Regional Update (January-March 1996)

Index The state of the states Southeastern manufacturing survey Southeastern economic indicators

Cover Story - New President to Guide Atlanta Fed Through Era of Change

Federal Reserve System Serves Three-Tiered Mission

Atlanta Fed to Build New Headquarters

Southeastern Economic Indicators
Alabama
Quarterly Annual Averages
1994Q4 1995Q1 1995Q2 1995Q3 1995Q4 1992 1993 1994 1995
Total Payroll Employmenta 1,768.3 1,780.8 1,771.9 1,769.2 1,777.9 1,674.4 1,716.7 1,752.4 1,775.0
Year-over-Year Percent Change 2.1 2.5 1.3 0.9 0.5 2.0 2.5 2.1 1.3
Quarterly Percent Change 0.8 0.7 -0.5 -0.2 0.5
Manufacturing Payroll Employmenta 389.3 391.3 386.0 380.9 380.0 380.7 384.2 385.7 384.5
Year-over-Year Percent Change 1.7 2.2 0.4 -1.4 -2.4 0.3 0.9 0.4 -0.3
Quarterly Percent Change 0.7 0.5 -1.4 -1.3 -0.3
Civilian Unemployment Rate 5.5 5.7 6.0 6.1 5.6 7.3 7.5 6.0 5.8
Initial Unemployment Claimsb 270.0 298.8 305.9 381.0 452.2 357.1 357.9 301.4 359.5
Year-over-Year Percent Change -23.8 -11.7 6.1 23.3 67.5 -13.6 0.2 -15.8 19.3
Quarterly Percent Change -12.6 10.7 2.4 24.5 18.7
Single-Family Building Permitsc 13,621 12,227 12,132 13,384 14,708 11,546 12,815 14,443 13,113
Year-over-Year Percent Change -3.4 -17.0 -23.2 -1.7 8.0 30.6 11.0 12.7 -9.2
Quarterly Percent Change 0.0 -10.2 -0.8 10.3 9.9
Multifamily Building Permitsc 5,046 4,063 7,457 6,108 7,251 2,359 3,290 4,693 6,220
Year-over-Year Percent Change 36.0 -31.4 140.8 29.7 43.7 -3.2 39.5 42.6 32.5
Quarterly Percent Change 7.2 -19.5 83.6 -18.1 18.7
Nonresidental Contractsd 786 704 814 736 773 532 672 736 758
Year-over-Year Percent Change 9.1 10.5 5.3 -1.0 -1.6 12.9 26.3 9.5 3.0
Quarterly Percent Change 5.2 -10.4 15.5 -9.1 4.6
Personal Incomee 77.6 79.0 79.5 80.2 -- 68.3 71.5 75.6 --
Year-over-Year Percent Change 6.4 7.1 6.1 5.3 -- 7.0 4.8 5.8 --
Quarterly Percent Change 1.9 1.7 0.6 0.9 --
Birmingham
Total Payroll Employmenta 430.8 436.9 434.8 435.0 436.5 409.0 418.5 428.2 435.8
Year-over-Year Percent Change 1.7 2.7 1.8 1.3 1.3 1.6 2.3 2.3 1.8
Quarterly Percent Change 0.3 1.4 -0.5 0.0 0.4
Civilian Unemployment Rate 4.0 4.1 4.2 4.3 3.8 5.8 5.7 4.3 4.1
Year-over-Year Percent Change
Florida
Quarterly Annual Averages
1994Q4 1995Q1 1995Q2 1995Q3 1995Q4 1992 1993 1994 1995
Total Payroll Employmenta 5,887.1 5,945.4 5,980.1 6,026.7 6,067.2 5,358.6 5,571.4 5,796.6 6,004.8
Year-over-Year Percent Change 4.3 4.2 3.7 3.4 3.1 1.2 4.0 4.0 3.6
Quarterly Percent Change 1.0 1.0 0.6 0.8 0.7
Manufacturing Payroll Employmenta 485.0 487.3 486.4 485.3 486.4 482.9 485.2 484.0 486.3
Year-over-Year Percent Change 0.2 0.7 0.7 0.3 0.3 -2.0 0.5 -0.3 0.5
Quarterly Percent Change 0.2 0.5 -0.2 -0.2 0.2
