Metro Atlanta economic indicators, monthly report, Vol. 3, no. 2 (Apr. 2000)

Pickens Bartow Cherokee Forsyth

Cobb Paulding

Gwinnett Barrow

Carroll

Douglas Fulton DeKalb
Clayton

Walton Newton

Fayette
Coweta

Henry

Spalding

Metro Rockdale

Atlanta Economic Indicators

Monthly Report Volume 3, Issue 2 April 2000
February 2000 Data

Georgia Department of Labor
Michael L. Thurmond, Commissioner

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

Metro Atlanta Economic Indicators / April 2000 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
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 / April 2000

Georgia Department of Labor

Metro Atlanta Consumer Price Index

YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Rate

1977.0 1978.0 1979.0 1980.0 1981.0 1982.0 1983.0 1984.0 1985.0 1986.0 1987.0 1988.0 1989.0 1990.0 1991.0 1992.0 1993.0 1994.0 1995.0 1996.0 1997.0 1998.0 1999.0 2000.0

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

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

64.7 71.9 81.7 91.6 98.0 100.8 104.8 109.9 112.4

60.7 65.9 73.2 83.0 93.3 98.8
100.9 105.4 110.4 112.7

161.9 165.9

162.0 166.5

61.2 65.9 74.0 85.7 93.6 98.2 101.9 105.5 111.2 113.5 117.5 121.7 127.3 132.6 136.2 138.5 144.7 146.7 151.5 157.2 159.5 161.6 167.0

7.4% 7.7% 12.3% 15.8% 9.2% 4.9% 3.8% 3.5% 5.4% 2.1% 3.5% 3.6% 4.6% 4.2% 2.7% 1.7% 4.5% 1.4% 3.3% 3.8% 1.5% 1.4% 3.3%

U.S. BUREAU OF LABOR STATISTICS
Atlanta's inflation growth slows to 0.2

Inflation in Metropolitan Atlanta increased 0.2 percent during January and February, as reported by the U.S. Bureau of Labor Statistics (BLS). The metropolitan Consumer Price Index was measured at 167.4 for the two month period, which reflected a 3.4 percent rise over February of 1999. It compared to a 0.8 percent increase on a national level for January and February. A 0.9 percent surge in housing costs for January and February erased the 0.1 percent decline of the November and December report. Contributing to that increase was the cost of utilities, which increased 0.3 percent, and costs for shelter at 1.4 percent. During the last year, housing costs have risen 2.9 percent. The index for apparel prices fell 4.1
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

112.5

Less previous index

108.5

Equals index point change

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%

percent, following a 2.7 percent

decrease in the previous two-month

period. Also dampening the effects

of inflationary pressure was a 0.1

percent drop in transportation costs.

The cost of grocery shopping dropped 0.5 percent since December, which offset a 0.4 percent increase in the tab for food away from home. Transportation costs dropped 0.1 percent during the last two months, although gasoline prices rose by 5.5 percent. Energy costs continued to climb during January and February. The increase of 2.4 percent furthered the effects of the 1.9 percent rise during November and December. What is commonly referred to as the "core inflation rate," which excludes the volatile food and energy components, increased 0.1 percent during the first two months of this year. On a 12-month basis, the index of all items less food and energy grew 2.3 percent.

Metro Atlanta Economic Indicators / April 2000 3

Apartment Rent & Vacancy Trends

Atlanta MSA

$800

8%

Average Monthly Rent (Columns) Average Vacancy - (Line)

$700

7%

$600

6%

$500

5%

$400

1995

1996

1997

1998

1999

4% 2000*

Source: Marcus & Millichap

*Forecast

Atlanta's apartment rental rates rising

Apartment rent has outpaced inflation in Atlanta, according to the real estate investment brokerage firm of Marcus & Millichap. The company's semiannual Apartment Research Report, issued in February, states that the average apartment rent in the metropolitan area was $732 per month, a 6.4 percent annual increase through the third quarter of 1999. Two key factors are cited for the rise in rent: growth of the core renter's age group (18 to 34 year olds) and the high volume in availability of new Class-A apartment dwellings. Class A and B properties had the lowest vacancy rates, with some properties at less than 4 percent.
Certain areas within metropolitan Atlanta, called "submarkets", have the highest rental rates, which include Buckhead, North Fulton, Briarcliff/

