AT L A N TA METROPOLITAN Economic Indicators A Monthly Report of Atlanta Labor Market and Economic Trends .A>HK=HO Volume 4, Issue 12 Georgia Department of Labor Michael L. Thurmond Commissioner Metro Rockdale P ic k e n s Bartow Cherokee Forsyth Cobb P a u ld in g G w innett B arrow C arroll D ouglas Fulton D eK alb Cla yton W alton Newton Fa ye tte Coweta Henry S p a ld in g Atlanta Economic Indicators Monthly Report Volume 4, Issue 12 February 2002 December 2001 Data Cover art: Birthplace of Martin Luther King Jr., Atlanta, Georgia 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 Andrew Young International Boulevard, Atlanta, Georgia 303031751. 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 / .ebruary 2002 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 in this report are seasonally adjusted except Average 30-Year, 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. 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 that 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 Bill Webb, Workforce Information and Analysis, Georgia Department of Labor, 148 Andrew Young International Boulevard, Atlanta, Georgia 303031751. 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 Airport Traffic Data -- Hartsfield Atlanta International Airport, Department of Aviation 2 Metro Atlanta Economic Indicators / .ebruary 2002 Georgia Department of Labor Consumer Price Index for Atlanta YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Rate 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 61.7 66.9 76.4 87.2 92.8 97.9 102.6 107.0 111.7 62.5 68.5 78.0 88.2 92.9 98.7 103.2 107.6 111.1 63.6 70.5 80.3 89.3 96.5 100.2 104.1 108.8 112.2 115.5 64.7 71.9 81.7 91.6 98.0 100.8 104.8 109.9 112.4 65.9 73.2 83.0 93.3 98.8 100.9 105.4 110.4 112.7 65.9 74.0 85.7 93.6 98.2 101.9 105.5 111.2 113.5 117.5 7.7% 12.3% 15.8% 9.2% 4.9% 3.8% 3.5% 5.4% 2.1% 3.8% 119.1 124.9 130.8 135.5 138.6 121.7 127.3 132.6 136.2 138.5 3.3% 4.7% 4.4% 3.2% 1.9% 159.5 160.8 142.2 146.7 150.3 154.7 158.3 162.0 161.9 162.0 144.7 146.7 151.5 157.2 159.5 161.6 3.5% 2.3% 2.9% 3.4% 1.9% 1.4% 161.9 167.4 175.3 164.0 169.8 176.6 164.8 170.9 177.8 165.9 172.1 176.9 166.5 167.0 3.3% 171.9 171.9 2.9% 176.7 174.8 1.7% Source: U.S. Bureau of Labor Statistics The CPI for Atlanta Declines 1.1 Percent The Consumer Price Index for all Urban Consumers (CPI-U) for Atlanta declined 1.1 percent over the two months ending in December, not seasonally adjusted, to a level of 174.8 (198284=100), as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. For the 12-month period ending in December, the CPI-U for Atlanta increased 1.7 percent. Over the two months, the all items index reflected lower costs for apparel and transportation. After rising 3.4 percent over the first six months of the year, the all items index has declined 1.7 percent since June. The 1.7 percent increase for calendar year 2001 compares to a 2.9 percent increase for calendar year 2000. Among the special indexes compiled, energy costs declined 11.0 percent over the past two months due to declines in