Civilian Unemployment Rate 6.5 4.9 5.4 5.1 6.4 8.2 7.0 6.6 5.5
Initial Unemployment Claimsb 461.7 474.4 511.0 483.2 461.1 625.5 515.1 511.6 482.4
Year-over-Year Percent Change -15.0 -9.3 -6.9 -5.8 -0.1 -6.1 -17.7 -0.7 -5.7
Quarterly Percent Change -10.0 2.7 7.7 -5.4 -4.6
Single-Family Building Permitsc 89,223 84,744 80,776 94,180 84,438 83,710 91,261 96,276 86,035
Year-over-Year Percent Change -9.3 -17.1 -15.4 -4.0 -5.4 17.9 9.0 5.5 -10.6
Quarterly Percent Change -9.1 -5.0 -4.7 16.6 -10.3
Multifamily Building Permitsc 36,961 36,132 32,420 41,014 46,915 18,312 23,842 32,326 39,120
Year-over-Year Percent Change 28.3 29.9 26.7 5.3 26.9 -24.7 30.2 35.6 21.0
Quarterly Percent Change -5.1 -2.2 -10.3 26.5 14.4
Nonresidental Contractsd 2,919 2,556 2,902 2,948 4,696 2,204 2,391 2,797 3,276
Year-over-Year Percent Change 23.1 -2.9 1.4 6.3 60.9 0.4 8.5 17.0 17.1
Quarterly Percent Change 5.2 -12.4 13.5 1.6 59.3
Personal Incomee 310.6 318.1 321.9 327.3 -- 265.6 285.4 302.1 --
6.8 8.4 7.3 7.5 -- 4.1 7.5 5.9 --
Quarterly Percent Change 2.0 2.4 1.2 1.7 --
Fort Lauderdale
Total Payroll Employmenta 571.0 578.4 586.7 594.0 595.7 513.3 540.1 563.0 588.7
Year-over-Year Percent Change 4.2 4.7 4.7 4.5 4.3 1.8 5.2 4.2 4.6
Quarterly Percent Change 0.5 1.3 1.4 1.2 0.3
Civilian Unemployment Rate 6.5 5.1 5.5 5.2 6.4 8.2 6.8 6.5 5.5
Jacksonville
Total Payroll Employmenta 464.8 469.3 470.7 472.7 477.2 423.4 438.6 457.0 472.5
Year-over-Year Percent Change 4.5 4.1 3.7 3.1 2.7 0.9 3.6 4.2 3.4
Quarterly Percent Change 1.4 1.0 0.3 0.4 1.0
Civilian Unemployment Rate 5.1 3.9 4.1 3.9 5.2 6.7 5.6 5.2 4.3
Miami
Total Payroll Employmenta 914.8 923.0 922.6 927.9 932.4 857.3 890.7 909.8 926.5
Year-over-Year Percent Change 1.5 2.0 1.8 1.6 1.9 0.2 3.9 2.1 1.8
Quarterly Percent Change 0.2 0.9 0.0 0.6 0.5
Civilian Unemployment Rate 8.1 6.2 6.6 6.5 7.9 10.0 7.7 8.0 6.8
Orlando
Total Payroll Employmenta 704.2 717.6 721.6 730.5 737.2 618.9 650.3 686.8 726.7
Year-over-Year Percent Change 6.8 6.8 6.1 5.7 4.7 3.1 5.1 5.6 5.8
Quarterly Percent Change 1.9 1.9 0.6 1.2 0.9
Civilian Unemployment Rate 5.6 4.3 4.6 4.4 5.4 7.4 6.2 5.8 4.7
Tampa
Total Payroll Employmenta 970.7 983.0 992.5 1,002.0 1,007.5 867.1 903.6 956.2 996.2
Year-over-Year Percent Change 5.5 4.6 4.2 4.2 3.8 1.1 4.2 5.8 4.2
Quarterly Percent Change 0.9 1.3 1.0 1.0 0.6
Civilian Unemployment Rate 5.4 4.2 4.4 4.3 5.5 7.2 6.5 5.5 4.6
West Palm Beach
Total Payroll Employmenta 392.6 395.3 399.7 404.5 406.1 355.0 369.5 387.2 401.4
Year-over-Year Percent Change 4.3 4.0 3.5 3.6 3.4 0.3 4.1 4.8 3.7
Quarterly Percent Change 0.6 0.7 1.1 1.2 0.4
Civilian Unemployment Rate 8.3 6.2 6.7 6.3 7.8 9.9 8.7 8.3 6.8
Georgia
Quarterly Annual Averages
