EconSouth (Third Quarter 2008)

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Volume 10, Number 3
Third Quarter 2008

Southeastern Economic Indicators

Alabama Florida Georgia Louisiana Mississippi Tennessee 6th
District
U.S.
Total payroll employment (thousands)a 2008Q2 2,011.9 7,967.2 4,159.7 1,944.5 1,156.6 2,784.7 20,024.7 137,715.7
Percent change from 2008Q1 –0.2 –0.8 –0.5 0.3 0.1 –0.4 –0.5 –0.1
Percent change from 2007Q2 0.4 –1.0 0.4 1.7 0.5 –0.3 –0.1 0.2
Manufacturing payroll employment (thousands)b 2008Q2 290.8 368.9 417.9 157.6 165.0 371.7 1,771.9 13,580.0
Percent change from 2008Q1 –0.5 –1.6 –1.3 –0.1 –0.8 –0.3 –0.9 –0.1
Percent change from 2007Q2 –2.1 –6.2 –3.6 –0.2 –3.6 –2.4 –3.4 –2.5
Civilian unemployment ratea 2008Q2 4.5 5.4 5.5 4.0 6.6 6.1 5.4 5.3
Rate as of 2008Q1 3.9 4.7 5.1 4.1 6.0 5.2 4.8 4.9
Rate as of 2007Q2 3.5 3.9 4.4 3.9 6.3 4.6 4.2 4.5
Existing single-family home sales (thousands of units)c 2008Q2 90.0 270.8 175.2 65.6 53.2 126.8 781.6 4,913.0
Percent change from 2008Q1 –8.5 10.1 –7.0 –1.2 –3.6 –5.4 –0.9 –0.8
Percent change from 2007Q2 –27.2 –13.2 –21.4 –17.6 –13.6 –12.7 –17.3 –16.3
Single-family building permits YTD (units)b 2008Q2 6,949 22,974 15,579 6,947 4,280 9,423 66,152 332,296
Percent change from 2007Q2 –35.4 –47.6 –52.2 –20.5 –33.6 –43.6 –44.5 –41.0
Personal income
($ billions)c
2008Q1 154.2 716.7 325.2 152.1 85.4 212.0 1,645.6 12,002.1
Percent change from 2007Q4 0.8 1.1 1.2 –0.6 –0.3 0.6 0.8 1.1
Percent change from 2007Q1 4.7 4.0 3.8 7.0 5.1 4.9 4.5 4.8

Atlanta Birmingham Jacksonville Miami Nashville New
Orleans
Orlando Tampa
Total payroll employment (thousands)b 2008Q2 2,473.3 533.4 631.3 2,419.7 766.1 527.2 1,104.2 1,289.1
Percent change from 2007Q2 1.0 0.0 –0.5 –0.7 1.1 1.9 0.2 –1.5
Civilian unemployment rateb 2008Q2 5.4 3.8 5.1 5.0 5.1 3.6 4.9 5.5
Rate as of 2007Q2 4.1 2.9 3.7 3.6 3.6 3.6 3.6 3.8
Office vacancy rateb 2008Q2 18.7 16.0 9.2 11.0 12.0 15.0
Rate as of 2007Q2 18.3 14.3 7.2 10.8 9.0 12.3
Median existing home sale price (thousands of $U.S.)b 2008Q2 158.3 163.5 186.8 310.1 162.9 223.5 180.8
Median price
as of
2007Q2 175.5 164.9 198.7 384.4 166.0 265.1 222.7

aSeasonally adjusted data
b Not seasonally adjusted
c Seasonally adjusted annual rate

Sources: Payroll employment and civilian unemployment rate: U.S. Department of Labor, Bureau of Labor Statistics. Existing home sales and median existing home sale price: National Association of Realtors. Single-family 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. Office vacancy rate: CB Richard Ellis. Most data were obtained from Economy.com and are subject to revision by the data-gathering agencies.

For more extensive information on the data series shown here, see historical data.

Total Payroll Employment Manufacturing Payroll Employment
Civilian Unemployment Rate Existing Home Sales
Single-Family Building Permits YTD Personal Income