AT L A N TA METROPOLITAN Economic Indicators A Monthly Report of Atlanta Labor Market and Economic Trends October 2000 Volume 3, Issue 8 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 8 October 2000 August 2000 Data Cover art: The Big Chicken, by 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 Georgia Department of Labor Michael L. Thurmond, Commissioner Metro Atlanta Economic Indicators / October 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, 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 / October 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 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 98.0 100.8 104.8 109.9 112.4 161.9 165.9 171.9 60.7 65.9 73.2 83.0 93.3 98.8 100.9 105.4 110.4 112.7 162.0 166.5 61.2 7.4 65.9 7.7 74.0 12.3 85.7 15.8 93.6 9.2 98.2 4.9 101.9 3.8 105.5 3.5 111.2 5.4 113.5 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 1.5 161.6 1.4 167.0 3.3 U.S. Bureau of Labor Statistics Atlanta CPI Grew 0.5 Percent in July / August The Consumer Price Index for All Urban Consumers (CPI-U) for Atlanta increased 0.5 percent since June 2000 to a level of 171.9 (1982-84=100), not seasonally adjusted, according to data released by the U.S. Department of Labor's Bureau of Labor Statistics. During the previous 12 months, prices in Atlanta increased 3.6 percent, while prices in the South region rose 3.3 percent. For the two-month period ending in August 2000, the food and beverages index rose 0.2 percent after declining 0.6 percent in the two months ending in June. The increase was due to higher costs for food at home which increased 0.5 percent over the two months compared to a 0.2 percent rise in costs for food away from home. Housing costs rose a more moderate 0.7 percent in the July-August pricing period after 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% increasing 2.0 percent in the previous pricing period. Costs for shelter rose 0.4 percent, while fuels and utilities costs rose 3.7 percent. The 3.7 percent rise in fuels and utilities costs was a much smaller increase than the 14.3 percent rise recorded in the May-June pricing period. Transportation costs declined 0.6 percent reflecting a 3.4 percent drop in motor fuel costs. The drop in motor fuel costs partially offset the 5.7 percent increase in motor fuel prices during May and June. The apparel index, which is subject to large bi-monthly fluctuations, declined 1.7 percent over two months after dropping 4.9 percent in the May-June period. With the most recent decline, the index has now decreased 3.6 percent for the 12 months ending in August. Among other indexes reported, medical care costs increased 1.8 percent over the current two-month period. Education and communication costs rose 1.6 percent. Energy costs rose 1.0 percent in the most recent pricing period. Metro Atlanta Economic Indicators / October 2000 3 Trends in Labor Force Demand 35 30 Percentage of Total Nonag Employment 25 1980 20 1990 1999 15 10 5 0 Construction M anufacturing Se rv ice s Re tail Government Labor Force Demand: Shifting with Time, Technology The skills required of the labor force shift in Atlanta, as in all of Georgia, along with change in economic and technology trends. As depicted by the graph above, some sectors have declined in activity and labor demand, while others have skyrocketed. Each of the industry segments illustrated shows a growth or