1 0.8 0.5
Civilian Unemployment Rate 3.3 3.0 2.9 2.8 3.1 5.6 4.1 4.3 3.2
Florida
Quarterly Annual Averages
1996Q2 1996Q3 1996Q4 1997Q1 1997Q2 1993 1994 1995 1996
Total Payroll Employmenta 6,148.2 6,206.5 6,263.0 6,314.9 6,381.0 5,571.5 5,799.4 5,996.2 6,182.8
Year-over-Year Percent Change 3.0 3.3 3.1 3.3 3.8 4.0 4.1 3.4 3.1
Quarterly Percent Change 0.6 0.9 0.9 0.8 1.0
Manufacturing Payroll Employmenta 488.6 492.1 492.4 492.4 493.0 485.2 484.0 486.5 490.6
Year-over-Year Percent Change 0.6 1.0 0.6 0.6 0.9 0.5 -0.2 0.5 0.8
Quarterly Percent Change -0.2 0.7 0.1 0.0 0.1
Civilian Unemployment Rate 5.1 5.0 4.9 4.9 5.0 7.0 6.6 5.5 5.1
Initial Unemployment Claimsb 482.9 469.3 450.5 448.8 461.9 515.3 511.7 482.3 473.1
Year-over-Year Percent Change -3.0 -3.0 -3.7 -8.3 -4.3 -17.8 -0.7 -5.8 -1.9
Quarterly Percent Change -1.4 -2.8 -4.0 -0.4 2.9
Single-Family Building Permitsc 92,802 90,824 90,612 89,651 89,250 91,261 96,276 84,071 91,040
Year-over-Year Percent Change 12.6 7.0 9.8 -0.3 -3.8 9.0 5.5 -12.7 8.3
Quarterly Percent Change 3.2 -2.1 -0.2 -1.1 -0.4
Multifamily Building Permitsc 33,811 38,709 29,432 44,845 44,573 23,842 32,326 38,832 33,980
Year-over-Year Percent Change -12.7 8.4 -30.5 32.0 31.8 30.2 35.6 20.1 -12.5
Quarterly Percent Change -0.5 14.5 -24.0 52.4 -0.6
Personal Incomed 344.0 349.4 352.4 359.1 -- 290.1 304.1 326.7 346.6
Year-over-Year Percent Change 6.2 6.1 5.7 5.5 -- 7.6 4.8 7.4 6.1
Quarterly Percent Change 1.1 1.5 0.9 1.9 --
Fort Lauderdale
Total Payroll Employmenta 603.8 610.0 613.9 619.4 628.5 540.1 564.8 584.7 606.5
Year-over-Year Percent Change 3.9 4.0 3.5 3.6 4.1 5.2 4.6 3.5 3.7
Quarterly Percent Change 1.0 1.0 0.6 0.9 1.5
Civilian Unemployment Rate 5.2 5.0 4.9 5.1 5.0 6.9 6.5 5.7 5.1
Jacksonville
Total Payroll Employmenta 491.9 495.5 503.2 509.5 514.3 438.6 459.4 482.2 495.5
Year-over-Year Percent Change 2.4 2.3 2.7 3.7 4.6 3.5 4.7 5.0 2.8
Quarterly Percent Change 0.1 0.7 1.5 1.3 0.9
Civilian Unemployment Rate 3.5 3.8 3.6 3.5 3.8 5.5 4.8 3.7 3.6
Miami
Total Payroll Employmenta 937.6 945.3 949.3 953.2 962.0 890.8 909.9 926.6 941.4
Year-over-Year Percent Change 1.5 2.1 1.9 2.1 2.6 3.9 2.1 1.8 1.6
Quarterly Percent Change 0.5 0.8 0.4 0.4 0.9
Civilian Unemployment Rate 7.3 7.2 7.2 7.4 7.4 8.1 8.4 7.3 7.3
Orlando
Total Payroll Employmenta 742.3 753.0 765.7 777.0 785.3 650.0 682.8 714.0 748.4
Year-over-Year Percent Change 4.9 5.1 5.1 6.1 5.8 5.1 5.0 4.6 4.8
Quarterly Percent Change 1.3 1.5 1.7 1.5 1.1
Civilian Unemployment Rate 3.8 3.6 3.6 3.5 3.5 6.2 5.7 4.5 3.8
Tampa
Total Payroll Employmenta 1,015.1 1,025.7 1,032.5 1,044.2 1,054.6 903.7 957.4 993.8 1,021.4
Year-over-Year Percent Change 2.4 3.0 2.7 3.1 3.9 4.2 5.9 3.8 2.8
Quarterly Percent Change 0.3 1.0 0.7 1.1 1.0