gasoline costs. Excluding food and 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% energy, the CPI-U for Atlanta dropped 0.4 percent over the past two months. Housing costs registered a slight 0.1 percent decrease, despite a 0.2 percent increase in the cost of shelter. Fuels and utilities costs declined 0.3 percent, reflecting lower costs for electricity. Costs for utility natural gas service rose 1.9 percent over the past two months. For the calendar year, electricity costs rose 0.8 percent, while utility natural gas service declined by 0.8 percent. Overall, electricity costs rose 3.9 percent over the year, while costs for utility natural gas service declined 11.8 percent. Transportation costs decreased 3.7 percent over the past two months, reflecting lower costs for gasoline. Gasoline costs have decreased 25.6 percent over the past two months and have declined 29.9 percent since December 2000. For calendar year 2001, transportation costs in the Atlanta area decreased 3.3 percent. The medical index declined 1.5 percent in December after rising 0.8 percent in the September-October pricing period. With the most recent decrease, consumers' costs for medical care in the Atlanta area are now 2.0 percent higher than they were last December. Georgia Department of Labor Metro Atlanta Economic Indicators / .ebruary 2002 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 94 95 96 97 98 99 00 01 Note: All indicators are seasonally adjusted Atlanta's Coincident Economic Indicator Continues to Decline The Georgia Department of Labor's Index of Leading Economic Indicators for the Atlanta metropolitan area increased 0.3 percent in December to 151.8 from a revised 151.4 in November, after seasonal adjustment. Initial jobless claims closed out the year on a positive note, dropping 21.6 percent, while continued unemployment claims increased 18.9 percent. Residential construction slipped slightly in December, down 7.6 percent. However, the housing sector has performed rather well, despite the slowing economy. Nonresidential construction continues to struggle as the value of construction dropped 60.8 percent in December. Over the last year, the market has been flooded with excess office space, due to business closings and corporate downsizing. The Index of Coincident Indicators dropped 2.3 percent in December, to a level of 127.8 from a revised 130.9, after seasonal adjustment. Nonagricultural employment remained weak as the year ended, employment contracted 0.5 percent in December. Retail employment also declined, down 0.5 percent. Business services which is a closely watched sector for employment expansions was down 0.7 percent during the month. Transportation and public utilities was the hardest hit sector this month, down 2.6 percent, adding to the 2.3 percent decline in November. Unemployment in the metro area increased to 4.2 percent, well above last year's rate at this time. The band width separation of the two economic indicators has increased significantly in the past year. The chart above displays the trajectory of the