decline over time relative to total nonagricultural payroll employment. The most significant shift can be seen in the services sector. Both the subcategories of business and health services have fueled demand in this segment of the labor force. Clearly, the growth of Internet businesses and related support services has shaped the demand for labor skilled in information techonolgies including programmers, broadband technicians, and support services. From 1995 until 1999, business services grew an impressive 114 percent. The changing nature of managed health care has had an impact on health and hospital services employment. Since the mid-1990's, health services employment has grown 66.5 percent. Since the recession years of the early 1990's and the shift in production brought about by the North American Free Trade Agreement, manufacturing employment, as a percentage of total employment, has shown steady decline. Some manufacturing activities, such as textiles and apparel, continue to play a role in the local economy and labor demand, although their capacity and output has declined over the last ten years. Other manufacturing, such as glass and steel production, has virtually vanished from the local market. The burgeoning economy has proved beneficial to retail trade. New malls and healthy competition among retail chains have continued to make retail trade a strong segment of total employment. Construction continues to provide a consistent demand for labor, especially in residential construction. Total building permits for residential construction issued annually has grown from 26,636 in 1980, to 61,046 in 1999, or 129.2 percent. Nonresidential construction has also seen significant growth over the last five years. The number of nonresidential construction projects in 1995 was 4,399. By 1999, the number of annual projects was 5,160, an increase of 17.3 percent. Legislative moves, such as permanent normal trade relations granted to China, and the flux of emmerging technologies will continue shape the demand for skilled labor in Atlanta. Initiatives like Yammacraw, an $11 billion broadband project, and other job training programs are necessary to ensure that Geogia's labor force is prepared to meet the demand of the future. 4 Metro Atlanta Economic Indicators / October 2000 Georgia Department of Labor Data Summary August 2000 Metro Atlanta Economic Indicators August 2000 July 2000 August 1999 Percent Percent Change Change July 2000 Aug 1999 to to Aug 2000 A ug 2000 Nonagricultural Employment 2,239,000 Wholesale Employment 182,200 Retail Employment 407,900 Services Employment 697,200 Manufacturing Employment 228,500 Government Employment 268,100 Construction Employment 114,400 Transp. & Pub. Utilities Employment 192,800 Finance, Insurance & Realty Employment 139,500 Business Services Employment 230,200 Health Services Employment 129,900 Social Services Employment 27,584 Manufacturing Workweek 39.5 Manufacturing Earnings $544.12 Deflated Manufacturing Earnings $315.07 Initial Unemployment Claims 7,614 Continued Unemployment Claims 55,635 Total Unemployment Rate 2.8% Insured Unemployment Rate 0.68% MARTA Passengers 6,672,000 Cobb County Transit Passengers 136,136 Residential Construction (household units) 5,053 Nonresidential Construction (value) $244,521,000 Deflated Nonresidential Construction $213,929,134 Hotel Occupancy 66.6% Average Hotel Room