Regional Update (April-June 1998)

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

Cover Story - Emerging Venture Capital Investment in the Southeast

The Productivity Puzzle: Increasing Output in Tight Job Market

S outheastern Economic Indicators
Alabama
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Quarterly Annual Averages
1997Q1 1997Q2 1997Q3 1997Q4 1998Q1 1994 1995 1996 1997
Total Payroll Employmenta 1,854.1 1,862.9 1,869.6 1,871.2 1,877.2 1,758.4 1,803.5 1,828.6 1,864.5
Year-over-Year Percent Change 2.1 2.2 2.0 1.6 1.2 2.4 2.6 1.4 2.0
Quarterly Percent Change 0.6 0.5 0.4 0.1 0.3
Manufacturing Payroll Employmenta 381.8 380.5 381.1 378.7 379.2 386.4 391.8 382.6 380.5
Year-over-Year Percent Change -1.1 -0.6 0.1 -0.7 -0.7 0.6 1.4 -2.4 -0.5
Quarterly Percent Change 0.2 -0.3 0.2 -0.6 0.1
Civilian Unemployment Rate 5.1 5.2 5.2 4.7 4.0 6.0 6.3 5.1 5.1
Initial Unemployment Claimsb 303.4 340.3 324.4 309.3 315.9 301.9 366.1 357.5 319.4
Year-over-Year Percent Change -26.2 -6.5 -1.7 -4.8 4.1 -17.1 21.3 -2.4 -10.7
Quarterly Percent Change -6.6 12.2 -4.7 -4.6 2.1
Single-Family Building Permitsc 13,455 14,837 14,243 13,534 13,672 14,443 13,412 14,566 14,017
Year-over-Year Percent Change -9.9 -0.6 -1.4 -3.0 1.6 12.7 -7.1 8.6 -3.8
Quarterly Percent Change -3.6 10.3 -4.0 -5.0 1.0
Multifamily Building Permitsc 7,282 2,682 3,353 4,376 6,474 4,693 6,702 5,302 4,423
Year-over-Year Percent Change 136.0 -37.0 -20.2 -54.7 -11.1 42.6 42.8 -20.9 -16.6
Quarterly Percent Change -24.6 -63.2 25.1 30.5 47.9
Personal Incomed 88.8 89.6 90.3 91.4 77.3 82.1 86.0 90.0
Year-over-Year Percent Change 5.6 4.6 4.1 4.5 5.5 6.1 4.8 4.7
Quarterly Percent Change 1.5 0.9 0.7 1.3
Birmingham
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Total Payroll Employmenta 459.1 462.5 464.1 465.5 469.3 429.9 442.8 451.1 462.8
Year-over-Year Percent Change 2.6 2.9 2.7 2.2 2.2 2.7 3.0 1.9 2.6
Quarterly Percent Change 0.8 0.7 0.3 0.3 0.8
Civilian Unemployment Rate 2.8 3.1 3.3 3.1 2.6 4.1 4.3 3.2 3.1
Florida
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Quarterly Annual Averages
1997Q1 1997Q2 1997Q3 1997Q4 1998Q1 1994 1995 1996 1997
Total Payroll Employmenta 6,326.0 6,392.0 6,461.9 6,531.5 6,581.7 5,799.4 5,996.1 6,183.2 6,427.9
Year-over-Year Percent Change 3.4 4.0 4.2 4.2 4.0 4.1 3.4 3.1 4.0
Quarterly Percent Change 0.9 1.0 1.1 1.1 0.8
Manufacturing Payroll Employmenta 490.3 490.8 492.2 491.7 491.6 484.0 486.5 489.7 491.2
Year-over-Year Percent Change 0.1 0.4 0.3 0.4 0.3 -0.2 0.5 0.7 0.3
Quarterly Percent Change 0.1 0.1 0.3 -0.1 -0.0
