Regional Update (July-September 1998)

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

Cover Story - What Is Fueling Atlanta's Housing Growth?

Homebuilder John Wieland Assesses Housing Industry Developments

Gulf of Mexico Oil Companies Gush Over New Drilling Technology

S outheastern Economic Indicators
Alabama
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Quarterly Annual Averages
1997Q2 1997Q3 1997Q4 1998Q1 1998Q2 1994 1995 1996 1997
Total Payroll Employmenta 1,862.9 1,869.6 1,871.2 1,877.5 1,882.4 1,758.4 1,803.5 1,828.6 1,864.5
Year-over-Year Percent Change 2.2 2.0 1.6 1.3 1.0 2.4 2.6 1.4 2.0
Quarterly Percent Change 0.5 0.4 0.1 0.3 0.3
Manufacturing Payroll Employmenta 380.5 381.1 378.7 379.1 376.2 386.4 391.8 382.6 380.5
Year-over-Year Percent Change -0.6 0.1 -0.7 -0.7 -1.1 0.6 1.4 -2.4 -0.5
Quarterly Percent Change -0.3 0.2 -0.6 0.1 -0.8
Civilian Unemployment Rate 5.2 5.2 4.7 4.0 3.8 6.0 6.3 5.1 5.1
Initial Unemployment Claimsb 340.3 324.4 309.3 315.9 337.6 301.9 366.1 357.5 319.4
Year-over-Year Percent Change -6.5 -1.7 -4.8 4.1 -0.8 -17.1 21.3 -2.4 -10.7
Quarterly Percent Change 12.2 -4.7 -4.6 2.1 6.9
Single-Family Building Permitsc 14,171 13,609 13,020 13,815 15,067 14,443 13,412 14,566 13,634
Year-over-Year Percent Change -3.4 -4.0 -5.7 0.6 6.3 12.7 -7.1 8.6 -6.4
Quarterly Percent Change 3.2 -4.0 -4.3 6.1 9.1
Multifamily Building Permitsc 3,178 3,307 4,024 4,551 4,116 4,693 6,702 5,302 4,098
Year-over-Year Percent Change -52.1 -22.3 -48.8 -22.6 29.5 42.6 42.8 -20.9 -22.7
Quarterly Percent Change -46.0 4.1 21.7 13.1 -9.6
Personal Incomed 89.9 90.4 92.0 93.5 77.3 82.1 86.0 90.3
Year-over-Year Percent Change 4.9 4.3 5.1 5.0 5.5 6.1 4.8 5.0
Quarterly Percent Change 1.0 0.6 1.7 1.6
Birmingham
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Total Payroll Employmenta 462.5 464.1 465.5 469.6 471.5 429.9 442.8 451.1 462.8
Year-over-Year Percent Change 2.9 2.7 2.2 2.3 1.9 2.7 3.0 1.9 2.6
Quarterly Percent Change 0.7 0.3 0.3 0.9 0.4
Civilian Unemployment Rate 3.6 3.4 3.1 2.7 2.6 4.1 4.2 3.2 3.3
Florida
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Quarterly Annual Averages
1997Q2 1997Q3 1997Q4 1998Q1 1998Q2 1994 1995 1996 1997
Total Payroll Employmenta 6,392.0 6,461.9 6,531.5 6,582.7 6,641.4 5,799.4 5,996.1 6,183.2 6,427.9
Year-over-Year Percent Change 4.0 4.2 4.2 4.1 3.9 4.1 3.4 3.1 4.0
Quarterly Percent Change 1.0 1.1 1.1 0.8 0.9
Manufacturing Payroll Employmenta 490.8 492.2 491.7 491.6 491.5 484.0 486.5 489.7 491.2
Year-over-Year Percent Change 0.4 0.3 0.4 0.3 0.1 -0.2 0.5 0.7 0.3