Steady job growth in Atlanta will continue to attract young professionals and build the prime renter population, while newly constructed units will keep rental rates propped up.
LaVista and the downtown business district. But across the area, average rents have risen from $680 to $700 per month in 1998, to a range of $724 to $740, their current level.
During 2000, supply is expected to

slightly outpace demand, but with little effect in the short term. Newer units, constructed during the 1990's, have experienced a 6.5 percent growth from $819 per month at mid-1980, to the present $873 average. Marcus & Millichap note that the demand for in-town living remains high, driving up house prices in the city. Given rising mortgage rates and limited supply, in-town apartments have continued to be an attractive alternative. Steady job growth in Atlanta will continue to attract young professionals and build the prime renter population, while newly constructed units will keep rental rates propped up. Strong absorption rates suggest that current projects slated for completion in 2001 and 2002 will not result in overbuilding.

4 Metro Atlanta Economic Indicators / April 2000

Georgia Department of Labor

Data Summary
February 2000

Metro Atlanta Economic Indicators

Feb 2000

Jan 2000

Feb 99

Percent Percent Change Change

Jan 2000 Feb 99

to

to

Feb 2000 Feb 2000

Nonagricultural Employment

2,207,000

Wholesale Employment

178,200

Retail Employment

403,700

Services Employment

687,100

Manufacturing Employment

228,400

Government Employment

267,000

Construction Employment

117,100

Transp. & Pub. Utilities Employment

187,700

Finance, Insurance & Realty Employment 137,500

Business Services Employment

229,700

Health Services Employment

129,400

Social Services Employment

30,805

Manufacturing Workweek

40.6

Manufacturing Earnings

$556.26

Deflated Manufacturing Earnings

$327.79

Initial Unemployment Claims

7,205

Continued Unemployment Claims

56,221

Total Unemployment Rate

2.8%

Insured Unemployment Rate

0.60%

MARTA Passengers

6,658,000

Cobb County Transit Passengers

126,416

Residential Construction (household units)

5,278

Nonresidential Construction (value) $353,988,000

Deflated Nonresidential Construction $273,984,000

Hotel Occupancy

63.8%

Average Hotel Room Rates

$80.34

Deflated Average Hotel Room Rate

$47.34

Average 30-Year Fixed Mortgage Rate

8.37%

Average 15-Year Fixed Mortgage Rate

7.96%

Average One-Year Adjustable Mortgage Rate 6.93%

Georgia Department of Labor

2,205,000 178,400 402,200 684,500 227,800 266,500 118,000 187,600 137,500 230,700 127,900 30,661 40.5 $554.85 $328.89 6,441 60,140 2.9% 0.61%
6,454,000 126,194 5,551
$315,955,000 $244,737,000
66.1% $90.54 $53.67 8.19% 7.78% 6.72%

2,107,000 173,600 378,200 636,600 226,300 261,600 111,100 181,200 136,900 220,300 116,100 27,748 41.1 $534.73 $325.06 6,410 52,031 3.2% 0.64%
6,461,000 118,785 5,115
$393,261,000 $315,113,000
65.6% $80.23 $48.77 6.79% 6.35% 5.34%

+ 0.09 - 0.11 + 0.37 + 0.38 + 0.26 + 0.19 - 0.76 + 0.05
0.00 - 0.43 + 1.17 + 0.47 + 0.25 + 0.25 - 0.33 + 11.86 - 6.52
+ 3.16 + 0.18 - 4.92 + 12.04 + 11.95 - 11.27 - 11.79 -

+ 4.75 + 2.65 + 6.74 + 7.93 + 0.93 + 2.06 + 5.40 + 3.59 + 0.44 + 4.27 + 11.46 + 11.02 - 1.22 + 4.03 + 0.84 + 12.40 + 8.05
+ 3.05 + 6.42 + 3.19 - 9.99 - 13.05 + 0.14 - 2.93 -

