EconSouth (Fourth Quarter 2002)

Southeastern Economic Indicators


Alabama
Quarterly Annual Averages
2001Q3 2001Q4 2002Q1 2002Q2 2002Q3 1998 1999 2000 2001
Total Payroll Employmenta 1,915.2 1,906.7 1,900.3 1,898.1 1,895.6 1,897.8 1,919.2 1,931.1 1,915.0
Year-over-Year Percent Change (0.9) (1.1) (1.2) (0.9 (1.0) 1.7 1.1 0.6 (0.8)
Quarterly Percent Change 0.0 (0.4) (0.3) (0.1) (0.1)
Manufacturing Payroll Employmenta 337.6 333.9 331.7 329.0 328.0 377.7 367.6 360.2 340.0
Year-over-Year Percent Change (6.3) (5.6) (4.9) (3.2) (2.9) (0.7) (2.7) (2.0) (5.6)
Quarterly Percent Change (0.7) (1.1) (0.7) (0.8) (0.3)
Civilian Unemployment Rate 5.4 5.9 5.6 5.6 5.7 4.2 4.8 4.6 5.3
Initial Unemployment Claimsb 373.3 395.5 330.1 340.7 305.1 326.6 290.7 304.2 386.7
Year-over-Year Percent Change 11.9 24.7 (11.4) (16.0) (18.3) 3.4 (11.0) 4.7 27.1
Quarterly Percent Change (8.0) 6.0 (16.5) 3.2 (10.4)
Single Family Building Permitsc 13,483.4 15,341.6 17,066.5 15,672.2 15,942.4 14,655.0 14,926.0 13,672.0 14,044.0
Year-over-Year Percent Change 4.2 15.8 25.5 13.9 18.2 7.5 1.8 (8.4) 2.7
Quarterly Percent Change (2.0) 13.8 11.2 (8.2) 1.7
Multifamily Building Permitsc 4,559.7 2,503.1 3,292.9 11,078.6 6,045.0 5,878.0 4,103.0 3,734.0 3,662.0
Year-over-Year Percent Change 87.6 (50.9) (34.7) 336.1 32.6 43.4 (30.2) (9.0) (1.9)
Quarterly Percent Change 79.5 (45.1) 31.6 236.4 (45.4)
Personal Incomed 110,160.0 110,182.0 111,548.0 112,647.0   96,481.0 100,532.0 105,796.3 109,773.0
Year-over-Year Percent Change 3.7 2.6 2.3 2.6   5.7 4.2 5.2 3.8
Quarterly Percent Change 0.4 0.0 1.2 1.0
Birmingham
Total Payroll Employmenta 484.3 483.4 485.0 485.3 485.5 473.2 481.6 485.5 485.1
Year-over-Year Percent Change (0.5) (0.6) (0.4) (0.1) 0.2 2.1 1.8 0.8 (0.1)
Quarterly Percent Change (0.3) (0.2) 0.3 0.1 0.0
Civilian Unemployment Rate 3.5 4.1 4.0 4.1 4.3 2.8 3.1 3.1 3.4