Quarterly Percent Change 0.1 0.3 -0.1 -0.0 -0.0
Civilian Unemployment Rate 4.8 4.7 4.7 4.7 4.6 6.6 5.5 5.1 4.8
Initial Unemployment Claimsb 459.0 450.9 415.9 410.1 425.1 511.9 482.6 473.3 444.8
Year-over-Year Percent Change -4.4 -3.3 -8.3 -9.6 -7.4 -0.7 -5.7 -1.9 -6.0
Quarterly Percent Change 1.2 -1.8 -7.8 -1.4 3.7
Single-Family Building Permitsc 89,915 85,757 94,932 93,506 96,159 96,276 84,071 91,040 90,309
Year-over-Year Percent Change -2.5 -5.2 3.1 3.2 6.9 5.5 -12.7 8.3 -0.8
Quarterly Percent Change -0.8 -4.6 10.7 -1.5 2.8
Multifamily Building Permitsc 42,544 46,852 42,159 46,363 43,195 32,326 38,832 33,980 43,681
Year-over-Year Percent Change 33.3 21.2 31.8 7.4 1.5 35.6 20.1 -12.5 28.5
Quarterly Percent Change -1.4 10.1 -10.0 10.0 -6.8
Personal Incomed 367.2 372.8 376.8 384.0 306.7 328.1 348.9 369.8
Year-over-Year Percent Change 5.9 6.0 6.0 5.9 4.8 7.0 6.3 6.0
Quarterly Percent Change 1.3 1.5 1.1 1.9
Fort Lauderdale
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Total Payroll Employmenta 624.1 631.5 636.3 639.9 645.9 564.8 584.7 607.4 627.2
Year-over-Year Percent Change 3.3 3.4 3.5 3.7 3.5 4.6 3.5 3.9 3.3
Quarterly Percent Change 1.1 1.2 0.8 0.6 0.9
Civilian Unemployment Rate 5.0 4.7 4.9 5.0 4.9 6.5 5.7 5.1 4.9
Jacksonville
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Total Payroll Employmenta 516.0 520.6 528.2 533.5 539.0 459.4 482.2 494.5 518.1
Year-over-Year Percent Change 5.1 5.2 5.5 5.1 4.5 4.7 5.0 2.5 4.8
Quarterly Percent Change 1.7 0.9 1.4 1.0 1.0
Civilian Unemployment Rate 3.6 3.5 3.5 3.4 3.4 4.8 3.7 3.6 3.6
Miami
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Total Payroll Employmenta 959.2 965.3 966.5 970.9 977.4 909.9 926.6 937.8 960.8
Year-over-Year Percent Change 2.7 2.9 2.1 2.0 1.9 2.1 1.8 1.2 2.5
Quarterly Percent Change 0.7 0.6 0.1 0.5 0.7
Civilian Unemployment Rate 7.2 6.9 7.0 7.0 6.8 8.4 7.4 7.3 7.1
Orlando
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Total Payroll Employmenta 788.8 800.4 812.3 820.9 827.9 682.7 713.9 749.4 794.9
Year-over-Year Percent Change 6.3 6.1 5.9 5.5 5.0 5.0 4.6 5.0 6.1
Quarterly Percent Change 1.4 1.5 1.5 1.1 0.9
Civilian Unemployment Rate 3.4 3.4 3.4 3.2 3.2 5.6 4.5 3.8 3.4
Tampa
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Total Payroll Employmenta 1,058.4 1,074.0 1,084.2 1,096.3 1,107.6 957.4 993.8 1,022.0 1,065.8
Year-over-Year Percent Change 4.3 4.8 4.6 4.7 4.7 5.9 3.8 2.8 4.3
Quarterly Percent Change 1.1 1.5 0.9 1.1 1.0
Civilian Unemployment Rate 3.5 3.4 3.5 3.4 3.3 5.3 4.3 3.9 3.5
West Palm Beach