1994Q4 1995Q1 1995Q2 1995Q3 1995Q4 1992 1993 1994 1995
Total Payroll Employmenta 3,324.2 3,377.8 3,385.0 3,406.0 3,439.3 2,986.9 3,108.7 3,263.4 3,402.1
Year-over-Year Percent Change 4.8 5.2 4.3 4.0 3.5 1.7 4.1 5.0 4.2
Quarterly Percent Change 1.5 1.6 0.2 0.6 1.0
Manufacturing Payroll Employmenta 584.2 590.3 585.9 583.3 581.7 545.1 558.2 576.1 585.3
Year-over-Year Percent Change 3.5 3.5 2.2 1.1 -0.4 0.8 2.4 3.2 1.6
Quarterly Percent Change 1.3 1.0 -0.7 -0.5 -0.3
Civilian Unemployment Rate 5.0 4.4 4.8 5.1 4.7 6.9 5.8 5.2 4.8
Initial Unemployment Claimsb 351.0 353.5 447.6 435.6 392.2 453.1 404.0 393.7 407.2
Year-over-Year Percent Change -13.8 -6.4 15.6 -5.1 11.8 -13.7 -10.8 -2.6 3.4
Quarterly Percent Change -23.5 0.7 26.6 -2.7 -10.0
Single-Family Building Permitsc 52,711 52,534 57,789 63,619 64,102 42,087 47,599 52,530 59,511
Year-over-Year Percent Change -1.1 -0.8 7.0 26.1 21.6 25.3 13.1 10.4 13.3
Quarterly Percent Change 4.5 -0.3 10.0 10.1 0.8
Multifamily Building Permitsc 15,773 20,510 22,447 17,608 10,205 2,479 6,275 12,330 17,693
Year-over-Year Percent Change 124.3 219.7 56.5 37.7 -35.3 -37.8 153.1 96.5 43.5
Quarterly Percent Change 23.3 30.0 9.4 -21.6 -42.0
Nonresidental Contractsd 1,934 2,048 2,604 2,082 2,596 1,222 1,303 1,568 2,332
Year-over-Year Percent Change 53.3 72.0 83.1 20.8 34.2 23.0 6.6 20.3 48.8
Quarterly Percent Change 12.2 5.9 27.1 -20.0 24.7
Personal Incomee 146.9 149.9 151.8 154.1 -- 125.1 132.8 142.5 --
Year-over-Year Percent Change 8.2 7.9 7.5 7.8 -- 7.0 6.2 7.3 --
Quarterly Percent Change 2.7 2.1 1.3 1.5 --
Atlanta
Total Payroll Employmenta 1,769.9 1,802.2 1,820.2 1,840.6 1,862.1 1,549.7 1,635.3 1,732.1 1,831.3
Year-over-Year Percent Change 5.8 6.0 5.9 5.8 5.2 2.9 5.5 5.9 5.7
Quarterly Percent Change 1.8 1.8 1.0 1.1 1.2
Civilian Unemployment Rate 4.7 3.8 4.3 4.5 4.2 6.3 5.2 4.7 4.2
Louisiana
Quarterly Annual Averages
1994Q4 1995Q1 1995Q2 1995Q3 1995Q4 1992 1993 1994 1995
Total Payroll Employmenta 1,762.8 1,796.0 1,787.4 1,797.4 1,803.7 1,626.9 1,658.5 1,727.0 1,796.1
Year-over-Year Percent Change 5.1 5.5 4.7 3.5 2.3 0.9 1.9 4.1 4.0
Quarterly Percent Change 1.5 1.9 -0.5 0.6 0.3
Manufacturing Payroll Employmenta 190.5 192.4 191.2 191.1 191.0 185.0 185.4 187.7 191.4
Year-over-Year Percent Change 2.9 3.9 2.5 1.3 0.3 -0.7 0.2 1.2 2.0
Quarterly Percent Change 1.1 1.0 -0.6 -0.1 0.0
Civilian Unemployment Rate 8.1 7.0 7.3 6.8 6.7 8.1 7.4 8.0 6.9
Initial Unemployment Claimsb 174.7 188.3 204.4 190.7 215.0 252.3 208.2 188.5 199.6
Year-over-Year Percent Change -17.6 2.7 -1.5 1.2 23.0 3.5 -17.5 -9.4 5.9
Quarterly Percent Change -7.3 7.8 8.6 -6.7 12.7
Single-Family Building Permitsc 11,765 10,854 10,968 11,747 11,716 8,859 10,363 12,758 11,321