two indexes over the past eight years. Notice how the two indicators moved in tandem in the late 1990's, when the economy was in expansion mode. The Coincident Economic Indicator, which measures current conditions peaked in the middle of 1996, fueled by the economic expansion of the 96 Olympics. However, over the past year the (CEI) index has declined rapidly, displaying the turn of events that have stifled the economic prosperity enjoyed in the past decade. The v-shaped curvature of the Leading Economic Indicator (LEI) in the last quarter of 2001 captured the state of the economy after the terrorist attacks on September 11th. The economy in the metro area may seem to be in a dismal state as the year comes to an end; nevertheless, all of the fundamentals that led the nation in job growth in the 90's are still in place for an economic recovery in 2002. 4 Metro Atlanta Economic Indicators / .ebruary 2002 Georgia Department of Labor Data Summary December 2001 Data Metro Atlanta Economic Indicator Dec 2001 Nov 2001 Dec 2000 Percent Change Nov 2001 to Dec 2001 Percent Change Dec 2000 to Dec 2001 Nonagricultural Employment 2,159,551 Wholesale Employment 182,044 Retail Employment 398,141 Services Employment 659,860 Manufacturing Employment 212,152 Government Employment 273,734 Construction Employment 110,150 Transp. & Pub. Utilities Employment 183,250 Finance, Insurance & Realty Employment 137,900 Business Services Employment 199,623 Health Services Employment 132,575 Social Services Employment 31,152 Manufacturing Workweek 39.4 Manufacturing Earnings $569.54 Deflated Manufacturing Earnings $322.32 Initial Unemployment Claims 13,462 Continued Unemployment Claims 194,975 Total Unemployment Rate (not seasonally adjusted) 4.2% Insured Unemployment Rate 1.97% MARTA Passengers 5,815,000 Cobb County Transit Passengers 172,713 Residential Construction (household units) 4,369 Nonresidential Construction (value) $169,723,000 Deflated Nonresidential Construction $96,051 Hotel Occupancy 56.1% Average Hotel Room Rates $74.22 Deflated Average Hotel Room Rate $42.00 Average 30-Year Fixed Mortgage Rate 7.17% Average 15-Year Fixed Mortgage Rate 6.65% Average One-Year Adjustable Mortgage Rate 5.26% Georgia Department of Labor 2,171,102 182,903 400,317 661,201 212,549 272,944 112,176 188,314 138,117 201,086 131,790 31,609 39.3 $564.70 $318.32 17,184 163,904 3.9% 1.98% 5,870,000 191,473 4,730 $434,011,000 $244,651 56.8% $74.36 $41.92 6.72% 6.24% 5.05% 2,219,937 179,803 404,998 684,848 221,188 269,478 119,007 195,665 142,389 232,054 127,609 30,448 38.7 $553.32 $318.00 8,018 63,229 2.4% 0.77% 6,194,000 124,577 4,569 $313,388,000 $180,108 61.9% $76.69 $44.07 7.45% 7.09% 6.92% -0.53 -0.47 -0.54 -0.20 -0.19 0.29 -1.81 -2.69 -0.16 -0.73 0.60 -1.45 0.23 0.86 1.26 -21.66 18.96 -0.94 -9.80 -7.63 -60.89 -60.74 -0.19 0.21 - -2.72 1.25 -1.69 -3.65 -4.08 1.58 -7.44 -6.35 -3.15 -13.98 3.89 2.31 2.00 2.93 1.36 67.89 208.37 -6.12 38.64 -4.36 -45.84 -46.67 -3.22 -4.70 - Metro Atlanta Economic Indicators / .ebruary 2002 5 Nonagricultural Employment 2.27 2000 2001 