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Total Payroll Employmenta 434.4 441.4 444.8 449.4 455.3 386.1 399.0 417.3 437.1
Year-over-Year Percent Change 5.0 5.1 4.7 5.0 4.8 4.5 3.4 4.6 4.8
Quarterly Percent Change 1.5 1.6 0.8 1.0 1.3
Civilian Unemployment Rate 6.4 6.1 6.1 6.2 6.0 8.8 7.2 6.6 6.3
Georgia
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Quarterly Annual Averages
1997Q2 1997Q3 1997Q4 1998Q1 1998Q2 1994 1995 1996 1997
Total Payroll Employmenta 3,590.7 3,629.9 3,676.3 3,704.3 3,725.0 3,265.8 3,402.3 3,527.3 3,618.4
Year-over-Year Percent Change 2.0 2.1 3.4 3.6 3.7 5.0 4.2 3.7 2.6
Quarterly Percent Change 0.4 1.1 1.3 0.8 0.6
Manufacturing Payroll Employmenta 589.0 588.1 589.1 588.7 591.0 577.3 586.9 585.4 588.7
Year-over-Year Percent Change 1.0 0.3 0.2 0.0 0.4 3.4 1.7 -0.3 0.6
Quarterly Percent Change 0.1 -0.2 0.2 -0.1 0.4
Civilian Unemployment Rate 4.7 4.5 4.2 4.0 4.1 5.2 4.9 4.6 4.5
Initial Unemployment Claimsb 319.2 301.9 291.8 315.7 341.6 388.4 409.5 371.3 312.7
Year-over-Year Percent Change -11.9 -16.2 -19.8 -6.6 7.0 -4.8 5.4 -9.3 -15.8
Quarterly Percent Change -5.5 -5.4 -3.3 8.2 8.2
Single-Family Building Permitsc 58,832 60,334 61,471 63,344 64,071 52,530 55,027 59,397 59,596
Year-over-Year Percent Change -6.5 6.0 7.6 9.7 8.9 10.4 4.8 7.9 0.3
Quarterly Percent Change 1.9 2.6 1.9 3.0 1.1
Multifamily Building Permitsc 17,972 12,994 18,780 24,061 16,330 12,330 17,198 15,477 15,527
Year-over-Year Percent Change 11.1 -18.3 48.8 94.6 -9.1 96.5 39.5 -10.0 0.3
Quarterly Percent Change 45.4 -27.7 44.5 28.1 -32.1
Personal Incomed 179.0 181.1 183.9 187.3 146.1 157.8 168.9 180.2
Year-over-Year Percent Change 6.5 6.0 6.5 5.9 7.1 8.0 7.0 6.7
Quarterly Percent Change 1.2 1.2 1.6 1.8
Atlanta
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Total Payroll Employmenta 1,950.1 1,966.4 1,999.2 2,018.9 2,021.7 1,732.9 1,817.0 1,903.0 1,962.8
Year-over-Year Percent Change 2.6 2.3 4.2 4.3 3.7 6.0 4.9 4.7 3.1
Quarterly Percent Change 0.8 0.8 1.7 1.0 0.1
Civilian Unemployment Rate 3.8 3.7 3.4 3.2 3.1 4.7 4.3 3.8 3.7
Louisiana
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Quarterly Annual Averages
1997Q2 1997Q3 1997Q4 1998Q1 1998Q2 1994 1995 1996 1997
Total Payroll Employmenta 1,841.6 1,855.9 1,867.1 1,875.3 1,884.7 1,722.0 1,772.4 1,809.7 1,849.0
Year-over-Year Percent Change 1.9 2.3 2.4 2.4 2.3 3.8 2.9 2.1 2.2
Quarterly Percent Change 0.6 0.8 0.6 0.4 0.5
Manufacturing Payroll Employmenta 190.9 191.0 190.5 190.6 189.8 186.4 188.0 188.6 190.5
Year-over-Year Percent Change 1.1 1.1 0.8 0.5 -0.6 0.6 0.8 0.3 1.0