Florida
Quarterly Annual Averages
2001Q3 2001Q4 2002Q1 2002Q2 2002Q3 1998 1999 2000 2001
Total Payroll Employmenta 7,239.8 7,188.0 7,176.6 7,176.8 7,263.1 6,634.3 6,826.6 7,082.2 7,199.9
Year-over-Year Percent Change 1.1 0.5 (0.1) (0.2) 0.3 3.4 2.9 3.7 1.7
Quarterly Percent Change 0.7 (0.7) (0.2) 0.0 1.2
Manufacturing Payroll Employmenta 463.9 455.0 450.6 447.8 444.1 493.4 487.8 488.3 469.1
Year-over-Year Percent Change (5.5) (6.7) (6.7) (5.6) (4.3) 0.3 (1.1) 0.1 (3.9)
Quarterly Percent Change (2.2) (1.9) (1.0) (0.6) (0.8)
Civilian Unemployment Rate 4.9 5.7 5.4 5.3 5.4 4.3 3.9 3.6 4.8
Initial Unemployment Claimsb 517.8 658.9 537.9 571.0 560.4 414.4 372.0 371.7 519.5
Year-over-Year Percent Change 32.3 76.3 21.5 24.5 8.2 (6.9) (10.2) (0.1) 39.8
Quarterly Percent Change 12.9 27.3 (18.4) 6.2 (1.9)
Single Family Building Permitsc 116,509.6 127,982.8 134,393.3 114,682.9 125,160.8 97,889.0 106,569.0 106,447.0 118,702.0
Year-over-Year Percent Change 12.5 18.2 19.1 (2.3) 7.4 8.4 8.9 (0.1) 11.5
Quarterly Percent Change (0.8) 9.8 5.0 (14.7) 9.1
Multifamily Building Permitsc 49,787.5 42,652.1 61,188.5 62,638.1 56,464.5 50,714.0 58,153.0 48,822.0 48,333.0
Year-over-Year Percent Change 11.0 (21.0) 10.5 37.7 13.4 16.1 14.7 (16.0) (1.0)
Quarterly Percent Change 9.4 (14.3) 43.5 2.4 (9.9)
Personal Incomed 477,155.0 478,044.0 486,256.0 492,621.0   405,146.3 424,725.5 454,106.0 474,625.5
Year-over-Year Percent Change 4.3 2.9 3.7 3.9   7.3 4.8 6.9 4.5
Quarterly Percent Change 0.6 0.2 1.7 1.3
Fort Lauderdale
Total Payroll Employmenta 703.7 700.4 699.4 701.2 701.0 639.4 652.7 680.6 701.9
Year-over-Year Percent Change 2.5 0.9 (0.2) (0.3) (0.4) 2.1 2.1 4.3 3.1
Quarterly Percent Change 0.1 (0.5) (0.1) 0.2 (0.0)
Civilian Unemployment Rate 5.0 6.1 5.9 5.7 6.0 4.5 4.1 3.7 4.9
Jacksonville
Total Payroll Employmenta 570.8 569.2 572.0 572.5 577.2 525.5 538.3 560.2 568.5
Year-over-Year Percent Change 1.1 0.9 1.0 0.9 1.1 3.3 2.4 4.1 1.5
Quarterly Percent Change 0.6 (0.3) 0.5 0.1 0.8
Civilian Unemployment Rate 4.4 4.9 4.9 5.1 5.3 3.1 3.0 3.1 4.2
Miami
Total Payroll Employmenta 1,034.9 1,029.8 1,035.3 1,041.7 1,046.0 975.8 987.0 1,012.9 1,033.2
Year-over-Year Percent Change 1.8 0.6 0.1 0.7 1.1 1.5 1.2 2.6 2.0
Quarterly Percent Change 0.1 (0.5) 0.5 0.6 0.4
Civilian Unemployment Rate 7.0 8.2 7.6 7.3 7.5 6.4 5.8 5.3 6.9
Orlando
Total Payroll Employmenta 913.3 904.1 904.6 904.0 909.5 837.3 876.1 908.9 912.0
Year-over-Year Percent Change (0.1) (1.5) (1.4) (1.0) (0.4) 5.4 4.6 3.8 0.3
Quarterly Percent Change 0.0 (1.0) 0.1 (0.1) 0.6
Civilian Unemployment Rate 4.1 5.5 5.7 5.3 5.1 3.0 2.7 2.6 4.0
Tampa
Total Payroll Employmenta 1,241.6 1,228.9 1,225.9 1,223.9 1,237.1 1,114.9 1,150.3 1,210.5 1,234.1
Year-over-Year Percent Change 1.8 0.4 (0.5) (0.8) (0.4) 4.3 3.2 5.2 2.0
Quarterly Percent Change 0.6 (1.0) (0.2) (0.2) 1.1
Civilian Unemployment Rate 3.9 4.5 4.4 4.4 4.6 3.1 2.7 2.6 3.7
West Palm Beach
Total Payroll Employmenta 516.1 511.3 512.1 514.3 520.7 457.2 469.4 494.8 512.0
Year-over-Year Percent Change 2.9 1.2 0.5 0.6 0.9 4.3 2.7 5.4 3.5
Quarterly Percent Change 0.9 (0.9) 0.2 0.4 1.2
Civilian Unemployment Rate 5.7 6.3 6.0 5.8 5.8 5.6 5.0 4.4 5.5