MILLIONS 2.24 Monthly Data Seasonally Adjusted Month 2 000 2.21 Jan 2,177,178 Feb 2,180,802 M ar 2,189,717 2.18 Apr 2,187,603 M ay 2,196,843 Jun 2,203,692 Jul 2,203,998 2.16 Aug 2,207,756 Sep 2,210,318 Oct 2,214,096 Nov 2,217,730 2.13 Dec J F M A M J J A S O N D 2,219,937 Wholesale Employment 191.0 2000 2001 2001 2,229,649 2,223,747 2,224,161 2,232,955 2,233,780 2,232,903 2,218,291 2,213,989 2,203,500 2,191,238 2,171,102 2,159,551 THOUSANDS 187.0 Monthly Data Seasonally Adjusted 183.0 Month Jan Feb M ar 179.0 Apr M ay Jun Jul 175.0 Aug Sep Oct Nov 171.0 Dec J F M A M J J A S O N D 2000 175,967 176,547 177,023 177,091 177,469 177,948 178,901 178,573 179,126 178,964 178,999 179,803 Retail Employment 423.4 2000 2001 2001 180,060 180,530 181,774 185,920 184,781 185,309 182,986 184,248 184,838 185,079 182,903 182,044 414.1 Monthly Data Seasonally Adjusted THOUSANDS 404.8 Month Jan Feb M ar 395.6 Apr M ay Jun Jul 386.3 Aug Sep Oct Nov 377.0 Dec J F M A M J J A S O N D 2000 388,590 390,012 392,847 393,161 394,837 395,986 396,628 395,827 394,649 399,385 402,555 404,998 2001 406,387 403,654 405,595 407,984 411,778 411,087 410,488 407,290 405,813 403,089 400,317 398,141 6 Metro Atlanta Economic Indicators / .ebruary 2002 Georgia Department of Labor Services Employment 712.1 2000 2001 698.8 Monthly Data Seasonally Adjusted THOUSANDS 685.6 Month Jan Feb M ar 672.3 Apr M ay Jun Jul 659.1 Aug Sep Oct Nov 645.8 Dec J F M A M J J A S O N D 2000 680,244 680,489 681,174 678,175 679,445 685,415 685,642 683,187 685,468 686,496 688,714 684,848 Manufacturing Employment 229.5 2000 2001 2001 696,587 690,355 688,743 690,425 688,247 684,696 681,899 677,929 672,717 669,519 661,201 659,860 THOUSANDS 224.9 Monthly Data Seasonally Adjusted 220.3 Month Jan Feb M ar 215.7 Apr M ay Jun Jul 211.0 Aug Sep Oct Nov 206.4 Dec J F M A M J J A S O N D 2000 223,665 223,032 223,415 222,160 221,476 221,564 222,468 223,859 223,287 222,052 221,192 221,188 Government Employment 280.4 2000 2001 2001 217,659 219,125 219,237 219,049 219,279 218,476 217,784 216,092 216,917 215,004 212,549 212,152 THOUSANDS 275.1 Monthly Data Seasonally Adjusted Month 269.9 Jan Feb M ar 264.6 Apr M ay Jun Jul 259.3 Aug Sep Oct Nov 254.0 Dec J F M A M J J A S O N D 2000 261,483 263,084 263,951 265,024 270,120 265,272 260,779 262,447 267,327 268,992 268,548 269,478 2001 268,056 270,653 270,687 272,463 273,977 272,274 265,423 271,444 272,986 272,101 272,944 273,734 Georgia Department of Labor Metro Atlanta Economic Indicators / .ebruary 2002 7 Construction Employment 128.7 2000 2001 THOUSANDS 123.8 Monthly Data Seasonally Adjusted Month 118.9 Jan Feb M ar 114.0 Apr M ay Jun Jul 109.1 Aug Sep Oct Nov 104.3 Dec J F M A M J J A S O N D Transportation and Public Utilities Employment 207.0 2000 2001 2000 116,353 117,198 119,330 118,994 119,517 120,611 122,405 123,257 121,707 119,390 119,024 119,007 2001 122,963 121,916 119,714 118,571 118,355 118,534 120,301 116,603 112,796 111,497 112,176 110,150 THOUSANDS 198.5 Monthly Data Seasonally Adjusted Month 2000 Jan 190.0 Feb M ar Apr M ay Jun 181.5 