Civilian Unemployment Rate 4.9 4.8 4.7 4.7 4.7 6.6 5.5 5.1 4.8
Initial Unemployment Claimsb 453.5 459.0 450.9 415.9 410.1 511.9 482.6 473.3 444.8
Year-over-Year Percent Change -8.1 -4.4 -3.3 -8.3 -9.6 -0.7 -5.7 -1.9 -6.0
Quarterly Percent Change 0.0 1.2 -1.8 -7.8 -1.4
Single-Family Building Permitsc 90,146 89,715 84,842 92,484 92,747 96,276 84,071 91,040 89,297
Year-over-Year Percent Change 0.2 -3.3 -6.6 2.1 2.9 5.5 -12.7 8.3 -1.9
Quarterly Percent Change -0.5 -0.5 -5.4 9.0 0.3
Multifamily Building Permitsc 44,195 43,922 46,937 38,151 45,771 32,326 38,832 33,980 43,301
Year-over-Year Percent Change 30.1 29.9 21.3 29.6 3.6 35.6 20.1 -12.5 27.4
Quarterly Percent Change 50.2 -0.6 6.9 -18.7 20.0
Personal Incomed 362.2 366.8 372.7 378.6 306.7 328.1 348.9 370.1
Year-over-Year Percent Change 6.0 5.7 6.0 6.5 4.9 7.0 6.3 6.1
Quarterly Percent Change 1.9 1.3 1.6 1.6
Fort Lauderdale
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Total Payroll Employmenta 617.1 624.1 631.5 636.3 640.1 564.8 584.7 607.4 627.2
Year-over-Year Percent Change 2.9 3.3 3.4 3.5 3.7 4.6 3.5 3.9 3.3
Quarterly Percent Change 0.4 1.1 1.2 0.8 0.6
Civilian Unemployment Rate 5.1 5.0 4.7 4.8 5.1 6.5 5.7 5.1 4.9
Jacksonville
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Total Payroll Employmenta 507.5 516.0 520.6 528.2 533.7 459.4 482.2 494.5 518.1
Year-over-Year Percent Change 3.3 5.1 5.2 5.5 5.2 4.7 5.0 2.5 4.8
Quarterly Percent Change 1.4 1.7 0.9 1.4 1.0
Civilian Unemployment Rate 3.5 3.8 3.6 3.5 3.3 4.8 3.7 3.6 3.6
Miami
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Total Payroll Employmenta 952.2 959.2 965.3 966.5 970.4 909.9 926.6 937.8 960.8
Year-over-Year Percent Change 2.1 2.7 2.9 2.1 1.9 2.1 1.8 1.2 2.5
Quarterly Percent Change 0.6 0.7 0.6 0.1 0.4
Civilian Unemployment Rate 7.4 7.5 7.0 6.9 7.0 8.4 7.3 7.3 7.2
Orlando
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Total Payroll Employmenta 778.2 788.8 800.4 812.3 820.6 682.7 713.9 749.4 794.9
Year-over-Year Percent Change 6.1 6.3 6.1 5.9 5.4 5.0 4.6 5.0 6.1
Quarterly Percent Change 1.4 1.4 1.5 1.5 1.0
Civilian Unemployment Rate 3.5 3.6 3.4 3.4 3.2 5.6 4.5 3.8 3.5
Tampa
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Total Payroll Employmenta 1,046.7 1,058.4 1,074.0 1,084.2 1,096.3 957.4 993.8 1,022.0 1,065.8
Year-over-Year Percent Change 3.4 4.3 4.8 4.6 4.7 5.9 3.8 2.8 4.3
Quarterly Percent Change 1.0 1.1 1.5 0.9 1.1
Civilian Unemployment Rate 3.5 3.7 3.5 3.6 3.3 5.3 4.4 3.9 3.6
West Palm Beach
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Total Payroll Employmenta 428.0 434.4 441.4 444.8 449.4 386.1 399.0 417.3 437.1