Georgia
Quarterly Annual Averages
2001Q3 2001Q4 2002Q1 2002Q2 2002Q3 1998 1999 2000 2001
Total Payroll Employmenta 3,952.4 3,913.2 3,872.6 3,882.6 3,867.2 3,739.8 3,883.2 3,949.6 3,957.7
Year-over-Year Percent Change (0.3) (1.4) (2.9) (2.4) (2.2) 3.4 3.8 1.7 0.2
Quarterly Percent Change (0.6) (1.0) (1.0) 0.3 (0.4)
Manufacturing Payroll Employmenta 545.3 538.3 536.1 538.5 538.1 594.3 597.4 583.4 550.3
Year-over-Year Percent Change (6.3) (6.3) (5.3) (2.4) (1.3) 0.9 0.5 (2.3) (5.7)
Quarterly Percent Change (1.1) (1.3) (0.4) 0.5 (0.1)
Civilian Unemployment Rate 4.0 4.4 4.6 4.7 4.6 4.2 4.0 3.7 4.0
Initial Unemployment Claimsb 653.7 750.5 564.8 577.7 546. 359.2 369.8 391.3 661.4
Year-over-Year Percent Change 59.3 59.7 (1.6) (13.5) (16.4) 15.1 2.9 5.8 69.0
Quarterly Percent Change (2.1) 14.8 (24.7) 2.3 (5.4)
Single Family Building Permitsc 69,521.8 67,357.0 73,139.2 78,086.3 79,133.9 67,879.0 71,530.0 68,852.0 71,531.0
Year-over-Year Percent Change 3.6 (1.2) 0.6 2.1 13.8 13.9 5.4 (3.7) 3.9
Quarterly Percent Change (9.1) (3.1) 8.6 6.8 1.3
Multifamily Building Permitsc 21,606.6 20,926.3 23,186.7 25,524.7 17,114.7 17,522.0 18,051.0 22,968.0 21,528.0
Year-over-Year Percent Change (0.5) (1.7) 7.6 15.8 (20.8) 12.8 3.0 27.2 (6.3)
Quarterly Percent Change (1.9) (3.1) 10.8 10.1 (32.9)
Personal Incomed 241,700.0 242,091.0 245,518.0 248,826.0   200,104.3 213,792.0 232,178.5 240,895.8
Year-over-Year Percent Change 3.2 2.2 2.6 3.5   8.9 6.8 8.6 3.8
Quarterly Percent Change 0.5 0.2 1.4 1.3
Atlanta
Total Payroll Employmenta 2,185.5 2,163.7 2,143.8 2,143.1 2,124.2 2,042.6 2,126.1 2,182.1 2,191.1
Year-over-Year Percent Change 0.0 (1.7) (3.0) (2.9) (2.8) 4.3 4.1 2.6 0.4
Quarterly Percent Change (0.9) (1.0) (0.9) (0.0) (0.9)
Civilian Unemployment Rate 3.5 4.1 4.8 4.9 4.9 3.3 3.1 3.0 3.5