Rates $80.97 Deflated Average Hotel Room Rate $46.88 Average 30-Year Fixed Mortgage Rate 8.04% Average 15-Year Fixed Mortgage Rate 7.78% Average One-Year Adjustable Mortgage Rate 7.35% Georgia Department of Labor 2,238,000 181,900 407,900 695,400 228,200 269,700 115,900 191,400 139,200 231,100 129,400 27,247 39.5 $543.18 $314.70 6,738 62,108 2.8% 0.65% 6,167,000 132,133 5,307 $288,076,000 $252,255,692 66.0% $81.92 $47.88 8.16% 7.87% 7.26% 2,166,000 178,400 390,200 669,800 226,400 261,600 115,400 185,100 136,900 230,000 124,300 25,950 40.8 $544.21 $325.68 6,075 58,156 3.1% 0.63% 6,249,000 139,813 4,679 $357,352,000 $322,519,856 63.7% $79.80 $47.76 8.03% 7.55% 6.26% 0.04 0.16 0.00 0.26 0.13 -0.59 -1.29 0.73 0.22 -0.39 0.39 1.24 0.00 0.17 0.12 13.00 -10.42 8.19 3.03 -4.79 -15.12 -15.19 -1.16 -2.09 - 3.37 2.13 4.54 4.09 0.93 2.48 -0.87 4.16 1.90 0.09 4.51 6.30 -3.19 -0.02 -3.26 25.33 -4.33 6.77 -2.63 7.99 -31.57 -33.67 1.47 -1.84 - Metro Atlanta Economic Indicators / October 2000 5 Nonagricultural Employment 2.3 1998-99 1999-2000 MILLIONS 2.3 Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 2.2 Sep 2,061,000 2,173,000 Oct 2,070,000 2,186,000 Nov 2,077,000 2,192,000 2.1 Dec 2,081,000 2,197,000 Jan 2,096,000 2,206,000 Feb 2,107,000 2,207,000 Mar 2,116,000 2,218,000 2.0 Apr 2,126,000 2,227,000 May 2,137,000 2,232,000 Jun 2,146,000 2,235,000 Jul 2,155,000 2,238,000 2.0 Aug 2,166,000 2,239,000 S O N D J F M A M J J A Wholesale Employment 186.6 1998-99 1999-2000 THOUSANDS 182.8 Monthly Data Seasonally Adjusted 178.9 Month 1998-99 1999-2000 Sep Oct Nov 175.0 Dec Jan Feb Mar 171.2 Apr May Jun Jul 167.3 Aug S O N D J F M A M J J A 171,700 171,700 171,900 172,100 173,300 173,700 174,400 175,300 176,200 176,600 177,800 178,400 179,100 179,100 179,400 179,400 178,800 179,500 179,700 180,400 180,800 181,300 181,900 182,200 Retail Employment 428.9 1998-99 1999-2000 413.0 Monthly Data Seasonally Adjusted THOUSANDS 397.1 Month 1998-99 1999-2000 Sep Oct Nov 381.3 Dec Jan Feb Mar 365.4 Apr May Jun Jul 349.6 Aug S O N D J F M A M J J A 370,200 371,400 373,000 372,200 375,500 378,500 379,600 379,300 382,600 385,100 387,500 390,200 391,300 397,400 397,000 397,600 402,100 402,500 404,200 407,100 405,700 405,100 407,900 407,900 6 Metro Atlanta Economic Indicators / October 2000 Georgia Department of Labor Services Employment 732.1 1998-99 1999-2000 701.6 Monthly Data Seasonally Adjusted THOUSANDS Month 1998-99 1999-2000 671.2 Sep 615,200 670,700 Oct 618,600 678,300 Nov 620,300 681,900 640.8 Dec 621,500 685,200 Jan 632,200 684,100 Feb 636,200 685,500 Mar 643,700 688,400 610.3 Apr 651,600 690,300 May 655,900 691,100 Jun 661,300 691,600 Jul 664,100 695,400 579.9 Aug S O N D J F M A M J J A 669,800 697,200 Manufacturing Employment 230.1 1998-99 1999-2000 THOUSANDS 228.9 Monthly Data Seasonally Adjusted 227.6 Month 1998-99 1999-2000 Sep Oct Nov 226.3 Dec Jan Feb Mar 225.1 Apr May Jun Jul 223.8 Aug S O N D J F M A M J J A 225,400 226,400 226,900 226,600 226,200 226,700 226,400 227,100 227,400 227,500 225,700 226,400 226,300 226,400 226,800 226,800 227,300 227,800 227,800 228,300 228,200 228,300 228,200 228,500 Government Employment 278.7 1998-99 1999-2000 THOUSANDS 273.1 Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 267.6 Sep Oct Nov 262.0 Dec Jan Feb Mar 256.4 Apr May Jun Jul 250.9 Aug S O N D J F M A M J J A 261,400 260,900 261,700 261,100 261,500 259,900 