Jul Aug Sep Oct Nov 173.0 Dec J F M A M J J A S O N D 191,495 191,823 192,932 190,479 191,002 191,590 191,813 193,792 194,246 194,161 194,987 195,665 Finance, Insurance and Realty Employment 145.0 2000 2001 2001 196,061 197,930 198,164 197,014 197,337 198,223 197,014 197,820 195,858 193,266 188,314 183,250 143.1 Monthly Data Seasonally Adjusted THOUSANDS 141.3 Month Jan Feb M ar 139.5 Apr M ay Jun Jul 137.7 Aug Sep Oct Nov 135.9 Dec J F M A M J J A S O N D 2000 138,348 138,191 138,065 141,521 141,935 142,025 142,776 142,828 142,353 141,470 141,406 142,389 2001 141,110 140,125 139,794 140,346 140,052 140,649 139,697 139,346 138,976 138,981 138,117 137,900 8 Metro Atlanta Economic Indicators / .ebruary 2002 Georgia Department of Labor Business Services Employment 249.6 2000 2001 205.5 Monthly Data Seasonally Adjusted THOUSANDS 161.4 Month Jan Feb M ar 117.2 Apr M ay Jun Jul 73.1 Aug Sep Oct Nov 29.0 Dec J F M A M J J A S O N D 2000 237,852 236,712 235,287 230,304 234,044 235,722 236,804 236,422 236,526 236,141 234,311 232,054 Health Services Employment 136.5 2000 2001 THOUSANDS 133.4 Monthly Data Seasonally Adjusted Month 130.4 Jan Feb M ar 127.4 Apr M ay Jun Jul 124.3 Aug Sep Oct Nov 121.3 Dec J F M A M J J A S O N D 2000 125,467 125,263 125,433 125,595 125,013 125,540 126,357 126,468 127,386 126,997 128,272 127,609 Social Services Employment 33.2 2000 2001 2001 237,880 230,679 227,689 226,107 222,922 218,957 216,496 211,822 209,321 207,080 201,086 199,623 2001 129,051 129,412 129,375 129,080 128,878 130,191 132,720 132,540 131,706 133,188 131,790 132,575 THOUSANDS Monthly Data 32.2 Seasonally Adjusted Month 2000 Jan 31.2 Feb M ar Apr M ay Jun 30.2 Jul Aug Sep Oct Nov 29.2 Dec J F M A M J J A S O N D 31,018 31,167 31,473 30,567 30,671 30,567 30,492 30,625 30,500 30,485 30,524 30,448 2001 30,436 30,986 30,683 31,074 30,859 30,764 31,425 31,854 31,404 30,967 31,609 31,152 Georgia Department of Labor Metro Atlanta Economic Indicators / .ebruary 2002 9 Manufacturing Workweek 43.3 2000 2001 HOURS Monthly Data 41.6 Seasonally Adjusted Month Jan 40.0 Feb M ar Apr M ay Jun 38.3 Jul Aug Sep Oct Nov 36.7 Dec J F M A M J J A S O N D 2000 40.5 40.2 40.5 41.4 40.0 40.1 39.6 39.9 38.7 39.8 39.0 38.7 Manufacturing Earnings $603 2000 2001 2001 39.2 39.0 38.9 38.6 39.7 40.2 38.6 39.9 39.0 38.9 39.3 39.4 DOLLARS $585 Monthly Data Seasonally Adjusted $568 Month Jan Feb M ar $550 Apr M ay Jun Jul $533 Aug Sep Oct Nov $515 Dec J F M A M J J A S O N D 2000 $551.00 544.27 553.14 571.94 543.21 548.05 541.56 551.20 539.19 559.95 553.62 553.32 Deflated Manufacturing Earnings $348 2000 2001 2001 $552.94 555.30 553.29 548.99 569.47 583.48 558.69 567.50 536.36 562.07 564.70 569.54 DOLLARS $336 Monthly Data Seasonally Adjusted $324 Month Jan Feb M ar $312 Apr M ay Jun Jul $300 Aug Sep Oct Nov $288 Dec J F M A M J J A S O N D 2000 $326.42 320.54 323.09 333.88 316.74 317.16 313.40 319.35 310.41 321.81 317.99 318.00 2001 $315.79 315.87 314.01 310.34 320.46 327.80 314.75 319.72 300.82 316.30 318.32 322.32 10 Metro Atlanta Economic Indicators / .ebruary 2002 