AT L A N TA METROPOLITAN Economic Indicators A Monthly Report of Atlanta Labor Market and Economic Trends January 2001 Volume 3, Issue 11 Georgia Department of Labor Michael L. Thurmond Commissioner Metro Ro ckda le P ic k e n s Bartow Cherokee Forsyth Cobb P a u ld in g Gwinnett Barrow C a r r o ll Douglas Fulton DeKalb Cla yton W alton Newton Fa ye tte Coweta Henry S p ald in g Atlanta Economic Indicators Monthly Report Volume 3, Issue 11 January 2001 November 2000 Data Cover art: Margaret Mitchell House, Huey J. Theus, Mableton, Georgia Metro Atlanta Economic Indicators is published by Workforce Information and Analysis, a division of the Georgia Department of Labor, 148 International Boulevard, Atlanta, Georgia 30303-1751. The telephone number is (404) 656-3177. Georgia Department of Labor Michael L. Thurmond, Commissioner An Equal OpportunityEmployer/Programs Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities Georgia Department of Labor Metro Atlanta Economic Indicators / January 2001 1 Introduction Metro Atlanta Economic Indicators, Monthly Report, is designed to provide in a single publication data on a number of indicators used to measure movement of the Atlanta Metropolitan Statistical Area's economy. The indicators have been collected and disseminated for many years by private and governmental agencies, but not under a single cover. Contributing agencies include Georgia's Department of Labor, the U.S. Bureau of the Census, the U.S. Bureau of Labor Statistics, F.W. Dodge, McGraw-Hill Information Group, the Metropolitan Atlanta Rapid Transit Authority, Cobb Community Transit System, Smith Travel Research and HSH Associates, Financial Publishers. All data except Average 30-Year and Average 15-Year Fixed Mortgage Rates and Average One-Year Adjustable Mortgage Rate on Page 15 and those contained in the Metropolitan Atlanta Consumer Price Index chart on page 3 are seasonally adjusted. Data are presented in graphic and tabular form. Each series shows movement over a 24-month period. Where appropriate, companion graphs and tables show data which have been deflated by the U.S. Consumer Price Index or the U.S. Construction Price Index. The purpose is to adjust for inflation and show growth in constant dollars. The purpose of this publication is to serve the business and professional communities, economic developers, economists, educators and others who have need for information on Atlanta Metropolitan Statistical Area economic trends. Workforce Information and Analysis welcomes comments, suggestions or questions concerning Metro Atlanta Economic Indicators. Please address letters to Stephen Matta, Workforce Information and Analysis, Georgia Department of Labor, 148 International Boulevard, Atlanta, Georgia 30303-1751. The telephone number is (404) 656-3177. Data Sources Nonagricultural Employment, Wholesale Employment, Retail Employment, Services Employment, Manufacturing Employment, Government Employment, Construction Employment, Transportation and Public Utilities Employment, Finance, Insurance and Real Estate Employment, Business Services Employment, Health Services Employment, Social Services Employment, Manufacturing Workweek, Manufacturing Earnings, Unemployment Rate, Insured Unemployment Rate, Initial Unemployment Claims and Continued Unemployment Claims -- Georgia Department of Labor Consumer Price Index -- U.S. Bureau of Labor