258,600 258,200 257,900 258,700 260,700 261,600 264,100 264,000 264,400 265,700 266,800 268,500 270,500 272,000 271,600 270,800 269,700 268,100 Georgia Department of Labor Metro Atlanta Economic Indicators / October 2000 7 Construction Employment 126.1 1998-99 1999-2000 THOUSANDS 120.2 Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 114.3 Sep 104,400 116,100 Oct 106,000 117,600 Nov 106,800 117,600 108.4 Dec 108,200 117,900 Jan 109,600 118,200 Feb 111,000 117,300 Mar 111,200 118,300 102.4 Apr 112,500 117,400 May 112,900 118,200 Jun 113,500 117,300 Jul 114,600 115,900 96.5 Aug 115,400 114,400 S O N D J F M A M J J A Transportation and Public Utilities Employment 200.4 1998-99 1999-2000 THOUSANDS 194.2 Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 188.1 Sep Oct Nov 181.9 Dec Jan Feb Mar 175.8 Apr May Jun Jul 169.6 Aug S O N D J F M A M J J A 176,700 178,000 179,700 180,500 180,000 181,300 181,600 182,800 183,300 183,500 184,500 185,100 185,900 186,000 186,100 186,500 187,900 187,900 190,000 189,700 190,400 191,600 191,400 192,800 Finance, Insurance and Realty Employment 141.6 1998-99 1999-2000 THOUSANDS 139.8 Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 138.0 Sep Oct Nov 136.2 Dec Jan Feb Mar 134.4 Apr May Jun Jul 132.6 Aug S O N D J F M A M J J A 134,600 136,100 136,200 136,800 136,200 136,800 136,700 136,500 137,200 138,000 137,000 136,900 137,300 137,200 137,500 137,300 138,300 137,800 138,000 138,100 137,900 138,200 139,200 139,500 8 Metro Atlanta Economic Indicators / October 2000 Georgia Department of Labor Business Services Employment 248.0 1998-99 1999-2000 237.0 Monthly Data Seasonally Adjusted THOUSANDS Month 226.1 Sep Oct Nov 215.1 Dec Jan Feb 204.1 Mar Apr May Jun Jul 193.2 Aug S O N D J F M A M J J A 1998-99 1999-2000 207,200 207,700 209,100 213,400 217,900 220,700 220,500 222,800 223,200 225,900 226,700 230,000 229,300 231,900 234,700 234,000 230,600 230,200 231,600 232,400 230,300 228,600 231,100 230,200 Health Services Employment 137.1 1998-99 1999-2000 THOUSANDS 131.3 Monthly Data Seasonally Adjusted 125.5 Month Sep Oct Nov 119.7 Dec Jan Feb Mar 113.9 Apr May Jun Jul 108.1 Aug S O N D J F M A M J J A 1998-99 1999-2000 114,900 114,700 114,700 114,700 116,400 116,000 118,500 120,500 123,100 123,500 123,900 124,300 124,800 126,100 125,900 127,000 127,600 128,200 128,100 128,400 128,800 128,700 129,400 129,900 Social Services Employment 29.6 1998-99 1999-2000 THOUSANDS 28.1 Monthly Data Seasonally Adjusted Month 26.5 Sep Oct Nov 25.0 Dec Jan Feb Mar 23.4 Apr May Jun Jul 21.9 Aug S O N D J F M A M J J A 1998-99 1999-2000 23,676 23,857 23,857 24,227 24,559 24,900 25,156 25,325 25,428 25,585 25,688 25,950 26,120 26,584 26,970 26,939 27,327 27,442 27,283 26,979 27,330 27,114 27,247 27,584 Georgia Department of Labor Metro Atlanta Economic Indicators / October 2000 9 Manufacturing Workweek 42.8 1998-99 1999-2000 HOURS 41.9 Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 41.1 Sep 41.7 40.7 Oct 41.6 40.2 Nov 41.6 40.7 40.2 Dec 41.4 40.2 Jan 41.0 40.5 Feb 41.2 40.4 Mar 41.1 40.6 39.3 Apr 41.1 40.3 May 41.2 40.1 Jun 40.9 40.0 Jul 41.1 39.5 38.5 Aug S O N D J F M A M J J A 40.8 39.5 Manufacturing Earnings $568 1998-99 1999-2000 DOLLARS $557 Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 $547 Sep Oct Nov $536 Dec Jan Feb Mar $526 Apr May Jun Jul $516 Aug S O N D J F M A M J J A $527.91 536.58 535.36 531.03 