Year-over-Year Percent Change 4.3 5.0 5.1 4.7 5.0 4.5 3.4 4.6 4.8
Quarterly Percent Change 0.8 1.5 1.6 0.8 1.0
Civilian Unemployment Rate 6.7 6.6 6.2 6.1 6.2 8.8 7.2 6.7 6.4
Georgia
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Quarterly Annual Averages
1997Q1 1997Q2 1997Q3 1997Q4 1998Q1 1994 1995 1996 1997
Total Payroll Employmenta 3,576.6 3,590.7 3,629.9 3,676.3 3,706.7 3,265.8 3,402.3 3,527.3 3,618.4
Year-over-Year Percent Change 2.7 2.0 2.1 3.4 3.6 5.0 4.2 3.7 2.6
Quarterly Percent Change 0.6 0.4 1.1 1.3 0.8
Manufacturing Payroll Employmenta 588.6 589.0 588.1 589.1 588.6 577.3 586.9 585.4 588.7
Year-over-Year Percent Change 0.8 1.0 0.3 0.2 0.0 3.4 1.7 -0.3 0.6
Quarterly Percent Change 0.1 0.1 -0.2 0.2 -0.1
Civilian Unemployment Rate 4.8 4.7 4.5 4.2 4.0 5.2 4.9 4.6 4.5
Initial Unemployment Claimsb 337.9 319.2 301.9 291.8 315.7 388.4 409.5 371.3 312.7
Year-over-Year Percent Change -15.3 -11.9 -16.2 -19.8 -6.6 -4.8 5.4 -9.3 -15.8
Quarterly Percent Change -7.2 -5.5 -5.4 -3.3 8.2
Single-Family Building Permitsc 54,729 55,212 57,514 58,039 61,507 52,530 55,027 59,397 56,373
Year-over-Year Percent Change -9.7 -11.7 -0.2 2.1 12.4 10.4 4.8 7.9 -5.1
Quarterly Percent Change -3.8 0.9 4.2 0.9 6.0
Multifamily Building Permitsc 14,808 22,558 14,282 16,281 24,056 12,330 17,198 15,477 16,982
Year-over-Year Percent Change -2.1 28.2 -17.1 36.1 62.4 96.5 39.5 -10.0 9.7
Quarterly Percent Change 23.8 52.3 -36.7 14.0 47.8
Personal Incomed 176.6 178.5 180.8 184.6 146.1 157.8 168.9 180.1
Year-over-Year Percent Change 7.6 6.2 5.9 6.9 7.1 8.0 7.0 6.7
Quarterly Percent Change 2.2 1.1 1.3 2.1
Atlanta
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Total Payroll Employmenta 1,935.5 1,950.1 1,966.4 1,999.2 2,020.8 1,732.9 1,817.0 1,903.0 1,962.8
Year-over-Year Percent Change 3.4 2.6 2.3 4.2 4.4 6.0 4.9 4.7 3.1
Quarterly Percent Change 0.9 0.8 0.8 1.7 1.1
Civilian Unemployment Rate 3.7 3.5 3.6 3.2 3.2 4.7 4.3 3.8 3.5
Louisiana
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Quarterly Annual Averages
1997Q1 1997Q2 1997Q3 1997Q4 1998Q1 1994 1995 1996 1997
Total Payroll Employmenta 1,831.3 1,841.6 1,855.9 1,867.1 1,874.7 1,722.0 1,772.4 1,809.7 1,849.0
Year-over-Year Percent Change 2.0 1.9 2.3 2.4 2.4 3.8 2.9 2.1 2.2
Quarterly Percent Change 0.4 0.6 0.8 0.6 0.4
Manufacturing Payroll Employmenta 189.6 190.9 191.0 190.5 190.6 186.4 188.0 188.6 190.5
Year-over-Year Percent Change 1.0 1.1 1.1 0.8 0.5 0.6 0.8 0.3 1.0
Quarterly Percent Change 0.3 0.7 0.1 -0.3 0.1
Civilian Unemployment Rate 6.2 6.3 6.1 5.8 4.7 8.1 6.9 6.7 6.1