Metro Atlanta Economic Indicators / April 2000 5

MILLIONS

Nonagricultural Employment

2.29

1998-99

1999-2000

2.22

Monthly Data

Seasonally Adjusted

Month 1998-99 1999-2000

2.15

Mar

2,020,000

2,117,000

Apr

2,023,000

2,127,000

May

2,028,000

2,138,000

2.08

Jun

2,034,000

2,145,000

Jul

2,043,000

2,154,000

Aug

2,055,000

2,166,000

Sep

2,061,000

2,173,000

2.01

Oct

2,070,000

2,186,000

Nov

2,077,000

2,191,000

Dec

2,081,000

2,197,000

Jan

2,096,000

2,205,000

1.94

Feb

2,107,000

2,207,000

M

A

M

J

J

A

S

O

N

D

J

F

Wholesale Employment

183

1998-99

1999-2000

THOUSANDS

180
Monthly Data
Seasonally Adjusted

177

Month

1998-99 1999-2000

Mar

Apr

May

174

Jun

Jul

Aug

Sep

171

Oct

Nov

Dec

Jan

168

Feb

M

A

M

J

J

A

S

O

N

D

J

F

171,600 171,800 171,800 172,100 172,100 172,100 171,700 171,700 171,800 171,900 173,000 173,600

174,400 175,500 176,300 176,800 177,800 178,500 179,100 179,100 179,300 179,100 178,400 178,200

Retail Employment

417.0

1998-99

1999-2000

403.6

Monthly Data
Seasonally Adjusted

THOUSANDS

390.2

Month

Mar

Apr

May

376.8

Jun

Jul

Aug

Sep

363.4

Oct

Nov

Dec

Jan

350.0

Feb

M

A

M

J

J

A

S

O

N

D

J

F

1998-99
364,500 365,700 366,300 367,100 366,300 367,700 370,300 371,120 373,100 372,400 375,700 378,200

1999-2000
379,700 379,700 382,600 384,800 387,200 390,200 391,500 397,000 397,000 398,000 402,200 403,700

6 Metro Atlanta Economic Indicators / April 2000

Georgia Department of Labor

Services Employment

720

1998-99

1999-2000

689

Monthly Data

Seasonally Adjusted

THOUSANDS

Month

1998-99 1999-2000

658

Mar

601,500 644,300

Apr

600,700 651,900

May

604,300 655,800

627

Jun

605,700 660,500

Jul

611,300 662,600

Aug

612,500 669,500

Sep

615,000 670,400

596

Oct

618,400 678,100

Nov

620,200 681,800

Dec

621,700 685,500

Jan

632,500 684,500

565

Feb

636,600 687,100

M

A

M

J

J

A

S

O

N

D

J

F

Manufacturing Employment

231

1998-99

1999-2000

THOUSANDS

228
Monthly Data
Seasonally Adjusted

226

Month

1998-99 1999-2000

Mar

Apr

May

223

Jun

July

Aug

Sep

221

Oct

Nov

Dec

Jan

218

Feb

M

A

M

J

J

A

S

O

N

D

J

F

221,200 221,600 222,000 222,600 223,600 224,800 225,400 226,500 227,000 226,600 226,100 226,300

226,300 227,000 227,300 227,400 226,900 226,500 226,400 226,500 226,900 227,000 227,800 228,400

Government Employment

271

1998-99

1999-2000

THOUSANDS

267

Monthly Data

Seasonally Adjusted

Month

1998-99 1999-2000

263

Mar

Apr

May

260

Jun

Jul

Aug

Sep

256

Oct

Nov

Dec

Jan

252

Feb

M

A

M

J

J

A

S

O

N

D

J

F

257,900 256,300 255,900 257,700 258,300 259,600 261,700 260,500 261,400 260,800 261,400 261,600

259,600 259,300 259,700 260,000 260,900 261,000 262,200 263,700 264,000 265,300 266,500 267,000