Statistics, adapted from commentary by Michael Wald Residential Construction and U.S. Construction Price Index -- U.S. Department of Commerce Nonresidential Construction -- F.W. Dodge, McGraw-Hill Construction Information Group MARTA Passengers -- Metropolitan Atlanta Rapid Transit System Cobb Community Transit Passengers -- Cobb Community Transit System Hotel Occupancy and Room Rates -- Smith Travel Research, Hendersonville, TN Average 30-Year and Average 15-Year Fixed Mortgage Rates and Average One-Year Adjustable Mortgage Rate -- HSH Associates, Financial Publishers, Butler, NJ 2 Metro Atlanta Economic Indicators / January 2001 Georgia Department of Labor Metro Atlanta CPI YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Rate 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 61.7 66.9 76.4 87.2 92.8 97.9 102.6 107.0 111.7 58.4 62.5 68.5 78.0 88.2 92.9 98.7 103.2 107.6 111.1 159.5 161.9 167.4 160.8 164.0 169.8 59.4 63.6 70.5 80.3 89.3 96.5 100.2 104.1 108.8 112.2 115.5 119.1 124.9 130.8 135.5 138.6 142.2 146.7 150.3 154.7 158.3 162.0 164.8 170.9 64.7 71.9 81.7 91.6 98.0 100.8 104.8 109.9 112.4 161.9 165.9 172.1 60.7 61.2 7.4% 65.9 65.9 7.7% 73.2 74.0 12.3% 83.0 85.7 15.8% 93.3 93.6 9.2% 98.8 98.2 4.9% 100.9 101.9 3.8% 105.4 105.5 3.5% 110.4 111.2 5.4% 112.7 113.5 2.1% 117.5 3.5% 121.7 3.6% 127.3 4.6% 132.6 4.2% 136.2 2.7% 138.5 1.7% 144.7 4.5% 146.7 1.4% 151.5 3.3% 157.2 3.8% 159.5 1.5% 162.0 161.6 1.4% 166.5 167.0 3.3% 171.9 171.9 2.9% Source: U.S. Bureau of Labor Statistics Atlanta CPI remains unchanged since October The Consumer Price Index for All Urban Consumers (CPI-U) for the Atlanta metropolitan area, was unchanged for the two month period ending in December, not seasonally adjusted, according to data released by the U.S. Department of Labor's Bureau of Labor Statistics. For the 12-month period ending in December, consumer prices in Atlanta increased 2.9 percent. Over the two months, higher costs for housing and other goods and services were offset by lower costs for apparel and transportation. Energy prices declined 1.2 percent over the two months as higher costs for household fuels were more than offset by lower costs for motor Georgia Department of Labor The formula Following is the formula for figur- ing Consumer Price Index changes from one point in time to another. Index point change CPI Less previous index Equals index point change 112.5 108.5 4.0 Percentage change Index point difference 4.0 Divide by the previous index 108.5 Equals 0.037 Results multiplied by 100 0.037x100 Equals percent change 3.7% fuels. Food costs increased 0.2 percent. Excluding food and energy, the CPI-U for Atlanta decreased 0.1 percent since October which resulted in an advance of 2.1 for the twelve month period. Among the major index groups, the food and beverages index rose 0.2 percent since October, as costs for food away from home increased 1.1 percent. Food at home decreased 0.4 percent. Housing costs advanced 0.2 percent, reversing the 1.0 percent decline recorded in the previous pricing period. The increase was due to higher fuels and utilities costs, which rose 2.5 percent over the two months. Transportation costs dropped 0.6 percent, as pump prices declined during the two months. Medical care costs advanced 1.1 percent over the two-month period. Metro Atlanta Economic Indicators / January 2001 3 Metro Atlanta Index of Economic