527.26 536.10 539.58 541.29 544.63 545.37 547.89 544.21 $554.21 549.81 551.72 547.17 554.19 549.61 553.64 548.60 543.16 546.25 543.18 544.12 Deflated Manufacturing Earnings $337 1998-99 1999-2000 DOLLARS $331 Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 $325 Sep Oct Nov $320 Dec Jan Feb Mar $314 Apr May Jun Jul $308 Aug S O N D J F M A M J J A $322.68 327.18 326.44 324.00 320.91 325.90 327.02 325.69 327.70 328.14 328.67 325.68 $330.08 326.88 327.82 325.12 328.51 323.87 323.58 320.44 317.08 317.03 314.70 315.07 10 Metro Atlanta Economic Indicators / October 2000 Georgia Department of Labor Initial Unemployment Claims 8.3 1998-99 1999-2000 THOUSANDS 7.7 Monthly Data Seasonally Adjusted Month 7.1 Sep Oct Nov 6.5 Dec Jan Feb Mar 5.9 Apr May Jun Jul 5.3 Aug S O N D J F M A M J J A 1998-99 1999-2000 7,262 6,647 6,383 6,532 6,595 6,339 6,935 6,876 5,995 6,016 6,729 6,075 6,119 6,594 6,744 6,287 6,462 7,104 6,313 6,322 7,214 7,466 6,738 7,614 Continued Unemployment Claims 67.9 1998-99 1999-2000 THOUSANDS 62.5 Monthly Data Seasonally Adjusted Month 57.2 Sep Oct Nov 51.8 Dec Jan Feb Mar 46.4 Apr May Jun Jul 41.0 Aug S O N D J F M A M J J A 1998-99 1999-2000 53,234 48,845 55,281 48,641 48,095 52,106 55,010 53,412 52,101 56,833 47,305 58,156 55,181 55,617 61,472 51,409 60,386 56,257 47,656 55,740 56,551 52,629 62,108 55,635 Total Unemployment Rate 3.4 1998-99 1999-2000 PERCENTAGES 3.2 Monthly Data Seasonally Adjusted Month 3.1 Sep Oct Nov 2.9 Dec Jan Feb Mar 2.8 Apr May Jun Jul 2.6 Aug S O N D J F M A M J J A 1998-99 1999-2000 3.1% 3.1 3.1 3.1 3.1 3.2 3.1 3.1 3.1 3.1 3.0 3.2 3.0% 2.9 2.9 2.9 2.9 2.8 2.9 2.9 2.9 2.9 3.1 3.1 Georgia Department of Labor Metro Atlanta Economic Indicators / October 2000 11 iInsured Unemployment Rate 0.71 1998-99 1999-2000 0.68 PERCENTAGES 0.65 0.63 0.60 0.57 S O N D J F M A M J MMARTA Passengers 7.3 1998-99 1999-2000 J A Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 Sep 0.60% 0.64% Oct 0.60 0.65 Nov 0.60 0.64 Dec 0.62 0.65 Jan 0.62 0.66 Feb 0.64 0.63 Mar 0.64 0.63 Apr 0.63 0.64 May 0.63 0.65 Jun 0.62 0.66 Jul 0.62 0.65 Aug 0.63 0.68 MILLIONS 7.0 Monthly Data Seasonally Adjusted 6.6 Month 1998-99 1999-2000 6.3 6.0 5.6 S O N D J F M A M J J A Sep 6,587,000 6,333,000 Oct 6,641,000 6,308,000 Nov 6,573,000 6,789,000 Dec 6,810,000 6,502,000 Jan 6,278,000 6,466,000 Feb 6,456,000 6,652,000 Mar 6,465,000 6,672,000 Apr 6,383,000 6,342,000 May 6,197,000 6,646,000 Jun 6,081,000 6,927,000 Jul 6,252,000 6,167,000 Aug 6,249,000 6,672,000 Cobb Community Transit Passengers 189.1 1998-99 1999-2000 167.6 146.2 THOUSANDS 124.7 103.3 81.8 S O N D J F M A M J 12 Metro Atlanta Economic Indicators / October 2000 J A Monthly Data Seasonally Adjusted Month Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 1998-99 109,016 112,238 117,272 110,878 110,121 116,920 126,477 111,134 111,387 121,590 121,979 139,813 1999-2000 132,156 125,438 126,960 139,288 135,618 138,843 140,051 160,673 145,732 143,805 132,133 136,136 Georgia Department of Labor Residential Construction 6.4 1998-99 1999-2000 HOUSEHOLD UNITS 5.8 Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 5.3 Sep 5,091 4,540 Oct 5,555 4,380 Nov 5,382 4,947 4.8 Dec 5,570 4,892 Jan 4,751 5,607 Feb 5,107 5,317 Mar 4,698 5,461 4.3 Apr 4,730 5,728 May 4,759 5,699 Jun 4,695 5,558 Jul 4,861 5,307 3.7 Aug S O N D J F M A M J J A 4,679 5,053 Nonresidential Construction $652 1998-99 1999-2000 