Civilian Unemployment Rate 3.9 3.8 3.8 3.5 3.7 6.4 5.3 4.4 3.9
West Palm Beach
Total Payroll Employmenta 414.4 419.6 422.6 426.0 430.8 369.5 386.1 399.1 416.4
Year-over-Year Percent Change 4.4 4.7 4.1 4.1 4.0 4.1 4.5 3.4 4.4
Quarterly Percent Change 1.3 1.3 0.7 0.8 1.1
Civilian Unemployment Rate 6.7 6.5 6.6 6.7 6.5 9.0 8.8 7.2 6.7
Georgia
Quarterly Annual Averages
1996Q2 1996Q3 1996Q4 1997Q1 1997Q2 1993 1994 1995 1996
Total Payroll Employmenta 3,521.3 3,553.9 3,558.7 3,560.3 3,582.4 3,109.1 3,265.8 3,402.2 3,528.8
Year-over-Year Percent Change 3.9 4.2 3.3 2.3 1.7 4.1 5.0 4.2 3.7
Quarterly Percent Change 1.2 0.9 0.1 0.0 0.6
Manufacturing Payroll Employmenta 581.9 585.4 588.2 588.3 588.0 558.3 577.3 586.9 584.8
Year-over-Year Percent Change -1.3 0.3 0.9 0.8 1.1 2.4 3.4 1.7 -0.4
Quarterly Percent Change -0.3 0.6 0.5 0.0 -0.1
Civilian Unemployment Rate 4.6 4.6 4.7 4.7 4.4 5.8 5.2 4.9 4.6
Initial Unemployment Claimsb 360.8 355.8 363.0 341.6 317.3 408.1 387.8 408.4 370.2
Year-over-Year Percent Change -17.2 -15.2 -11.0 -14.9 -12.1 -9.3 -5.0 5.3 -9.3
Quarterly Percent Change -10.1 -1.4 2.0 -5.9 -7.1
Single-Family Building Permitsc 62,533 57,607 56,865 54,880 55,348 47,599 52,530 55,027 59,397
Year-over-Year Percent Change 18.1 -2.4 -2.7 -9.4 -11.5 13.1 10.4 4.8 7.9
Quarterly Percent Change 3.2 -7.9 -1.3 -3.5 0.9
Multifamily Building Permitsc 17,590 17,224 11,964 14,523 22,364 6,275 12,330 17,198 15,477
Year-over-Year Percent Change -17.3 10.8 -17.2 -4.0 27.1 153.1 96.5 39.5 -10.0
Quarterly Percent Change 16.3 -2.1 -30.5 21.4 54.0
Personal Incomed 165.9 169.3 171.2 174.0 -- 135.7 145.4 156.6 167.0
Year-over-Year Percent Change 7.3 7.4 6.4 7.6 -- 6.1 7.1 7.7 6.7
Quarterly Percent Change 2.6 2.0 1.2 1.7 --
Atlanta
Total Payroll Employmenta 1,901.7 1,923.2 1,924.6 1,938.9 1,943.7 1,635.2 1,732.9 1,817.0 1,905.4
Year-over-Year Percent Change 5.4 5.5 4.1 3.6 2.2 5.5 6.0 4.9 4.9
Quarterly Percent Change 1.6 1.1 0.1 0.7 0.2
Civilian Unemployment Rate 3.6 3.8 4.0 3.7 3.5 5.3 4.7 4.3 3.8
Louisiana
Quarterly Annual Averages
1996Q2 1996Q3 1996Q4 1997Q1 1997Q2 1993 1994 1995 1996
Total Payroll Employmenta 1,807.1 1,815.0 1,827.1 1,830.8 1,838.0 1,658.6 1,722.1 1,772.3 1,810.9
Year-over-Year Percent Change 2.3 1.9 2.4 2.0 1.7 1.9 3.8 2.9 2.2
Quarterly Percent Change 0.7 0.4 0.7 0.2 0.4
Manufacturing Payroll Employmenta 188.5 188.6 188.2 188.1 189.2 185.4 186.5 188.0 188.2
Year-over-Year Percent Change 0.2 0.1 0.2 0.3 0.4 0.2 0.6 0.8 0.1
Quarterly Percent Change 0.5 0.1 -0.2 -0.1 0.6
Civilian Unemployment Rate 6.8 6.8 6.6 5.6 6.1 7.5 8.1 6.9 6.8
Initial Unemployment Claimsb 171.8 175.1 168.7 175.0 174.0 200.5 187.8 199.2 175.5
Year-over-Year Percent Change -12.5 -9.6 -20.0 -6.1 1.3 -18.5 -6.3 6.0 -11.9