Indicators 174.6 Leading indicators Coincident indicators 152.4 130.1 107.9 85.7 1987-88 = 100 63.5 93 94 95 96 97 98 99 00 01 Atlanta Leading Index declines 0.1 percent in November Note: All indicators are seasonally adjusted. *** 152.0 The Georgia Department of Labor's Recent 12 Months Leading Coincident Index of Leading Economic 148.0 Indicators for the Atlanta Metropolitan 144.0 Area decreased 0.1 percent in November, to a level of 144.1 from a 140.0 revised 144.2, after seasonal 136.0 adjustment. Since December 1999, 1987-88 = 100 the Index has grown 2.1 percent and 132.0 the growth from November 1999 was 3.8 percent. Concern of economic slowdown is the topic of the day for many industries. Data for November suggests that the metropolitan Atlanta economy continues to remain stable, The Leading Index reflects activity that will impact the economy for a duration of three to six months into the future. Coincident indicators measure current conditions. though some sectors have begun showing signs of weakness. declined from 39.7 to 39.2. In line Productivity softened during the with that, earnings were off by 0.4 month, as average weekly hours percent and manufacturing employment declined 0.3 percent. Total payroll employment dropped 0.2 percent for the month and initial claims grew by 3.7 percent. Housing starts climbed to 5,294 in November, suggesting the construction industry will continue to thrive for a few months despite the drop in nonresidential construction. The value of construction spending on nonresidential projects fell for a second consecutive month, to a level of $259.5 million. The Index of Coincident Indicators grew 0.6 percent in November, to a level of 140.26 from a revised 139.46. The area's unemployment rate declined to 2.6% for November, after seasonal adjustment. 4 Metro Atlanta Economic Indicators / January 2001 Georgia Department of Labor Data Summary November 2000 Metro Atlanta Economic Indicators Nov 2000 Oct 2000 Nov 1999 Percent Change Oct 2000 to Nov 2000 Percent Change Nov 1999 to Nov 2000 Nonagricultural Employment 2,228,000 Wholesale Employment 181,000 Retail Employment 407,900 Services Employment 695,600 Manufacturing Employment 226,800 Government Employment 266,200 Construction Employment 117,500 Transp. & Pub. Utilities Employment 194,100 Finance, Insurance & Realty Employment 138,400 Business Services Employment 224,200 Health Services Employment 131,700 Social Services Employment 28,495 Manufacturing Workweek 39.2 Manufacturing Earnings $553.31 Deflated Manufacturing Earnings $317.81 Initial Unemployment Claims 7,842 Continued Unemployment Claims 57,939 Total Unemployment Rate 2.6% Insured Unemployment Rate 0.69% MARTA Passengers 6,485,000 Cobb County Transit Passengers 141,601 Residential Construction (household units) 5,294 Nonresidential Construction (value) $259,515,000 Deflated Nonresidential Construction $223,527,132 Hotel Occupancy 66.3% Average Hotel Room Rates $79.83 Deflated Average Hotel Room Rate $45.85 Average 30-Year Fixed Mortgage Rate 7.79% Average 15-Year Fixed Mortgage Rate 7.45% Average One-Year Adjustable Mortgage Rate 7.06% Georgia Department of Labor 2,232,000 181,400 409,700 694,600 227,500 267,800 118,000 193,500 138,400 227,100 130,800 28,260 39.7 $555.53 $319.27 7,564 59,309 2.8% 0.68% 6,440,000 135,589 4,694 $355,827,000 $307,277,202 64.6% $78.95 $45.37 7.81% 7.48% 7.14% 2,192,000 