Georgia Department of Labor

Metro Atlanta Economic Indicators / April 2000 7

Construction Employment

126

1998-99

1999-2000

119

Monthly Data

Seasonally Adjusted

THOUSANDS

Month 1998-99 1999-2000

112

Mar

98,800

111,700

Apr

99,000

112,800

May

99,800

113,500

105

Jun

101,500

114,000

Jul

102,300

115,000

Aug

103,300

114,900

Sep

104,100

115,600

98

Oct

105,600

117,000

Nov

106,400

117,200

Dec

107,800

117,500

Jan

109,500

118,000

91

Feb

111,100

117,100

M

A

M

J

J

A

S

O

N

D

J

F

Transportation and Public Utilities Employment

196.0

1998-99

1999-2000

THOUSANDS

189.4

Monthly Data
Seasonally Adjusted

Month 1998-99 1999-2000
182.8

Mar

Apr

May

176.2

Jun

Jul

Aug

Sep

169.6

Oct

Nov

Dec

Jan

163.0

Feb

M

A

M

J

J

A

S

O

N

D

J

F

171,100 171,900 172,700 173,000 174,700 176,200 176,800 178,000 179,600 180,500 179,900 181,200

181,900 183,000 183,400 183,500 184,500 185,200 186,000 186,100 186,100 186,400 187,600 187,700

Finance, Insurance and Realty Employment

140

1998-99

1999-2000

138

Monthly Data

Seasonally Adjusted

THOUSANDS

Month

1998-99 1999-2000

136

Mar

Apr

May

134

Jun

Jul

Aug

Sep

132

Oct

Nov

Dec

Jan

130

Feb

M

A

M

J

J

A

S

O

N

D

J

F

132,500 133,700 133,400 133,400 134,200 134,700 134,600 136,100 136,200 136,800 136,400 136,900

136,800 136,500 137,100 137,600 137,100 136,900 137,300 137,200 137,500 137,300 137,500 137,500

8 Metro Atlanta Economic Indicators / April 2000

Georgia Department of Labor

Business Services Employment

248.0

1998-99

1999-2000

235.8

Monthly Data
Seasonally Adjusted

THOUSANDS

Month

223.6

Mar

Apr

May

211.4

Jun

Jul

Aug

Sep

199.2

Oct

Nov

Dec

Jan

187.0

Feb

M

A

M

J

J

A

S

O

N

D

J

F

1998-99 1999-2000

202,000 200,800 202,600 204,200 205,200 205,400 207,200 207,900 209,500 213,600 218,100 220,300

220,800 223,100 222,800 225,200 226,600 229,800 229,300 232,200 235,200 234,400 230,700 229,700

Health Services Employment

135

1998-99

1999-2000

MILLIONS

129

Monthly Data

Seasonally Adjusted

Month
124

Mar

Apr

May

118

Jun

Jul

Aug

Sep

113

Oct

Nov

Dec

Jan

107

Feb

M

A

M

J

J

A

S

O

N

D

J

F

1998-99 1999-2000

114,100 113,400 113,100 112,700 114,000 115,000 114,800 114,700 114,800 114,700 116,600 116,100

118,500 120,400 123,200 123,400 123,800 124,200 124,800 126,000 126,000 127,200 127,900 129,400

Social Services Employment

32.5

1998-99

1999-2000

THOUSANDS OF METRIC TONS

31.1

Monthly Data

Seasonally Adjusted

Month
29.7

Mar

Apr

May

28.3

Jun

Jul

Aug

Sep

26.9

Oct

Nov

Dec

Jan

25.5

Feb

M

A

M

J

J

A

S

O

N

D

J

F

1998-99 1999-2000

27,602 27,085 27,168 27,213 27,342 27,432 27,561 27,689 27,536 27,687 27,567 27,748

28,021 28,639 28,971 29,149 29,312 29,470 29,649 29,989 30,326 30,578 30,661 30,805