Quarterly Percent Change -7.8 2.0 -3.7 3.7 -0.6
Single-Family Building Permitsc 14,946 13,903 14,161 12,875 15,168 10,363 12,758 12,461 14,422
Year-over-Year Percent Change 24.1 6.4 7.2 -12.3 1.5 17.0 23.1 -2.3 15.7
Quarterly Percent Change 1.8 -7.0 1.9 -9.1 17.8
Multifamily Building Permitsc 4,687 2,366 4,055 3,988 5,240 863 2,024 2,262 3,576
Year-over-Year Percent Change 259.3 3.5 63.3 24.8 11.8 -3.1 134.5 11.8 58.1
Quarterly Percent Change 46.7 -49.5 71.4 -1.7 31.4
Personal Incomed 86.0 86.9 87.7 89.2 -- 73.7 78.1 82.4 86.3
Year-over-Year Percent Change 5.0 4.4 5.0 5.8 -- 5.3 5.9 5.6 4.6
Quarterly Percent Change 1.9 1.1 0.9 1.7 --
New Orleans
Total Payroll Employmenta 604.2 605.2 605.6 607.7 609.3 569.7 584.9 598.8 603.6
Year-over-Year Percent Change 0.7 0.8 1.0 1.4 0.8 1.5 2.7 2.4 0.8
Quarterly Percent Change 0.8 0.2 0.1 0.3 0.3
Civilian Unemployment Rate 6.5 6.5 6.1 5.2 5.3 7.0 7.4 6.4 6.5
Mississippi
Quarterly Annual Averages
1996Q2 1996Q3 1996Q4 1997Q1 1997Q2 1993 1994 1995 1996
Total Payroll Employmenta 1,089.3 1,095.8 1,095.8 1,094.7 1,100.4 1,002.2 1,055.5 1,074.6 1,090.6
Year-over-Year Percent Change 1.5 1.9 1.7 1.2 1.0 4.4 5.3 1.8 1.5
Quarterly Percent Change 0.7 0.6 0.0 -0.1 0.5
Manufacturing Payroll Employmenta 247.6 245.6 242.1 242.3 242.8 255.7 261.0 257.8 245.7
Year-over-Year Percent Change -4.8 -3.9 -3.9 -2.2 -2.0 1.5 2.1 -1.2 -4.7
Quarterly Percent Change -0.0 -0.8 -1.4 0.1 0.2
Civilian Unemployment Rate 6.2 6.0 5.9 5.6 5.0 6.4 6.6 6.1 6.1
Initial Unemployment Claimsb 190.9 174.6 201.2 172.7 185.9 160.3 161.6 199.2 194.9
Year-over-Year Percent Change -2.7 -20.7 -8.1 -18.9 -2.6 -22.7 0.8 23.2 -2.1
Quarterly Percent Change -10.4 -8.5 15.2 -14.1 7.7
Single-Family Building Permitsc 8,150 7,722 8,061 7,102 8,122 6,870 7,976 7,267 8,061
Year-over-Year Percent Change 15.4 -1.4 4.9 -14.5 -0.3 25.2 16.1 -8.9 10.9
Quarterly Percent Change -1.9 -5.3 4.4 -11.9 14.4
Multifamily Building Permitsc 3,211 1,448 2,064 2,078 3,678 1,246 2,957 3,486 2,306
Year-over-Year Percent Change 47.0 -42.3 -53.0 -16.9 14.5 49.4 137.3 17.9 -33.9
Quarterly Percent Change 28.4 -54.9 42.5 0.7 77.0
Personal Incomed 47.3 48.0 48.1 48.8 -- 39.2 42.5 45.0 47.4
Year-over-Year Percent Change 5.9 5.9 4.8 5.4 -- 5.8 8.3 6.0 5.4
Quarterly Percent Change 2.0 1.6 0.3 1.5 --
Jackson
Total Payroll Employmenta 215.5 216.2 217.1 217.0 217.9 195.7 204.5 209.7 215.8
Year-over-Year Percent Change 3.3 2.6 2.5 1.2 1.1 2.9 4.5 2.5 2.9
Quarterly Percent Change 0.5 0.3 0.4 -0.0 0.4
Civilian Unemployment Rate 3.7 3.4 3.4 3.5 3.0 4.7 4.5 3.9 3.6
Tennessee
Quarterly Annual Averages
1996Q2 1996Q3 1996Q4 1997Q1 1997Q2 1993 1994 1995 1996
Total Payroll Employmenta 2,528.6 2,533.5 2,549.9 2,555.6 2,551.6 2,328.3 2,422.9 2,498.8 2,535.3