Initial Unemployment Claimsb 175.5 174.4 170.5 148.3 145.7 187.8 199.2 175.3 167.2
Year-over-Year Percent Change -6.0 1.5 -1.5 -12.6 -17.0 -6.3 6.1 -12.0 -4.6
Quarterly Percent Change 3.3 -0.6 -2.3 -13.0 -1.8
Single-Family Building Permitsc 12,917 15,218 13,873 15,053 13,681 12,758 12,461 14,422 14,265
Year-over-Year Percent Change -12.0 1.8 -0.2 6.3 5.9 23.1 -2.3 15.7 -1.1
Quarterly Percent Change -8.8 17.8 -8.8 8.5 -9.1
Multifamily Building Permitsc 3,583 4,833 1,844 1,661 1,887 2,024 2,262 3,576 2,980
Year-over-Year Percent Change 12.1 3.1 -22.0 -59.0 -47.3 134.5 11.8 58.1 -16.7
Quarterly Percent Change -11.7 34.9 -61.8 -10.0 13.6
Personal Incomed 88.5 89.6 90.4 91.5 78.2 82.2 85.6 90.0
Year-over-Year Percent Change 5.4 5.1 5.0 5.3 6.0 5.2 4.0 5.2
Quarterly Percent Change 1.8 1.3 0.9 1.2
New Orleans
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Total Payroll Employmenta 610.4 615.0 616.8 617.8 620.5 584.9 598.8 603.8 615.0
Year-over-Year Percent Change 1.8 1.8 1.9 1.9 1.7 2.7 2.4 0.8 1.9
Quarterly Percent Change 0.6 0.7 0.3 0.2 0.4
Civilian Unemployment Rate 5.2 5.3 5.4 5.3 4.2 7.4 6.4 6.5 5.3
Mississippi
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Quarterly Annual Averages
1997Q1 1997Q2 1997Q3 1997Q4 1998Q1 1994 1995 1996 1997
Total Payroll Employmenta 1,097.7 1,102.2 1,110.3 1,112.8 1,118.2 1,055.5 1,074.6 1,088.9 1,105.8
Year-over-Year Percent Change 1.5 1.2 1.7 1.8 1.9 5.3 1.8 1.3 1.5
Quarterly Percent Change 0.4 0.4 0.7 0.2 0.5
Manufacturing Payroll Employmenta 241.9 241.8 240.7 240.9 242.1 261.0 257.9 245.6 241.3
Year-over-Year Percent Change -2.5 -2.2 -1.6 -0.7 0.1 2.1 -1.2 -4.7 -1.7
Quarterly Percent Change -0.2 -0.1 -0.4 0.1 0.5
Civilian Unemployment Rate 6.0 5.7 5.8 5.4 5.5 6.6 6.1 6.1 5.7
Initial Unemployment Claimsb 171.9 187.9 166.0 154.2 164.4 161.6 199.4 194.8 170.0
Year-over-Year Percent Change -19.0 -2.3 -5.3 -22.8 -4.4 0.9 23.3 -2.3 -12.8
Quarterly Percent Change -13.9 9.3 -11.7 -7.1 6.6
Single-Family Building Permitsc 7,203 8,226 8,230 7,859 7,816 7,976 7,267 8,061 7,879
Year-over-Year Percent Change -13.3 0.9 6.6 -2.5 8.5 16.1 -8.9 10.9 -2.3
Quarterly Percent Change -10.6 14.2 0.0 -4.5 -0.6
Multifamily Building Permitsc 2,040 3,557 1,726 2,633 2,499 2,957 3,486 2,306 2,489
Year-over-Year Percent Change -18.4 10.8 19.2 27.6 22.5 137.3 17.9 -33.9 7.9
Quarterly Percent Change -1.2 74.4 -51.5 52.5 -5.1
Personal Incomed 49.0 49.7 50.1 50.7 42.5 45.0 47.6 49.9
Year-over-Year Percent Change 5.2 4.8 4.3 5.0 7.6 6.1 5.7 4.8
Quarterly Percent Change 1.6 1.4 0.8 1.1
Jackson