Georgia Department of Labor Initial Unemployment Claims 25.1 2000 2001 THOUSANDS 20.2 Monthly Data Seasonally Adjusted Month 15.3 Jan Feb M ar 10.4 Apr M ay Jun Jul 5.5 Aug Sep Oct Nov 0.6 Dec J F M A M J J A S O N D 2000 7,041 7,361 6,019 5,755 6,848 7,454 6,851 8,054 7,050 7,531 7,694 8,018 Continued Unemployment Claims 256.9 2000 2001 2001 11,771 10,389 10,071 11,221 12,049 10,804 11,858 12,786 12,396 19,157 17,184 13,462 THOUSANDS 205.6 Monthly Data Seasonally Adjusted 154.3 Month Jan Feb M ar 103.0 Apr M ay Jun Jul 51.8 Aug Sep Oct Nov 0.5 Dec J F M A M J J A S O N D 2000 64,099 55,856 51,222 54,121 64,530 51,960 60,800 60,917 59,395 71,422 60,067 63,229 Total Unemployment Rate 5.0 2000 2001 2001 84,799 79,998 76,174 112,110 102,500 100,899 123,380 125,602 130,577 185,761 163,904 194,975 4.3 Monthly Data Not Seasonally Adjusted PERCENTAGES Month 3.6 Jan Feb Mar 3.0 Apr May Jun Jul 2.3 Aug Sep Oct Nov 1.7 Dec J F M A M J J A S O N D 2000 2.8 % 3.1 3.1 2.8 3.0 3.6 3.3 3.1 3.1 2.9 2.5 2.4 2001 2.7 % 3.1 3.1 2.9 3.0 3.5 3.4 3.5 3.7 3.9 3.9 4.2 Georgia Department of Labor Metro Atlanta Economic Indicators / .ebruary 2002 11 iInsured Unemployment Rate 2.55 2000 2001 2.04 Monthly Data Seasonally Adjusted PERCENTAGES Month 1.54 Jan Feb M ar 1.04 Apr M ay Jun Jul 0.53 Aug Sep Oct Nov 0.03 Dec J F M A M J J A S O N D MMARTA Passengers 2000 0.70 % 0.64 0.63 0.63 0.64 0.65 0.66 0.69 0.69 0.67 0.69 0.77 7.8 2000 2001 2001 0.83 % 0.86 0.92 1.03 1.14 1.24 1.34 1.46 1.71 1.72 1.98 1.97 MILLIONS 7.2 Monthly Data Seasonally Adjusted 6.6 6.0 5.4 4.8 J F M A M J Month Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov Dec J A S O N D 2000 6,476,000 6,589,000 6,703,000 6,263,000 6,671,000 7,068,000 5,995,000 6,648,000 6,490,000 6,503,000 6,459,000 6,194,000 Cobb Community Transit Passengers 249.6 2000 2001 2001 6,799,000 6,221,000 6,433,000 6,284,000 6,578,000 6,539,000 5,457,000 6,168,000 5,915,000 5,982,000 5,870,000 5,815,000 205.5 Monthly Data Seasonally Adjusted THOUSANDS 161.4 Month Jan Feb M ar 117.2 Apr M ay Jun Jul 73.1 Aug Sep Oct Nov 29.0 Dec J F M A M J J A S O N D 2000 89,020 136,507 140,823 174,709 196,736 126,596 126,250 137,760 132,960 135,407 135,877 124,577 2001 137,730 129,505 176,786 149,578 170,072 179,771 175,748 191,556 173,999 182,121 191,473 172,713 12 Metro Atlanta Economic Indicators / .ebruary 2002 Georgia Department of Labor Residential Construction 7.5 2000 2001 6.6 Monthly Data Seasonally Adjusted HOUSEHOLD UNITS ( THOUSANDS ) Month 5.7 Jan Feb M ar 4.8 Apr M ay Jun Jul 3.9 Aug Sep Oct Nov 3.1 Dec J F M A M J J A S O N D 2000 5,639 5,305 5,801 6,037 5,789 5,453 5,416 5,074 4,936 4,169 5,153 4,569 Nonresidential Construction $710 2000 2001 2001 6,236 6,386 5,197 5,355 5,884 6,482 5,487 5,196 4,779 4,790 4,730 4,369 MILLIONS $570 Monthly Data Seasonally Adjusted $430 Month 2000 2001 Jan $306,194,000 $348,961,000 Feb 249,729,000 329,048,000 M ar 341,706,000 309,722,000 $290 Apr 559,751,000 457,811,000 M ay 368,432,000 295,318,000 Jun 546,766,000 290,681,000 Jul 277,576,000 386,935,000 $150 Aug 270,611,000 