Year-over-Year Percent Change 6.2 -24.8 -15.0 -1.6 -0.4 32.8 17.0 23.1 -11.3
Quarterly Percent Change -1.5 -7.7 1.0 7.1 -0.3
Multifamily Building Permitsc 2,042 3,621 2,373 1,920 4,231 897 863 2,024 3,036
Year-over-Year Percent Change 279.5 545.8 171.0 -58.4 107.2 74.0 -3.1 134.5 50.0
Quarterly Percent Change -55.8 77.3 -34.5 -19.1 120.4
Nonresidental Contractsd 737 700 842 980 1,175 320 423 609 925
Year-over-Year Percent Change 60.7 29.7 35.2 82.6 59.6 11.6 32.1 44.0 51.8
Quarterly Percent Change 37.2 -5.0 20.3 16.4 19.9
Personal Incomee 77.8 80.0 80.9 82.1 -- 67.6 71.0 76.0 --
Year-over-Year Percent Change 7.8 7.0 7.9 7.3 -- 5.7 5.1 7.0 --
Quarterly Percent Change 1.7 2.7 1.2 1.6 --
New Orleans
Total Payroll Employmenta 590.4 595.1 592.9 593.7 593.9 561.1 569.7 584.5 593.9
Year-over-Year Percent Change 2.5 2.6 2.2 1.1 0.6 0.1 1.5 2.6 1.6
Quarterly Percent Change 0.5 0.8 -0.4 0.1 0.0
Civilian Unemployment Rate 7.5 6.5 6.8 6.3 6.3 6.9 6.8 7.4 6.5
Mississippi
Quarterly Annual Averages
1994Q4 1995Q1 1995Q2 1995Q3 1995Q4 1992 1993 1994 1995
Total Payroll Employmenta 1,060.3 1,063.4 1,050.8 1,053.7 1,054.0 960.3 1,002.2 1,053.4 1,055.5
Year-over-Year Percent Change 3.5 2.3 0.0 -0.8 -0.6 2.4 4.4 5.1 0.2
Quarterly Percent Change -0.2 0.3 -1.2 0.3 0.0
Manufacturing Payroll Employmenta 260.8 259.5 255.8 251.4 246.8 251.9 255.7 260.5 253.4
Year-over-Year Percent Change 1.2 0.0 -1.7 -3.8 -5.4 2.1 1.5 1.9 -2.7
Quarterly Percent Change -0.2 -0.5 -1.4 -1.7 -1.8
Civilian Unemployment Rate 6.8 5.3 5.8 6.4 5.7 8.2 6.3 6.6 5.8
Initial Unemployment Claimsb 153.0 154.1 203.5 226.8 222.2 208.4 168.9 162.1 201.7
Year-over-Year Percent Change -7.9 -3.0 20.5 35.3 45.2 -13.5 -19.0 -4.0 24.4
Quarterly Percent Change -8.7 0.7 32.0 11.5 -2.0
Single-Family Building Permitsc 7,313 6,525 7,104 7,969 8,154 5,487 6,870 7,976 7,438
Year-over-Year Percent Change -9.4 -24.4 -12.0 1.0 11.5 24.2 25.2 16.1 -6.7
Quarterly Percent Change -7.3 -10.8 8.9 12.2 2.3
Multifamily Building Permitsc 2,984 8,161 2,195 1,513 7,464 834 1,246 2,957 4,833
Year-over-Year Percent Change 7.6 86.7 -6.0 -29.3 150.1 12.4 49.4 137.3 63.4
Quarterly Percent Change -8.4 39.5 173.5 -73.1 -31.1
Nonresidental Contractsd 287 324 369 539 542 209 586 452 444
Year-over-Year Percent Change -50.5 -45.5 -35.6 52.6 89.1 46.6 180.0 -22.9 -1.8
Quarterly Percent Change -18.7 13.1 13.6 46.1 0.7
Personal Incomee 43.3 44.2 44.6 45.2 -- 36.8 38.8 42.2 --
Year-over-Year Percent Change 8.4 6.9 6.9 6.8 -- 7.2 5.7 8.5 --
Quarterly Percent Change 2.3 2.1 1.0 1.3 --
Jackson
Total Payroll Employmenta 208.3 209.4 209.0 208.3 208.8 190.2 195.8 205.7 208.9
Year-over-Year Percent Change 4.7 3.6 2.0 0.3 0.2 2.0 2.9 5.1 1.5