Year-over-Year Percent Change 1.6 1.1 1.1 1.0 0.9 3.7 4.1 3.1 1.5
Quarterly Percent Change -0.0 0.2 0.6 0.2 -0.2
Manufacturing Payroll Employmenta 522.0 520.5 520.9 519.3 515.5 528.5 539.0 538.9 522.4
Year-over-Year Percent Change -3.6 -2.8 -2.0 -1.3 -1.2 2.7 2.0 -0.0 -3.1
Quarterly Percent Change -0.8 -0.3 0.1 -0.3 -0.7
Civilian Unemployment Rate 5.1 5.0 5.1 5.1 5.1 5.8 4.8 5.2 5.2
Initial Unemployment Claimsb 478.9 491.2 515.9 402.2 455.1 411.5 389.3 441.2 500.6
Year-over-Year Percent Change 15.7 6.2 0.7 -22.1 -5.0 -12.4 -5.4 13.3 13.5
Quarterly Percent Change -7.3 2.6 5.0 -22.0 13.2
Single-Family Building Permitsc 30,261 26,320 26,821 28,229 27,935 24,065 26,824 27,695 28,217
Year-over-Year Percent Change 17.8 -11.5 -7.7 -4.2 -7.7 13.4 11.5 3.2 1.9
Quarterly Percent Change 2.7 -13.0 1.9 5.2 -1.0
Multifamily Building Permitsc 14,110 14,692 13,084 8,769 7,814 2,919 5,050 7,401 12,305
Year-over-Year Percent Change 183.9 130.0 39.4 19.6 -44.6 38.7 73.0 46.6 66.3
Quarterly Percent Change 92.4 4.1 -10.9 -33.0 -10.9
Personal Incomed 114.9 116.9 118.4 120.4 -- 96.7 103.4 110.6 115.8
Year-over-Year Percent Change 4.7 5.2 4.8 6.6 -- 5.6 7.0 6.9 4.7
Quarterly Percent Change 1.8 1.8 1.2 1.7 --
Memphis
Total Payroll Employmenta 543.1 542.2 548.9 551.9 551.7 491.8 512.6 534.7 544.2
Year-over-Year Percent Change 2.4 0.8 1.6 1.7 1.6 1.9 4.2 4.3 1.8
Quarterly Percent Change 0.1 -0.2 1.2 0.5 -0.0
Civilian Unemployment Rate 4.4 4.3 4.2 4.3 4.3 5.6 4.8 4.9 4.4
Nashville
Total Payroll Employmenta 605.2 607.5 611.2 614.8 612.3 541.8 570.8 595.4 607.2
Year-over-Year Percent Change 2.3 1.9 1.3 1.7 1.2 5.3 5.4 4.3 2.0
Quarterly Percent Change 0.1 0.4 0.6 0.6 -0.4
Civilian Unemployment Rate 3.2 3.3 3.3 3.3 3.3 4.1 3.1 3.3 3.3

a Thousands, seasonally adjusted
b Thousands, seasonally adjusted annual rate
c Units, seasonally adjusted annual rate
d $ billions, seasonally adjusted annual rate; 1996 data listed in the January-March 1997 issue were miscalculated.
Sources: Payroll Employment and Civilian Unemployment Rate: U.S. Department of Labor, Bureau of Labor Statistics. Initial Unemployment Claims: U.S. Department of Labor, Employment and Training Administration. Single- and Multifamily Building Permits: U.S. Bureau of the Census, Construction Statistics Division. Nonresidential Contracts: U.S. Bureau of the Census, Construction Statistics Division. Personal Income: Bureau of Economic Analysis. Quarterly estimates of all construction data reflect annual benchmark revisions.

All data were obtained and seasonally adjusted by Regional Financial Associates. Small differences from previously published data reflect revisions of seasonal factors. The U.S. Department of Commerce has discontinued the series on nonresidential contracts.