Quarterly Percent Change 0.7 0.1 -0.3 0.0 -0.4
Civilian Unemployment Rate 6.3 6.1 5.8 4.7 5.3 8.1 6.9 6.7 6.1
Initial Unemployment Claimsb 174.4 170.5 148.3 145.7 161.0 187.8 199.2 175.3 167.2
Year-over-Year Percent Change 1.5 -1.5 -12.6 -17.0 -7.7 -6.3 6.1 -12.0 -4.6
Quarterly Percent Change -0.6 -2.3 -13.0 -1.8 10.5
Single-Family Building Permitsc 13,895 12,805 13,515 13,245 14,384 12,758 12,461 14,422 13,189
Year-over-Year Percent Change -5.4 -6.9 -3.1 5.6 3.5 23.1 -2.3 15.7 -8.5
Quarterly Percent Change 10.8 -7.8 5.5 -2.0 8.6
Multifamily Building Permitsc 2,666 1,084 1,461 1,631 2,018 2,024 2,262 3,576 1,955
Year-over-Year Percent Change -32.0 -39.3 -72.0 -37.5 -24.3 134.5 11.8 58.1 -45.3
Quarterly Percent Change 2.2 -59.4 34.9 11.6 23.7
Personal Incomed 89.8 90.6 92.7 94.3 78.2 82.2 85.6 90.4
Year-over-Year Percent Change 5.4 5.2 6.7 6.4 6.0 5.2 4.0 5.7
Quarterly Percent Change 1.3 0.9 2.3 1.7
New Orleans
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Total Payroll Employmenta 615.0 616.8 617.8 621.2 618.1 584.9 598.8 603.8 615.0
Year-over-Year Percent Change 1.8 1.9 1.9 1.8 0.5 2.7 2.4 0.8 1.9
Quarterly Percent Change 0.7 0.3 0.2 0.5 -0.5
Civilian Unemployment Rate 5.6 5.3 5.1 4.4 4.6 7.4 6.4 6.5 5.5
Mississippi
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Quarterly Annual Averages
1997Q2 1997Q3 1997Q4 1998Q1 1998Q2 1994 1995 1996 1997
Total Payroll Employmenta 1,102.2 1,110.3 1,112.8 1,118.6 1,121.6 1,055.5 1,074.6 1,088.9 1,105.8
Year-over-Year Percent Change 1.2 1.7 1.8 1.9 1.8 5.3 1.8 1.3 1.5
Quarterly Percent Change 0.4 0.7 0.2 0.5 0.3
Manufacturing Payroll Employmenta 241.8 240.7 240.9 242.0 241.6 261.0 257.9 245.6 241.3
Year-over-Year Percent Change -2.2 -1.6 -0.7 0.0 -0.1 2.1 -1.2 -4.7 -1.7
Quarterly Percent Change -0.1 -0.4 0.1 0.5 -0.2
Civilian Unemployment Rate 5.7 5.8 5.4 5.5 5.0 6.6 6.1 6.1 5.7
Initial Unemployment Claimsb 187.9 166.0 154.2 164.4 169.8 161.6 199.4 194.8 170.0
Year-over-Year Percent Change -2.3 -5.3 -22.8 -4.4 -9.7 0.9 23.3 -2.3 -12.8
Quarterly Percent Change 9.3 -11.7 -7.1 6.6 3.3
Single-Family Building Permitsc 8,127 7,982 7,638 7,763 9,138 7,976 7,267 8,061 7,801
Year-over-Year Percent Change -0.1 5.6 -2.5 4.1 12.4 16.1 -8.9 10.9 -3.2
Quarterly Percent Change 9.0 -1.8 -4.3 1.6 17.7
Multifamily Building Permitsc 2,863 1,673 2,289 3,356 3,221 2,957 3,486 2,306 2,278
Year-over-Year Percent Change 4.6 24.2 9.3 46.8 12.5 137.3 17.9 -33.9 -1.2
Quarterly Percent Change 25.2 -41.6 36.8 46.6 -4.0
Personal Incomed 49.9 50.2 51.1 52.0 42.5 45.0 47.6 50.1