Quarterly Percent Change 0.4 0.5 -0.2 -0.4 0.3
Civilian Unemployment Rate 4.7 3.5 3.8 4.1 3.7 5.6 4.7 4.6 3.8
Tennessee
Quarterly Annual Averages
1994Q4 1995Q1 1995Q2 1995Q3 1995Q4 1992 1993 1994 1995
Total Payroll Employmenta 2,452.9 2,478.5 2,484.6 2,491.3 2,507.6 2,244.8 2,328.3 2,420.5 2,490.5
Year-over-Year Percent Change 4.0 3.9 3.0 2.4 2.2 2.8 3.7 4.0 2.9
Quarterly Percent Change 0.9 1.0 0.2 0.3 0.7
Manufacturing Payroll Employmenta 540.4 543.2 535.9 529.7 526.3 514.5 528.4 538.1 533.8
Year-over-Year Percent Change 1.5 1.4 -0.3 -1.7 -2.6 2.3 2.7 1.8 -0.8
Quarterly Percent Change 0.2 0.5 -1.3 -1.2 -0.6
Civilian Unemployment Rate 4.2 4.0 4.7 5.2 5.1 6.4 5.6 4.8 4.7
Initial Unemployment Claimsb 327.6 387.3 419.0 459.2 475.8 473.7 408.1 394.3 435.3
Year-over-Year Percent Change -20.9 -15.4 2.6 19.8 45.2 -11.7 -13.9 -3.4 10.4
Quarterly Percent Change -14.6 18.2 8.2 9.6 3.6
Single-Family Building Permitsc 25,603 27,085 26,867 31,498 30,766 21,214 24,065 26,824 29,054
Year-over-Year Percent Change -4.8 1.1 -3.8 16.8 20.2 25.4 13.4 11.5 8.3
Quarterly Percent Change -5.1 5.8 -0.8 17.2 -2.3
Multifamily Building Permitsc 4,703 10,510 5,036 6,873 11,691 2,105 2,919 5,050 8,528
Year-over-Year Percent Change 15.3 171.5 -8.4 12.2 148.6 -10.4 38.7 73.0 68.9
Quarterly Percent Change -23.2 123.5 -52.1 36.5 70.1
Nonresidental Contractsd 1,130 1,080 1,322 1,195 1,610 801 751 1,018 1,302
Year-over-Year Percent Change 35.5 15.8 31.0 19.6 42.5 29.2 -6.3 35.6 27.9
Quarterly Percent Change 13.1 -4.4 22.4 -9.6 34.8
Personal Incomee 104.0 105.0 106.3 107.2 -- 88.8 94.0 100.6 --
Year-over-Year Percent Change 8.0 7.2 6.8 6.0 -- 8.7 5.9 7.0 --
Quarterly Percent Change 2.9 0.9 1.3 0.9 --
Memphis
Total Payroll Employmenta 507.8 512.9 509.3 508.5 512.5 482.8 491.8 503.7 510.8
Year-over-Year Percent Change 2.1 2.1 1.3 1.3 0.9 0.1 1.9 2.4 1.4
Quarterly Percent Change 1.2 1.0 -0.7 -0.2 0.8
Civilian Unemployment Rate 4.3 4.0 4.5 5.1 4.7 5.9 5.4 4.7 4.6
Nashville
Total Payroll Employmenta 582.1 590.1 591.7 593.5 596.6 514.4 541.7 570.6 593.0
Year-over-Year Percent Change 5.5 5.7 4.3 3.2 2.5 2.8 5.3 5.3 3.9
Quarterly Percent Change 1.2 1.4 0.3 0.3 0.5
Civilian Unemployment Rate 2.8 2.7 3.2 3.7 3.6 5.0 4.2 3.3 3.3

a Thousands, seasonally adjusted
b Thousands, seasonally adjusted annual rate
c Units, seasonally adjusted annual rate
d New contracts, $ millions, seasonally adjusted annual rate
e $ 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 data compiled and seasonally adjusted by the Federal Reserve Bank of Atlanta using U.S. Bureau of the Census X-11 methodology. Small differences from previously published data reflect revisions of seasonal factors.