179,700 396,800 682,100 226,900 265,100 117,500 186,200 137,600 235,000 126,000 26,901 40.8 $550.81 $327.28 6,530 60,880 3.0% 0.63% 6,767,000 125,310 4,999 $280,502,000 $250,672,029 66.8% $82.31 $48.91 7.72% 7.35% 6.30% -0.18 -0.22 -0.44 0.14 -0.31 -0.60 -0.42 0.31 0.00 -1.28 0.69 0.83 -1.26 -0.40 -0.46 3.68 -2.31 0.70 4.43 12.78 -27.07 -27.26 1.11 1.06 - 1.64 0.72 2.80 1.98 -0.04 0.41 0.00 4.24 0.58 -4.60 4.52 5.93 -3.92 0.45 -2.89 20.09 -4.83 -4.17 13.00 5.90 -7.48 -10.83 -3.01 -6.26 - Metro Atlanta Economic Indicators / January 2001 5 Nonagricultural Employment 2.3 1998-99 1999-2000 MILLIONS 2.3 Monthly Data Seasonally Adjusted 2.2 2.1 2.1 2.0 D J F M A M J Month Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov J A S O N 1998-99 2,081,000 2,097,000 2,107,000 2,115,000 2,125,000 2,136,000 2,146,000 2,155,000 2,167,000 2,173,000 2,185,000 2,192,000 1999-2000 2,197,000 2,207,000 2,207,000 2,217,000 2,226,000 2,231,000 2,226,000 2,238,000 2,234,000 2,237,000 2,232,000 2,228,000 Wholesale Employment 185.9 1998-99 1999-2000 THOUSANDS 182.3 Monthly Data Seasonally Adjusted 178.7 Month Dec Jan Feb 175.2 M ar Apr M ay Jun 171.6 Jul Aug Sep Oct 168.0 Nov D J F M A M J J A S O N 1998-99 172,300 173,300 173,700 174,400 175,200 176,200 176,500 178,300 178,300 179,000 179,100 179,700 1999-2000 179,600 178,900 179,600 179,700 180,300 179,900 181,100 181,100 181,200 181,200 181,400 181,000 Retail Employment 425.7 1998-99 1999-2000 411.7 Monthly Data Seasonally Adjusted THOUSANDS 397.7 Month Dec Jan Feb 383.7 M ar Apr M ay Jun 369.7 Jul Aug Sep Oct 355.7 Nov D J F M A M J J A S O N 1998-99 372,400 375,700 378,500 379,300 379,100 382,500 385,100 387,300 390,800 392,100 396,500 396,800 1999-2000 397,900 402,400 402,500 404,000 406,800 405,600 405,100 407,700 404,900 404,500 409,700 407,900 6 Metro Atlanta Economic Indicators / January 2001 Georgia Department of Labor Services Employment 738.2 1998-99 1999-2000 706.5 Monthly Data Seasonally Adjusted THOUSANDS 674.9 643.2 611.5 579.9 D J F M A M J Month Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov J A S O N 1998-99 621,600 632,300 636,400 643,800 651,600 655,800 660,900 663,600 669,900 670,700 678,600 682,100 1999-2000 685,300 684,200 685,700 688,600 690,300 690,900 691,200 694,700 693,500 695,800 694,600 695,600 Manufacturing Employment 229.5 1998-99 1999-2000 THOUSANDS 228.6 Monthly Data Seasonally Adjusted 227.7 Month Dec Jan Feb 226.9 M ar Apr M ay Jun 226.0 Jul Aug Sep Oct 225.1 Nov D J F M A M J J A S O N 1998-99 226,600 226,200 226,700 226,400 227,100 227,400 227,500 226,900 226,500 226,300 226,400 226,900 1999-2000 226,900 227,400 228,000 227,800 228,300 228,200 228,300 227,600 227,700 228,100 227,500 226,800 Government Employment 278.7 1998-99 1999-2000 THOUSANDS 273.1 Monthly Data Seasonally Adjusted 267.6 Month Dec Jan Feb 262.0 M ar Apr M ay Jun 256.4 Jul Aug Sep Oct 250.9 Nov D J F M A M J J A S O N 1998-99 261,500 262,100 260,200 258,900 258,300 257,800 258,300 260,500 260,100 263,100 264,300 265,100 1999-2000 266,200 267,500 269,000 270,800 272,300 271,900 270,300 269,500 270,900 270,100 267,800 266,200 Georgia Department of Labor Metro Atlanta Economic Indicators / January 2001 7 Construction Employment 126.3 1998-99 1999-2000 THOUSANDS 121.5 Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 116.7 Dec 108,100 117,900 Jan 109,600 118,300 Feb 111,200 117,600 111.8 M ar 