Cover Story - Full Speed Ahead for the Southeast's Maritime Industry
Have Taxes Contributed to the South's Economic Rise?
The Southeast's Economy Claims Its Olympic Prize
The Growing Symbiosis in Southeastern Business
|The State of the States
he following is a brief overview of the major economic events and trends in each southeastern state during the second quarter of 1996:
- Alabama continues to lose manufacturing jobs, although the rate of job loss is slowing. This job-related weakness appears concentrated in the apparel industry.
- The Olympic soccer venue at Birmingham was an unexpected success, consistently drawing large crowds, while other non-Georgia venues did not fare as well.
- While the rate of job creation in the state has slowed, the total number of jobs created on a year-over-year basis is second only to much larger California.
- Although not healthy, Florida's manufacturing base has been shrinking at a slower annual pace than the rest of the nation, at about 0.5 percent, a little under twice the national rate.
- The run up to the Olympics was the highlight of the second quarter. The post-Games slowdown is now under way and appears almost negligible.
- Georgia's year-on-year job growth of over 3 percent leads the other Sixth District states and betters the national rate of about 2.25 percent.
- The state's concentrated oil and petro-chemical industries are providing some considerable strength (in terms of income and related expenditure) for the whole of Louisiana.
- Payroll growth for the state has underperformed the national average, held down by anemic growth in the New Orleans area.
- Mississippi is now very clearly on the down side of the gambling boom. Overall payroll employment is now actually falling.
- Weakness in the state remains concentrated in manufacturing, which is now shrinking by over 1 percent annually. This weakness had been previously masked by job gains in the service industry.
Compiled by the regional section of the research department of the Federal Reserve Bank of Atlanta.
- With the auto industry apparently past its cyclical peak, Tennessee manufacturing employment is falling by close to 3 percent year-on-year, although a large portion of this reduction is in the apparel industry.
- Otherwise the state economy is doing fairly well, marginally outperforming the nation, despite some disappointing results in tourism during the Olympic Games.