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Total Payroll Employment 218.2 220.0 221.3 222.3 224.4 204.5 209.7 215.1 220.4
Year-over-Year Percent Change 2.0 2.2 2.7 2.9 2.8 4.5 2.5 2.6 2.5
Quarterly Percent Change 1.0 0.8 0.6 0.4 1.0
Civilian Unemployment Rate 3.5 3.0 3.1 3.6 3.5 4.5 3.9 3.6 3.3
Tennessee
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Quarterly Annual Averages
1997Q1 1997Q2 1997Q3 1997Q4 1998Q1 1994 1995 1996 1997
Total Payroll Employmenta 2,560.6 2,582.3 2,589.0 2,601.4 2,619.5 2,422.9 2,498.9 2,533.3 2,583.3
Year-over-Year Percent Change 1.3 2.3 2.2 2.1 2.3 4.1 3.1 1.4 2.0
Quarterly Percent Change 0.5 0.8 0.3 0.5 0.7
Manufacturing Payroll Employmenta 517.0 517.4 516.6 517.1 518.1 539.0 539.0 519.3 517.0
Year-over-Year Percent Change -1.7 -0.3 0.2 0.0 0.2 2.0 0.0 -3.7 -0.4
Quarterly Percent Change -0.0 0.1 -0.2 0.1 0.2
Civilian Unemployment Rate 5.4 5.5 5.5 5.2 4.5 4.8 5.2 5.2 5.4
Initial Unemployment Claimsb 402.6 450.7 405.0 465.5 420.7 389.6 441.3 500.0 431.0
Year-over-Year Percent Change -22.1 -5.3 -18.9 -8.4 4.5 -5.4 13.3 13.3 -13.8
Quarterly Percent Change -20.7 11.9 -10.1 14.9 -9.6
Single-Family Building Permitsc 28,169 27,876 26,533 26,283 28,381 26,824 27,695 28,217 27,215
Year-over-Year Percent Change -4.4 -7.9 0.8 -2.0 0.8 11.5 3.2 1.9 -3.6
Quarterly Percent Change 5.0 -1.0 -4.8 -0.9 8.0
Multifamily Building Permitsc 8,154 7,280 7,192 9,131 9,177 5,050 7,401 12,305 7,939
Year-over-Year Percent Change 11.2 -48.4 -51.0 -30.2 12.6 73.0 46.6 66.3 -35.5
Quarterly Percent Change -37.7 -10.7 -1.2 27.0 0.5
Personal Incomed 121.4 122.8 124.1 126.0 104.0 111.8 116.9 123.6
Year-over-Year Percent Change 6.0 5.5 5.3 5.9 6.5 7.5 4.6 5.7
Quarterly Percent Change 2.0 1.1 1.1 1.5
Memphis
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Total Payroll Employmenta 555.1 556.8 555.1 558.1 561.4 512.6 534.7 545.4 556.3
Year-over-Year Percent Change 2.4 2.5 1.7 1.3 1.1 4.2 4.3 2.0 2.0
Quarterly Percent Change 0.8 0.3 -0.3 0.5 0.6
Civilian Unemployment Rate 4.3 4.3 4.6 4.5 4.1 4.8 4.9 4.4 4.4
Nashville
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Total Payroll Employmenta 621.1 626.8 628.2 631.9 639.5 570.7 595.4 609.4 627.0
Year-over-Year Percent Change 2.7 3.5 3.0 2.3 3.0 5.3 4.3 2.4 2.9
Quarterly Percent Change 0.6 0.9 0.2 0.6 1.2
Civilian Unemployment Rate 3.3 3.4 3.6 3.3 2.9 3.1 3.3 3.3 3.4

a Thousands, seasonally adjusted
b Thousands, seasonally adjusted annual rate
c Units, seasonally adjusted annual rate
d $ billions, seasonally adjusted annual rate
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 the 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.