111,500 118,700 Apr 112,900 117,900 M ay 113,400 118,800 Jun 114,000 117,900 107.0 Jul 114,600 119,400 Aug 114,600 120,400 Sep 115,400 119,400 Oct 117,100 118,000 102.2 Nov D J F M A M J J A S O N 117,500 117,500 Transportation and Public Utilities Employment 200.4 1998-99 1999-2000 THOUSANDS 194.9 Monthly Data Seasonally Adjusted 189.5 Month 1998-99 1999-2000 Dec Jan Feb 184.1 M ar Apr M ay Jun 178.7 Jul Aug Sep Oct 173.3 Nov D J F M A M J J A S O N 180,600 180,100 181,300 181,600 182,900 183,300 183,400 184,400 185,000 185,600 186,100 186,200 186,600 187,900 188,000 190,000 189,800 190,400 191,500 191,300 192,300 193,600 193,500 194,100 Finance, Insurance and Realty Employment 1998-99 1999-2000 THOUSANDS 139.4 Monthly Data Seasonally Adjusted 138.3 Month 1998-99 1999-2000 Dec 136,900 137,400 Jan 136,200 138,400 137.1 Feb 136,800 137,900 M ar 136,800 138,000 Apr M ay 136,500 137,200 138,100 137,900 136.0 Jun 137,000 138,100 Jul 136,900 139,000 Aug 136,800 139,000 Sep 137,200 138,700 Oct 137,300 138,400 134.9 Nov D J F M A M J J A S O N 137,600 138,400 8 Metro Atlanta Economic Indicators / January 2001 Georgia Department of Labor Business Services Employment 245.6 1998-99 1999-2000 236.9 Monthly Data Seasonally Adjusted THOUSANDS 228.2 Month Dec Jan Feb 219.5 M ar Apr M ay Jun 210.8 Jul Aug Sep Oct 202.2 Nov D J F M A M J J A S O N 1998-99 213,500 217,900 220,600 220,400 222,700 223,100 225,900 226,800 230,100 229,100 232,300 235,000 1999-2000 234,000 230,500 230,100 231,500 232,200 230,200 228,600 231,300 230,600 231,100 227,100 224,200 Health Services Employment 138.6 1998-99 1999-2000 THOUSANDS 132.5 Monthly Data Seasonally Adjusted Month 126.4 Dec Jan Feb 120.3 M ar Apr M ay Jun 114.2 Jul Aug Sep Oct 108.1 Nov D J F M A M J J A S O N 1998-99 114,700 116,400 116,000 118,500 120,400 123,100 123,500 123,900 124,300 124,700 126,100 126,000 1999-2000 127,000 127,600 128,200 128,000 128,400 128,800 128,700 129,300 129,500 130,800 130,800 131,700 Social Services Employment 30.7 1998-99 1999-2000 THOUSANDS 29.0 Monthly Data Seasonally Adjusted Month 27.2 Dec Jan Feb 25.5 M ar Apr M ay Jun 23.8 Jul Aug Sep Oct 22.1 Nov D J F M A M J J A S O N 1998-99 24,203 24,541 24,893 25,167 25,357 25,456 25,593 25,639 25,671 26,122 26,547 26,901 1999-2000 26,905 27,302 27,434 27,261 27,024 27,368 27,126 27,555 27,713 28,029 28,260 28,495 Georgia Department of Labor Metro Atlanta Economic Indicators / January 2001 9 Manufacturing Workweek 42.6 1998-99 1999-2000 HOURS 41.8 Monthly Data Seasonally Adjusted 40.9 40.0 39.1 38.2 D J F M A M J Month Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov J A S O N 1998-99 41.6 41.0 41.2 41.1 41.0 41.2 40.9 41.1 40.6 40.9 40.1 40.8 1999-2000 40.3 40.5 40.4 40.6 40.3 40.1 40.0 39.5 39.8 39.5 39.7 39.2 Manufacturing Earnings $568 1998-99 1999-2000 DOLLARS $557 Monthly Data Seasonally Adjusted $547 Month Dec Jan Feb $536 M ar Apr M ay Jun $526 Jul Aug Sep Oct $516 Nov D J F M A M J J A S O N 1998-99 $ 530.89 527.02 535.87 539.36 541.06 544.60 545.55 548.19 541.55 546.50 547.40 550.81 1999-2000 $ 547.06 553.90 549.30 553.39 548.52 543.20 546.52 543.59 552.44 544.47 555.53 553.31 Deflated Manufacturing Earnings $335 1998-99 1999-2000 DOLLARS $329 Monthly Data Seasonally Adjusted $323 $317 $311 $305 N D J F M A M J Month Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov J A S O 1998-99 $ 323.91 320.77 325.76 326.88 325.55 