Year-over-Year Percent Change 5.1 4.5 5.9 5.9 7.7 6.1 5.7 5.2
Quarterly Percent Change 1.5 0.7 1.8 1.7
Jackson
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Total Payroll Employmenta 220.0 221.3 222.3 224.5 225.5 204.5 209.7 215.1 220.4
Year-over-Year Percent Change 2.2 2.7 2.9 2.9 2.5 4.5 2.5 2.6 2.5
Quarterly Percent Change 0.8 0.6 0.4 1.0 0.4
Civilian Unemployment Rate 3.5 3.6 3.5 3.3 3.2 4.5 3.9 3.6 3.5
Tennessee
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Quarterly Annual Averages
1997Q2 1997Q3 1997Q4 1998Q1 1998Q2 1994 1995 1996 1997
Total Payroll Employmenta 2,582.3 2,589.0 2,601.4 2,621.0 2,622.1 2,422.9 2,498.9 2,533.3 2,583.3
Year-over-Year Percent Change 2.3 2.2 2.1 2.4 1.5 4.1 3.1 1.4 2.0
Quarterly Percent Change 0.8 0.3 0.5 0.8 0.0
Manufacturing Payroll Employmenta 517.4 516.6 517.1 518.2 514.9 539.0 539.0 519.3 517.0
Year-over-Year Percent Change -0.3 0.2 0.0 0.2 -0.5 2.0 0.0 -3.7 -0.4
Quarterly Percent Change 0.1 -0.2 0.1 0.2 -0.6
Civilian Unemployment Rate 5.5 5.5 5.2 4.5 4.3 4.8 5.2 5.2 5.4
Initial Unemployment Claimsb 450.7 405.0 465.5 420.7 408.8 389.6 441.3 500.0 431.0
Year-over-Year Percent Change -5.3 -18.9 -8.4 4.5 -9.3 -5.4 13.3 13.3 -13.8
Quarterly Percent Change 11.9 -10.1 14.9 -9.6 -2.8
Single-Family Building Permitsc 26,547 26,478 26,858 27,484 27,349 26,824 27,695 28,217 26,694
Year-over-Year Percent Change -10.0 -0.5 -4.0 2.2 3.0 11.5 3.2 1.9 -5.4
Quarterly Percent Change -1.3 -0.3 1.4 2.3 -0.5
Multifamily Building Permitsc 7,921 6,309 7,348 8,266 5,927 5,050 7,401 12,305 7,360
Year-over-Year Percent Change -51.6 -53.5 -38.1 5.1 -25.2 73.0 46.6 66.3 -40.2
Quarterly Percent Change 0.8 -20.4 16.5 12.5 -28.3
Personal Incomed 123.1 124.6 127.0 129.5 104.0 111.8 116.9 124.1
Year-over-Year Percent Change 5.8 5.7 6.6 6.5 6.4 7.5 4.6 6.1
Quarterly Percent Change 1.2 1.2 1.9 2.0
Memphis
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Total Payroll Employmenta 556.8 555.1 558.1 560.9 560.4 512.6 534.7 545.4 556.3
Year-over-Year Percent Change 2.5 1.7 1.3 1.0 0.6 4.2 4.3 2.0 2.0
Quarterly Percent Change 0.3 -0.3 0.5 0.5 -0.1
Civilian Unemployment Rate 4.7 4.7 4.5 4.2 3.9 4.8 4.9 4.4 4.6
Nashville
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Total Payroll Employmenta 626.8 628.2 631.9 639.7 638.0 570.7 595.4 609.4 627.0
Year-over-Year Percent Change 3.5 3.0 2.3 3.0 1.8 5.3 4.3 2.4 2.9
Quarterly Percent Change 0.9 0.2 0.6 1.2 -0.3
Civilian Unemployment Rate 3.7 3.6 3.4 2.8 3.0 3.1 3.4 3.3 3.5

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.