314,383,000 Sep 411,800,000 346,553,000 Oct 359,115,000 351,160,000 Nov 253,203,000 434,011,000 $10 Dec J F M A M J J A S O N D 313,388,000 169,723,000 Deflated Nonresidential Construction $426 2000 2001 $342 Monthly Data Seasonally Adjusted MILLIONS $258 Month 2000 2001 Jan $181,395,000 $199,292,000 Feb 147,072,000 187,172,000 M ar 199,595,000 175,779,000 $174 Apr 326,766,000 258,796,000 M ay 214,829,000 166,189,000 Jun 316,416,000 163,304,000 Jul 160,634,000 217,992,000 $90 Aug 156,785,000 177,117,000 Sep 237,075,000 194,365,000 Oct 206,388,000 197,614,000 Nov 145,435,000 244,651,000 $6 Dec J F M A M J J A S O N D 180,108,000 96,051,000 Georgia Department of Labor Metro Atlanta Economic Indicators / .ebruary 2002 13 Hotel Occupancy 76.4 2000 2001 69.9 Monthly Data Seasonally Adjusted PERCENTAGES Month 63.3 Jan Feb M ar 56.7 Apr M ay Jun Jul 50.2 Aug Sep Oct Nov 43.6 Dec J F M A M J J A S O N D 2000 66.59 % 65.04 64.95 63.05 64.49 67.51 68.05 67.15 67.87 64.71 65.64 61.87 Average Hotel Room Rates $98 2000 2001 2001 65.81 % 64.80 67.35 62.14 63.76 64.97 60.79 63.85 51.74 57.20 56.77 56.14 DOLLARS $91 Monthly Data Seasonally Adjusted Month $85 Jan Feb M ar $78 Apr M ay Jun Jul $71 Aug Sep Oct Nov $64 Dec J F M A M J J A S O N D 2000 $90.00 78.99 79.76 81.68 77.80 79.44 78.54 79.40 81.58 79.20 79.02 76.69 Deflated Average Hotel Room Rates $58 2000 2001 2001 $83.74 81.77 81.08 78.26 81.32 82.01 75.20 80.45 71.55 77.77 74.36 74.22 $54 Monthly Data Seasonally Adjusted DOLLARS Month $49 Jan Feb M ar $44 Apr M ay Jun Jul $39 Aug Sep Oct Nov $35 Dec J F M A M J J A S O N D 2000 $53.32 46.52 46.59 47.68 45.37 45.97 45.45 46.00 46.96 45.52 45.39 44.07 2001 $47.82 46.51 46.02 44.24 45.76 46.07 42.36 45.32 40.13 43.76 41.92 42.00 14 Metro Atlanta Economic Indicators / .ebruary 2002 Georgia Department of Labor Average 30-Year Fixed Mortgage Rate* 9.38 2000 2001 8.65 PERCENTAGES 7.92 7.19 6.46 5.73 J F M A M J J Average 15-Year Fixed Mortgage Rate* 9.10 2000 2001 Monthly Data Not Seasonally Adjusted Month Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov Dec A S O N D * Does not include points 2000 8.19 % 8.37 8.28 8.12 8.55 8.26 8.16 8.04 7.95 7.81 7.79 7.45 2001 7.17 % 7.13 7.02 7.11 7.22 7.22 7.18 7.01 6.82 6.62 6.72 7.17 8.33 PERCENTAGES 7.57 6.80 6.04 5.27 J F M A M J J A S O N D * Does not include points Average One-Year Adjustable Mortgage Rate* 8.45 2000 2001 Monthly Data Not Seasonally Adjusted Month 2000 Jan 7.78 % Feb 7.96 M ar 7.87 Apr 7.78 M ay 8.27 Jun 8.01 Jul 7.87 Aug 7.78 Sep 7.63 Oct 7.48 Nov 7.45 Dec 7.09 2001 6.74 % 6.73 6.59 6.62 6.70 6.77 6.73 6.53 6.35 6.15 6.24 6.65 7.55 Monthly Data Not Seasonally Adjusted PERCENTAGES Month 6.66 Jan Feb M ar 5.77 Apr M ay Jun Jul 4.88 Aug Sep Oct Nov 3.99 Dec J F M A M J J A S O N D * Does not include points 2000 6.72 % 6.93 6.90 6.82 7.09 7.22 7.26 7.35 7.34 7.14 7.06 6.92 2001 6.50 % 6.22 6.00 5.83 5.79 5.71 5.67 5.57 5.38 5.05 5.05 5.26 Georgia Department of Labor Metro Atlanta Economic Indicators / .ebruary 2002 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