Georgia Department of Labor

Metro Atlanta Economic Indicators / April 2000 9

Manufacturing Workweek

42.8

1998-99

1999-2000

HOURS

42.1

Monthly Data

Seasonally Adjusted

Month

1998-99 1999-2000

41.4
Mar

Apr

May

40.7

Jun

Jul

Aug

Sep

40.0

Oct

Nov

Dec

Jan

39.3

Feb

M

A

M

J

J

A

S

O

N

D

J

F

41.5

41.3

41.6

41.2

41.6

41.2

41.9

40.9

41.9

41.0

41.6

40.7

41.7

40.7

41.6

40.2

41.6

40.6

41.4

40.1

41.0

40.5

41.1

40.6

Manufacturing Earnings

$566

1998-99

1999-2000

DOLLARS

$556

Monthly Data

Seasonally Adjusted

Month

1998-99 1999-2000

$546

Mar

Apr

May

$537

Jun

Jul

Aug

Sep

$527

Oct

Nov

Dec

Jan

$517

Feb

M

A

M

J

J

A

S

O

N

D

J

F

533.84 535.60 539.16 539.05 531.49 537.40 530.10 536.86 535.28 531.39 527.75 534.73

541.25 544.16 542.54 544.54 545.50 542.09 545.37 546.98 551.74 547.61 554.85 556.26

Deflated Manufacturing Earnings

$336

1998-99

1999-2000

DOLLARS

$332

Monthly Data

Seasonally Adjusted

Month 1998-99 1999-2000
$328

Mar

Apr

May

$324

Jun

Jul

Aug

Sep

$320

Oct

Nov

Dec

Jan

$316

Feb

M

A

M

J

J

A

S

O

N

D

J

F

329.12 329.60 331.18 330.71 325.67 328.89 324.02 327.35 326.39 324.22 321.21 325.06

328.03 327.41 326.44 327.64 327.23 324.41 324.82 325.20 327.83 325.38 328.90 327.79

10 Metro Atlanta Economic Indicators\ April 1999

Georgia Department of Labor

Initial Unemployment Claims

7700

1998-99

1999-2000

THOUSANDS

7300
Monthly Data
Seasonally Adjusted

6900

Month

Mar

Apr

May

6500

Jun

Jul

Aug

Sep

6100

Oct

Nov

Dec

Jan

5700

Feb

M

A

M

J

J

A

S

O

N

D

J

F

1998-99 1999-2000

6,931 6,551 6,905 6,969 7,012 6,994 7,256 6,639 6,373 6,542 6,573 6,410

6,711 6,605 6,190 6,230 6,510 6,369 6,103 6,572 6,723 6,291 6,441 7,205

Continued Unemployment Claims

66.0

1998-99

1999-2000

THOUSANDS

61.4

Monthly Data

Seasonally Adjusted

Month
56.8

Mar

Apr

May

52.2

Jun

Jul

Aug

Sep

47.6

Oct

Nov

Dec

Jan

43.0

Feb

M

A

M

J

J

A

S

O

N

D

J

F

1998-99 1999-2000

58,030 53,605 54,620 54,640 59,885 57,713 52,784 48,779 55,255 48,972 48,021 52,031

55,620 51,819 51,515 56,594 49,032 58,084 54,490 55,672 60,937 52,375 60,140 56,221

Total Unemployment Rate

3.4

1998-99

1999-2000

PERCENTAGES

3.2

Monthly Data

Seasonally Adjusted

Month

1998-99 1999-2000

3.1

Mar

Apr

May

2.9

Jun

Jul

Aug

Sep

2.8

Oct

Nov

Dec

Jan

2.7

Feb

M

A

M

J

J

A

S

O

N

D

J

F

3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.1% 3.1% 3.1% 3.1% 3.2%

3.1% 3.1% 3.0% 3.0% 3.0% 3.0% 3.0% 2.9% 2.9% 2.9% 2.9% 2.8%

Georgia Department of Labor

Metro Atlanta Economic Indicators / April 2000 11

iInsured Unemployment Rate

0.73

1998-99

1999-2000

0.70

PERCENTAGES

0.66

0.63

0.59

0.56

M

A

M

J

J

A

S

O

N

D

J

F

MMARTA Passengers

7.1

1998-99

1999-2000

Monthly Data
Seasonally Adjusted

Month 1998-99

Mar

0.69%

Apr

0.67%

May

0.66%

Jun

0.66%

Jul

0.65%

Aug

0.63%

Sep

0.60%

Oct

0.60%

Nov

0.60%

Dec

0.61%

Jan

0.62%

Feb

0.64%

1999-2000
0.64% 0.63% 0.63% 0.62% 0.61% 0.64% 0.64% 0.65% 0.63% 0.64% 0.61% 0.60%