327.68 328.25 328.85 324.09 325.49 325.45 327.28 1999-2000 $ 325.05 328.33 323.69 323.43 320.40 317.10 317.19 314.94 319.70 313.45 319.27 317.81 10 Metro Atlanta Economic Indicators / January 2001 Georgia Department of Labor Initial Unemployment Claims 8.6 1998-99 1999-2000 THOUSANDS 7.9 Monthly Data Seasonally Adjusted Month 7.2 Dec Jan Feb 6.6 M ar Apr M ay Jun 5.9 Jul Aug Sep Oct 5.2 Nov D J F M A M J J A S O N 1998-99 6,496 6,587 6,429 6,943 6,890 6,006 6,022 6,770 6,104 6,207 6,476 6,530 1999-2000 6,257 6,459 7,226 6,328 6,341 7,231 7,480 6,788 7,658 7,063 7,564 7,842 Continued Unemployment Claims 70.5 1998-99 1999-2000 THOUSANDS 64.5 Monthly Data Seasonally Adjusted Month 58.5 Dec Jan Feb 52.5 M ar Apr M ay Jun 46.5 Jul Aug Sep Oct 40.5 Nov D J F M A M J J A S O N 1998-99 48,551 48,021 52,048 55,244 53,451 52,173 56,996 47,747 58,540 54,097 55,776 60,880 1999-2000 51,318 60,301 56,217 47,928 55,814 57,035 52,810 62,773 56,053 62,316 59,309 57,939 Total Unemployment Rate 3.6 1998-99 1999-2000 PERCENTAGES 3.3 Monthly Data Seasonally Adjusted Month 3.1 Dec Jan Feb 2.8 Mar Apr May Jun 2.6 Jul Aug Sep Oct 2.3 Nov D J F M A M J J A S O N 1998-99 3.1 % 3.2 3.3 3.2 3.1 3.0 3.1 3.0 3.0 2.8 2.9 3.0 1999-2000 2.9 % 3.0 2.9 2.9 2.9 2.9 2.9 2.8 2.9 2.8 2.8 2.6 Georgia Department of Labor Metro Atlanta Economic Indicators / January 2001 11 iInsured Unemployment Rate 0.74 1998-99 1999-2000 0.71 Monthly Data Seasonally Adjusted PERCENTAGES Month 0.68 Dec Jan Feb 0.64 M ar Apr M ay Jun 0.61 Jul Aug Sep Oct 0.58 Nov D J F M A M J J A S O N MMARTA Passengers 1998-99 1999-2000 0.62 % 0.62 0.63 0.64 0.63 0.63 0.62 0.62 0.64 0.63 0.65 0.63 0.65 % 0.66 0.63 0.63 0.64 0.65 0.66 0.65 0.68 0.70 0.68 0.69 7.3 1998-99 1999-2000 MILLIONS 7.0 Monthly Data Seasonally Adjusted Month 6.6 Dec Jan Feb 6.3 M ar Apr M ay Jun 6.0 Jul Aug Sep Oct 5.6 Nov D J F M A M J J A S O N 1998-99 6,818,000 6,278,000 6,461,000 6,466,000 6,372,000 6,191,000 6,076,000 6,247,000 6,237,000 6,349,000 6,339,000 6,767,000 1999-2000 6,514,000 6,464,000 6,659,000 6,674,000 6,324,000 6,636,000 6,918,000 6,159,000 6,651,000 6,451,000 6,440,000 6,485,000 Cobb Community Transit Passengers 158.2 1998-99 1999-2000 145.2 Monthly Data Seasonally Adjusted THOUSANDS 132.2 Month Dec Jan Feb 119.3 M ar Apr M ay Jun 106.3 Jul Aug Sep Oct 93.3 Nov D J F M A M J J A S O N 1998-99 110,808 108,972 116,737 112,599 114,233 111,034 122,006 121,216 136,656 135,419 126,197 125,310 1999-2000 140,234 133,858 138,668 138,730 141,917 140,999 126,844 129,435 132,957 132,535 135,589 141,601 12 Metro Atlanta Economic Indicators / January 2001 Georgia Department of Labor Residential Construction 6.3 1998-99 1999-2000 HOUSEHOLD UNITS 5.8 Monthly Data Seasonally Adjusted Month 5.4 Dec Jan Feb 4.9 M ar Apr M ay Jun 4.5 Jul Aug Sep Oct 4.0 Nov D J F M A M J J A S O N 1998-99 5,582 4,735 5,144 4,674 4,687 4,751 4,695 4,804 4,626 4,580 4,708 4,999 1999-2000 4,895 5,582 5,305 5,424 5,671 5,631 5,478 5,235 4,985 5,199 4,694 5,294 Nonresidential Construction $652 1998-99 1999-2000 MILLIONS $542 Monthly Data Seasonally Adjusted $433 Month 1998-99 1999-2000 Dec $ 274,221,000 $ 304,954,000 Jan 377,864,000 315,030,000 Feb 344,233,000 288,030,000 $324 M ar 521,256,000 332,227,000 Apr 372,824,000 339,225,000 M ay 329,610,000 351,565,000 Jun 316,691,000 480,036,000 $214 Jul 381,979,000 288,234,000 Aug 339,994,000 230,732,000 Sep 296,019,000 