Louisiana
Quarterly Annual Averages
2001Q3 2001Q4 2002Q1 2002Q2 2002Q3 1998 1999 2000 2001
Total Payroll Employmenta 1,937.5 1,937.6 1,931.5 1,929.1 1,929.2 1,889.0 1,896.3 1,920.1 1,931.9
Year-over-Year Percent Change 1.0 0.9 0.4 0.0 (0.4) 2.1 0.4 1.3 0.6
Quarterly Percent Change 0.5 0.0 (0.3) (0.1) 0.0
Manufacturing Payroll Employmenta 181.3 180.0 177.1 177.3 177.5 190.8 187.2 183.9 182.0
Year-over-Year Percent Change (1.0) (2.2) (3.8) (3.0) (2.1) (0.1) (1.9) (1.7) (1.0)
Quarterly Percent Change (0.9) (0.7) (1.6) 0.1 0.1
Civilian Unemployment Rate 5.8 6.5 5.8 6.1 5.8 5.7 5.1 5.5 6.0
Initial Unemployment Claimsb 181.5 208.7 208.1 210.0 217.9 155.8 165.4 155.3 186.4
Year-over-Year Percent Change 17.4 25.6 17.4 18.0 20.1 (6.8) 6.1 (6.1) 20.0
Quarterly Percent Change 2.0 15.0 (0.3) 0.9 3.8
Single Family Building Permitsc 13,525.2 13,614.5 15,410.7 14,815.3 15,671.4 13,875.0 14,557.0 13,109.0 13,274.0
Year-over-Year Percent Change 3.5 7.3 22.7 10.6 15.9 5.2 4.9 (9.9) 1.3
Quarterly Percent Change 1.0 0.7 13.2 (3.9) 5.8
Multifamily Building Permitsc 2,252.5 1,927.4 2,610.3 4,374.8 10,998.2 2,608.0 3,279.0 1,611.0 2,379.0
Year-over-Year Percent Change 25.0 7.2 20.2 38.2 388.3 33.4 25.7 (50.9) 47.7
Quarterly Percent Change (28.8) (14.4) 35.4 67.6 151.4
Personal Incomed 110,406.0 111,263.0 112,945.0 114,077.0   97,457.5 99,047.5 103,824.8 109,560.3
Year-over-Year Percent Change 5.7 5.6 4.8 4.8  5.6 1.6 4.8 5.5
Quarterly Percent Change 1.5 0.8 1.5 1.0
New Orleans
Total Payroll Employmenta 627.7 624.8 628.6 622.7 624.2 620.8 621.7 625.5 626.6
Year-over-Year Percent Change 0.7 0.1 0.4 (0.8) (0.6) 1.1 0.1 0.6 0.2
Quarterly Percent Change 0.0 (0.5) 0.6 (0.9) 0.2
Civilian Unemployment Rate 5.0 5.7 5.2 5.5 5.1 4.9 4.3 5.0 5.2


Mississippi
Quarterly Annual Averages
2001Q3 2001Q4 2002Q1 2002Q2 2002Q3 1998 1999 2000 2001
Total Payroll Employmenta 1,135.5 1,129.0 1,131.6 1,129.5 1,131.9 1,133.7 1,153.5 1,153.8 1,133.9
Year-over-Year Percent Change (1.6) (1.5) (0.7) (0.2) (0.3) 2.4 1.7 0.0 (1.7)
Quarterly Percent Change 0.4 (0.6) 0.2 (0.2) 0.2
Manufacturing Payroll Employmenta 211.4 208.9 207.9 207.6 207.9 245.5 244.0 233.5 213.9
Year-over-Year Percent Change (9.0) (8.0) (5.8) (3.2) (1.6) 1.6 (0.6) (4.3) (8.4)
Quarterly Percent Change (1.4) (1.2) (0.5) (0.1) 0.1
Civilian Unemployment Rate 5.5 6.3 6.5 6.8 6.2 5.4 5.1 5.7 5.5
Initial Unemployment Claimsb 210.6 218.9 191.2 180.6 198.5 174.2 157.3 149.6 207.4
Year-over-Year Percent Change 37.4 41.4 (1.8) (12.1) (5.7) 2.6 (9.7) (4.9) 38.6
Quarterly Percent Change 2.5 4.0 (12.7) (5.5) 9.9
Single Family Building Permitsc 7,419.4 8,272.5 8,451.5 8,665.5 8,400.4 8,671.0 9,594.0 7,624.0 8,061.0
Year-over-Year Percent Change (1.9) 16.5 7.2 (0.0) 13.2 11.2 10.6 (20.5) 5.7
Quarterly Percent Change (14.4) 11.5 2.2 2.5 (3.1)
Multifamily Building Permitsc 1,228.5 1,876.8 4,224.2 3,114.3 1,462.3 4,208.0 3,277.0 3,646.0 1,847.0
Year-over-Year Percent Change (72.6) (62.3) 39.9 146.7 19.0 84.7 (22.1) 11.3 (49.3)
Quarterly Percent Change (2.7) 52.8 125.1 (26.3) (53.0)
Personal Incomed 62,278.0 62,611.0 63,919.0 64,731.0   55,071.8 56,920.0 59,880.8 62,163.3
Year-over-Year Percent Change 3.2 3.5 3.4 4.5   6.7 3.4 5.2 3.8
Quarterly Percent Change 0.5 0.5 2.1 1.3
Jackson
Total Payroll Employmenta 232.1 231.5 232.1 231.1 231.9 225.9 228.1 230.4 231.8
Year-over-Year Percent Change 0.9 0.1 0.1 (0.2) (0.1) 2.7 1.0 1.0 0.6
Quarterly Percent Change 0.3 (0.3) 0.2 (0.4) 0.3
Civilian Unemployment Rate 3.4 4.0 4.4 4.5 4.2 3.4 3.4 3.9 3.6