MILLIONS

6.9
Monthly Data
Seasonally Adjusted

6.6

Month 1998-99 1999-2000

Mar 6,479,000 6,542,000

Apr

6,369,000 6,303,000

May 6,415,000 6,217,000

6.4

Jun

6,403,000 6,201,000

Jul

6,769,000 6,129,000

Aug 6,205,000 6,250,000

Sep

6,585,000 6,335,000

6.1

Oct

6,633,000 6,300,000

Nov 6,571,000 6,789,000

Dec 6,810,000 6,507,000

Jan

6,270,000 6,454,000

5.9

Feb

6,461,000 6,658,000

M

A

M

J

J

A

S

O

N

D

J

F

Cobb Community Transit Passengers

149

1998-99

1999-2000

137

126

THOUSANDS

114

102

90

M

A

M

J

J

A

S

O

N

D

J

F

12 Metro Atlanta Economic Indicators / April 2000

Monthly Data
Seasonally Adjusted

Month
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb

1998-99
106,837 109,715 107,229 110,544 112,759 101,799 108,301 112,219 114,517 109,270 109,049 118,785

1999-2000
122,658 120,088 116,632 121,978 119,625 133,256 132,130 124,468 124,497 137,994 126,194 126,416

Georgia Department of Labor

Residential Construction

6200

1998-99

1999-2000

HOUSEHOLD UNITS

5640

Monthly Data

Seasonally Adjusted

Month

5080

Mar

Apr

May

4520

Jun

Jul

Aug

Sep

3960

Oct

Nov

Dec

Jan

3400

Feb

M

A

M

J

J

A

S

O

N

D

J

F

1998-99 1999-2000

4,759 4,427 4,688 4,304 4,498 4,949 5,060 5,575 5,343 5,493 4,703 5,115

4,726 4,866 4,075 4,616 4,759 4,501 4,516 4,394 4,842 4,832 5,551 5,278

Nonresidential Construction

$505

1998-99 1999-2000

MILLIONS

$445

Monthly Data

Seasonally Adjusted

Month 1998-99 1999-2000
$385

Mar 290,600,000 449,777,000

Apr 272,091,000 336,927,000

May 327,358,000 303,617,000

$325

Jun 291,708,000 332,963,000

Jul 298,208,000 368,399,000

Aug 385,814,000 348,215,000

Sep 434,923,000 320,590,000

$265

Oct 376,812,000 278,955,000

Nov 392,669,000 276,102,000

Dec 274,159,000 308,086,000

Jan 378,224,000 315,955,000

$205

Feb 393,261,000 353,988,000

M

A

M

J

J

A

S

O

N

D

J

F

Deflated Nonresidential Construction

$405

1998-99 1999-2000

MILLIONS

$356
Monthly Data
Seasonally Adjusted

Month

1998-99 1999-2000

$307

Mar 246,106,000 358,103,000

Apr 225,989,000 268,468,000

May 271,441,000 241,157,000

$258

Jun 240,287,000 262,382,000

Jul 244,633,000 288,940,000

Aug 315,113,000 273,110,000

Sep 355,329,000 250,461,000

$209

Oct 307,100,000 217,255,000

Nov 318,725,000 214,531,000

Dec 221,096,000 239,197,000

Jan 303,794,000 244,737,000

$160

Feb 315,113,000 273,984,000

M

A

M

J

J

A

S

O

N

D

J

F

Georgia Department of Labor

Metro Atlanta Economic Indicators / April 2000 13

Hotel Occupancy

68.3

1998-99

1999-2000

66.9

PERCENTAGES

65.5

64.1

62.7

61.3

M

A

M

J

J

A

S

O

N

D

J