422,232,000 Oct 261,184,000 355,827,000 $105 Nov N D J F M A M J J A S O 280,502,000 259,515,000 Deflated Nonresidential Construction $602 1998-99 1999-2000 MILLIONS $501 Monthly Data Seasonally Adjusted $400 Month 1998-99 1999-2000 Dec 254,143,652 271,552,983 Jan 348,261,751 279,281,915 $298 Feb 316,973,297 254,668,435 Mar 478,655,647 293,227,714 Apr 341,101,555 297,827,041 May 300,191,257 307,850,263 $197 Jun 286,857,790 419,245,415 Jul 345,369,801 250,856,397 Aug 306,853,791 200,636,522 Sep 266,924,256 365,885,615 Oct 234,456,014 307,277,202 $96 Nov D J F M A M J J A S O N 250,672,029 223,527,132 Georgia Department of Labor Metro Atlanta Economic Indicators / January 2001 13 Hotel Occupancy 69.2 1998-99 1999-2000 67.5 Monthly Data Seasonally Adjusted PERCENTAGES Month 65.8 Dec Jan Feb 64.1 M ar Apr M ay Jun 62.4 Jul Aug Sep Oct 60.7 Nov D J F M A M J J A S O N Average Hotel Room Rates $89 1998-99 1999-2000 1998-99 64.90 % 65.50 65.80 65.80 66.70 66.90 64.30 65.10 63.50 66.60 67.10 66.80 1999-2000 65.20 % 66.30 64.00 64.20 62.70 64.00 66.10 66.10 66.30 67.00 64.60 66.30 DOLLARS $86 Monthly Data Seasonally Adjusted $83 Month Dec Jan Feb $80 M ar Apr M ay Jun $76 Jul Aug Sep Oct $73 Nov D J F M A M J J A S O N 1998-99 $79.35 83.54 80.01 79.47 79.58 77.14 79.31 77.02 77.89 79.42 79.98 82.31 1999-2000 $ 82.31 85.27 81.83 79.46 79.68 80.97 77.92 79.15 81.69 80.50 78.95 79.83 Deflated Average Hotel Room Rates $53 1998-99 1999-2000 $51 Monthly Data Seasonally Adjusted DOLLARS Month $49 Dec Jan Feb $47 M ar Apr M ay Jun $45 Jul Aug Sep Oct $43 Nov D J F M A M J J A S O N 1998-99 $ 50.97 48.70 48.31 48.23 46.41 47.72 46.34 46.72 47.53 47.39 47.55 48.91 1999-2000 $50.67 48.51 46.82 46.57 47.30 45.49 45.94 47.33 46.59 47.28 45.37 45.85 14 Metro Atlanta Economic Indicators / January 2001 Georgia Department of Labor Average 30-Year Fixed Mortgage Rate* 9.37 1998-99 1999-2000 8.68 PERCENTAGES 7.98 7.29 6.59 5.90 D J F M A M J Average 15-Year Fixed Mortgage Rate* 9.10 1998-99 1999-2000 Monthly Data Not Seasonally Adjusted Month Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov J A S O N * Does not include points 1998-99 6.72 6.78 6.79 7.00 6.89 7.09 7.56 7.68 8.03 7.90 7.86 7.72 1999-2000 8.04 8.19 8.37 8.28 8.12 8.55 8.26 8.16 8.04 7.95 7.81 7.79 8.38 PERCENTAGES 7.66 6.95 6.23 5.51 D J F M A M J J A S O N * Does not include points Average One-Year Adjustable Mortgage Rate* 8.28 1998-99 1999-2000 Monthly Data Not Seasonally Adjusted Month 1998-99 Dec 6.39 Jan 6.34 Feb 6.35 M ar 6.58 Apr 6.47 M ay 6.69 Jun 7.17 Jul 7.23 Aug 7.55 Sep 7.48 Oct 7.45 Nov 7.35 1999-2000 7.65 7.78 7.96 7.87 7.78 8.27 8.01 7.87 7.78 7.63 7.48 7.45 7.51 Monthly Data Not Seasonally Adjusted PERCENTAGES Month 6.73 Dec Jan Feb 5.96 M ar Apr M ay Jun 5.19 Jul Aug Sep Oct 4.42 Nov D J F M A M J J A S O N * Does not include points 1998-99 5.37 5.32 5.34 5.44 5.52 5.59 5.87 5.98 5.73 6.30 6.36 6.30 1999-2000 6.51 6.72 6.93 6.90 6.82 6.64 7.22 7.26 7.35 7.34 7.14 7.06 Georgia Department of Labor Metro Atlanta Economic Indicators / January 2001 15 To receive a free subscription to this publication, please complete and mail this form Mail to: If you prefer, you may e-mail your request to stephen.matta@dol.state.ga.us Stephen Matta Workforce Information and Analysis Georgia Department of Labor 148 International Boulevard N.E. 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