MILLIONS $542 Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 $433 Sep $426,736,000 $313,705,000 Oct 354,784,000 260,770,000 Nov 387,313,000 271,524,000 $324 Dec 273,635,000 311,535,000 Jan 380,755,000 317,724,000 Feb 342,443,000 286,472,000 Mar 513,651,000 326,713,000 $214 Apr 367,806,000 338,106,000 May 330,107,000 352,125,000 Jun 310,783,000 469,294,000 Jul 381,945,000 288,076,000 $105 Aug 357,352,000 244,521,000 S O N D J F M A M J J A Deflated Nonresidential Construction $602 1998-99 1999-2000 MILLIONS $501 Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 $400 Sep $400,315,197 $282,871,957 Oct 331,573,832 234,084,381 Nov 360,626,629 242,648,794 $298 Dec 253,600,556 277,413,179 Jan 350,926,267 281,670,213 Feb 315,325,046 253,290,893 Mar 471,672,176 288,360,989 $197 Apr 336,510,522 297,366,755 May 300,643,898 309,152,766 Jun 281,506,341 411,300,613 Jul 345,339,060 252,255,692 $96 Aug 322,519,856 213,929,134 S O N D J F M A M J J A Georgia Department of Labor Metro Atlanta Economic Indicators / October 2000 13 Hotel Occupancy 69.0 1998-99 1999-2000 67.2 PERCENTAGES 65.4 63.6 61.8 60.0 S O N D J F M A M J J A Average Hotel Room Rates $91 1998-99 1999-2000 $87 $84 DOLLARS $80 $77 $73 S O N D J F M A M J J A Deflated Average Hotel Room Rates $55 1998-99 1999-2000 $52 $50 DOLLARS $47 $45 $42 S O N D J F M A M J J A 14 Metro Atlanta Economic Indicators / October 2000 Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 Sep 65.30% 66.00% Oct 65.70 65.90 Nov 64.40 66.30 Dec 64.80 65.10 Jan 65.40 66.10 Feb 65.70 63.90 Mar 65.60 64.00 Apr 66.40 62.30 May 66.70 63.70 Jun 64.20 65.80 Jul 65.00 66.00 Aug 63.70 66.60 Monthly Data Seasonally Adjusted Month 1998-99 1999-2000 Sep $77.22 $81.48 Oct 78.91 81.01 Nov 79.01 85.06 Dec 83.89 85.69 Jan 80.01 82.66 Feb 79.59 79.61 Mar 79.62 79.76 Apr 77.14 81.02 May 79.35 77.97 Jun 77.09 79.25 Jul 78.07 81.92 Aug 79.80 80.97 Monthly Data Seasonally Adjusted Month 1998-99 Sep $47.20 Oct 48.12 Nov 48.18 Dec 51.18 Jan 48.70 Feb 48.38 Mar 48.25 Apr 46.41 May 47.74 Jun 46.38 Jul 46.83 Aug 47.76 1999-2000 $48.53 48.16 50.54 50.92 49.00 46.91 46.62 47.32 45.52 46.00 47.46 46.88 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 S O N D J F M Average 15-Year Fixed Mortgage Rate* 9.10 1998-99 1999-2000 A M J J A * Does not include points Monthly Data Not Seasonally Adjusted Month Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 1998-99 1999-2000 6.72% 6.78 6.91 6.72 6.78 6.79 7.00 6.89 7.09 7.56 7.68 8.03 7.90% 7.86 7.72 8.04 8.19 8.37 8.28 8.12 8.55 8.26 8.16 8.04 8.38 PERCENTAGES 7.66 6.95 6.23 5.51 S O N D J F M A M J J A * Does not include points Average One-Year Adjustable Mortgage Rate* 8.28 1998-99 1999-2000 Monthly Data Not Seasonally Adjusted Month 1998-99 1999-2000 Sep 6.39% 7.48% Oct 6.35 7.45 Nov 6.42 7.35 Dec 6.39 7.65 Jan 6.34 7.78 Feb 6.35 7.96 Mar 6.58 7.87 Apr 6.47 7.78 May 6.69 8.27 Jun 7.17 8.01 Jul 7.23 7.87 Aug 7.55 7.78 Monthly Data 7.51 Not Seasonally Adjusted PERCENTAGES 6.73 5.96 5.19 4.42 S O N D J Month Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug F M A M J J A * Does not include points 1998-99 1999-2000 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 6.90 6.82 7.09 7.22 7.26 7.35 Georgia Department of Labor Metro Atlanta Economic Indicators / October 2000 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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