F

Average Hotel Room Rates

$96

1998-99

1999-2000

$91

$86

DOLLARS

$81

$76

$71

M

A

M

J

J

A

S

O

N

D

J

F

Deflated Average Hotel Room Rates

$58

1998-99

1999-2000

$55

$52

DOLLARS

$49

$46

$43

M

A

M

J

J

A

S

O

N

D

J

F

14 Metro Atlanta Economic Indicators / April 2000

Monthly Data
Seasonally Adjusted

Month 1998-99 1999-2000

Mar

63.8%

65.2%

Apr

64.2%

65.1%

May

65.9%

65.3%

Jun

66.2%

64.1%

Jul

65.1%

65.2%

Aug

65.8%

64.2%

Sep

65.4%

66.1%

Oct

65.8%

66.0%

Nov

64.4%

66.3%

Dec

64.9%

65.2%

Jan

65.4%

66.1%

Feb

65.6%

63.8%

Monthly Data
Seasonally Adjusted

Month 1998-99

Mar

80.28

Apr

78.31

May

78.35

Jun

77.78

Jul

76.86

Aug

77.48

Sep

77.35

Oct

79.53

Nov

79.87

Dec

85.27

Jan

79.77

Feb

80.23

1999-2000
80.07 79.03 80.34 79.01 77.67 79.18 81.67 81.71 86.14 87.29 90.54 80.34

Monthly Data
Seasonally Adjusted

Month 1998-99 1999-2000

Mar

$49.49

48.53

Apr

48.19

47.55

May

48.13

48.34

Jun

47.72

47.54

Jul

47.10

46.59

Aug

47.42

47.38

Sep

47.28

48.64

Oct

48.49

48.58

Nov

48.70

51.18

Dec

52.03

51.87

Jan

48.55

53.67

Feb

48.77

47.34

Georgia Department of Labor

Average 30-Year Fixed Mortgage Rate*
8.7
1998-99 1999-2000

8.2

Monthly Data

Not Seasonally Adjusted

PERCENTAGES

Month
7.7

Mar

Apr

May

7.2

Jun

Jul

Aug

Sep

6.7

Oct

Nov

Dec

Jan

6.2

Feb

M

A

M

J

J

A

S

O

N

D

J

F

* Does not include points

Average 15-Year Fixed Mortgage Rate*

8.3
1998-99 1999-2000

1998-99
7.09% 7.10% 7.10% 6.99% 6.93% 5.92% 6.72% 6.78% 6.91% 6.72% 6.78% 6.79%

1999-2000
7.00% 6.89% 7.09% 7.56% 7.68% 8.03% 7.90% 7.86% 7.72% 8.04% 8.19% 8.37%

7.8

PERCENTAGES

7.3

6.8

6.3

5.8

M

A

M

J

J

A

S

O

N

D

J

F

* Does not include points

Average One-Year Adjustable Mortgage Rate*

7.20

1998-99

1999-2000

Monthly Data
Not Seasonally Adjusted

Month

1998-99

Mar

6.73%

Apr

6.72%

May

6.70%

Jun

6.65%

Jul

6.61%

Aug

6.58%

Sep

6.39%

Oct

6.35%

Nov

6.42%

Dec

6.39%

Jan

6.34%

Feb

6.35%

1999-2000
6.58% 6.47% 6.69% 7.17% 7.23% 7.55% 7.48% 7.45% 7.35% 7.65% 7.78% 7.96%

6.72

Monthly Data

Not Seasonally Adjusted

PERCENTAGES

Month

1998-99 1999-2000

6.24
Mar

Apr

May

5.76

Jun

Jul

Aug

Sep

5.28

Oct

Nov

Dec

Jan

4.80

Feb

M

A

M

J

J

A

S

O

N

D

J

F

* Does not include points

5.63% 5.56% 5.57% 5.56% 5.51% 5.50% 5.37% 5.27% 5.42% 5.37% 5.32% 5.34%

5.44% 5.52% 5.59% 5.87% 5.98% 6.26% 6.30% 6.36% 6.30% 6.51% 6.72% 6.93%

Georgia Department of Labor

Metro Atlanta Economic Indicators / April 2000 15

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