Tennessee
Quarterly Annual Averages
2001Q3 2001Q4 2002Q1 2002Q2 2002Q3 1998 1999 2000 2001
Total Payroll Employmenta 2,706.6 2,705.8 2,718.8 2,703.7 2,701.6 2,637.4 2,684.4 2,729.2 2,712.5
Year-over-Year Percent Change (1.0) (0.7) (0.4) (0.2) (0.2) 2.1 1.8 1.7 (0.6)
Quarterly Percent Change (0.1) (0.0) 0.5 (0.6) (0.1)
Manufacturing Payroll Employmenta 474.8 470.1 468.0 466.0 465.4 514.3 510.9 507.0 478.7
Year-over-Year Percent Change (6.5) (5.8) (4.7) (2.7) (2.0) (0.6) (0.7) (0.8) (5.6)
Quarterly Percent Change (0.9) (1.0) (0.4) (0.4) (0.1)
Civilian Unemployment Rate 4.5 4.8 5.5 5.0 4.8 4.2 4.0 3.9 4.5
Initial Unemployment Claimsb 521.2 577.4 425.1 494.4 454.6 424.6 357.9 375.1 532.5
Year-over-Year Percent Change 36.5 37.2 (14.3) (7.7) (12.8) (1.2) (15.7) 4.8 42.0
Quarterly Percent Change (2.7) 10.8 (26.4) 16.3 (8.1)
Single Family Building Permitsc 25,488.3 26,067.1 27,357.1 28,473.2 28,559.6 28,293.0 29,881.0 24,440.0 26,229.0
Year-over-Year Percent Change 7.3 14.8 3.4 5.8 12.0 6.0 5.6 (18.2) 7.3
Quarterly Percent Change (5.3) 2.3 4.9 4.1 0.3
Multifamily Building Permitsc 7,478.3 2,400.0 4,564.6 3,789.2 7,713.6 5,833.0 7,153.0 7,763.0 6,141.0
Year-over-Year Percent Change 8.7 (71.4) (37.6) (48.6) 3.1 (20.7) 22.6 8.5 (20.9)
Quarterly Percent Change 1.4 (67.9) 90.2 (17.0) 103.6
Personal Incomed 155,587.0 155,165.0 158,609.0 159,901.0   134,241.5 141,116.5 150,344.5 154,910.8
Year-over-Year Percent Change 2.7 1.7 3.0 3.3   7.0 5.1 6.5 3.0
Quarterly Percent Change 0.5 (0.3) 2.2 0.8
Memphis
Total Payroll Employmenta 594.8 593.3 591.3 586.3 584.1 576.4 587.6 595.3 594.9
Year-over-Year Percent Change (0.1) (0.3) (0.9) (1.5) (1.8) 2.3 1.9 1.3 (0.1)
Quarterly Percent Change (0.1) (0.2) (0.3) (0.8) (0.4)
Civilian Unemployment Rate 4.3 4.8 5.4 5.1 5.0 3.8 3.6 3.9 4.2
Nashville
Total Payroll Employmenta 684.5 684.4 685.6 686.0 687.6 651.6 668.0 680.4 683.3
Year-over-Year Percent Change 0.6 0.6 0.6 0.5 0.4 3.4 2.5 1.9 0.4
Quarterly Percent Change 0.3 (0.0) 0.2 0.1 0.2
Civilian Unemployment Rate 3.3 3.7 4.1 3.8 3.8 2.7 2.7 2.9 3.3


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



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