Metro Atlanta economic indicators, monthly report, Vol. 5, no. 10 (Dec. 2002)

ATL A N TA

METROPOLITAN
Economic Indicators

A Monthly Report of Atlanta Labor Market and Economic Trends

December 2002

Volume 5, Issue 10

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 5, Issue 10 December 2002

October 2002 Data
Cover art: Wrens Nest, 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 Opportunity Employer/Programs Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities

Georgia Department of Labor

Metro Atlanta Economic Indicators / December 2002

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 the Georgia 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

2 Metro Atlanta Economic Indicators / December 2002

Georgia Department of Labor

Consumer Price Index for Atlanta

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Rate

61.7

62.5

63.6

64.7

65.9

65.9

7.7

66.9

68.5

70.5

71.9

73.2

74

12.3

76.4

78

80.3

81.7

83

85.7

15.8

87.2

88.2

89.3

91.6

93.3

93.6

9.2

92.8

92.9

96.5

98

98.8

98.2

4.9

97.9

98.7

100.2

100.8

100.9

101.9

3.8

102.6

103.2

104.1

104.8

105.4

105.5

3.5

107

107.6

108.8

109.9

110.4

111.2

5.4

111.7

111.1

112.2

112.4

112.7

113.5

2.1

115.5

117.5

3.5

119.1

121.7

3.6

124.9

127.3

4.6

130.8

132.6

4.2

135.5

136.2

2.7

138.6

138.5

1.7

142.2

144.7

4.5

146.7

146.7

1.4

150.3

151.5

3.3

154.7

157.2

3.8

158.3

159.5

1.5

159.5

160.8

162

161.9

162

161.6

1.4

161.9

164

164.8

165.9

166.5

167

3.3

167.4

169.8

170.9

172.1

171.9

171.9

2.9

175.3

176.6

177.8

176.9

176.7

174.8

1.7

176.1

178.6

179.1

179.7

179.4

Source: U.S. Bureau of Labor Statistics @ www.bls.gov
The CPI for Atlanta declines

The Consumer Price Index for All Urban Consumers (CPI-U) for Atlanta decreased 0.2 percent over the two months ending in October to a level of 179.4 (1982-84=100), not seasonally adjusted, according to the Bureau of Labor Statistics of the U.S. Department of Labor. For the 12-month period ending in October, the CPI-U for Atlanta increased 1.5 percent.
Over the two months, lower costs for electricity contributed to the decrease in the all items index. Energy costs decreased 7.6 percent over the two months. Excluding food and energy, the index has increased 0.6 percent since August.
For the 12 months ending in October 2002, prices in Atlanta have increased 1.5 percent compared to the 2.8 percent annual increase recorded in October 2001. Higher costs for apparel, transportation, and medical

Following is the formula for figuring

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%

care contributed to the over-the-year increase in the all items index. Since October 2001, energy costs have declined 1.7 percent. Excluding food and energy, the CPI-U for Atlanta has risen 2.2 percent since October 2001.
Housing costs dropped 2.1 percent over the two months after registering a 0.4

percent increase in the July-August pricing period. Costs for shelter decreased 1.1 percent while costs for fuels and utilities decreased 11.2 percent during the same time period. For the 12 months ending in October, housing costs increased 1.0 percent.
Apparel costs increased 7.7 percent after declining 3.5 percent in the JulyAugust pricing period. Over the past 12 months, the apparel index has risen 5.1 percent.
Transportation costs increased 0.6 percent. Motor fuel increased 2.1 percent over the two months ending in August. Over the past year, transportation costs in the Atlanta area have increased 2.1 percent, as costs for motor fuel rose 3.5 percent.
The medical care index increased 6.9 percent over the past two months. Costs for medical care in Atlanta now stand 10.5 percent higher than they were in October 2001.

Georgia Department of Labor

Metro Atlanta Economic Indicators / December 2002 3

Metro Atlanta Index of Economic Indicators
184.9
Leading indicators Coincident indicators
165.6

146.3

127.1

107.8
1987-88 = 100

88.5

95

96

97

98

99

00

01

02

03

Note: All indicators are seasonally adjusted

Atlanta's indicators depict gradual recovery

The Georgia Department of Labor's Index of Leading Economic Indicators (LEI) for the Atlanta metropolitan area decreased 0.3 percent in October, to a level of 161.9 from a revised 162.4 in September, after seasonal adjustment.
The leading indicator, which measures economic activity that will impact the economy (three to six months) in the future, struggled to post modest gains through most of the year. After increasing in six of the last 10 months the LEI managed to post gains for three straight months during the second quarter of 2002.
Residential construction was the only sector to increase during the reporting period, up 7.9 percent in October. The value of commercial construction dropped 19.0 percent during the month. Initial jobless claims increased for the third consecutive period (up 5.9 percent in October). Continued unemployment claims de-

Recent 12 Months

171.3

Leading Coincident

163.8

156.2

148.7

141.1

1987-88 = 100

133.6

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clined 15.7 percent dropping claims below last year's levels for the first time this year.
The Index of Coincident Economic Indicators (CEI) increased 0.2 percent in October, to a level of 144.3 from a revised 144.0, after seasonal adjustment. The coincident indicator, which measures current economic conditions, continued to move horizontally

4 Metro Atlanta Economic Indicators / December 2002

during the first ten months of the year. The CEI posted three months of modest consecutive gains between the second and third quarter of 2002, trailing the Leading Economic Indicator's upward movement.
Nonfarm employment remained flat reflecting the soft job market. Retail employment declined 1.1 percent during the month. The manufacturing workweek remained under 40 hours for the last three months. Initially, companies usually boost production hours to meet demand, pushing weekly hours above 40, before adding more workers to the payroll.
On the brighter side a lower unemployment rate managed to move the CEI forward. Unemployment in the metropolitan area dropped two-tenths of a percent to 4.9 percent.
A slow to moderate recovery seems to have captured the mood of the economy, which could very well set the stage for better days ahead.
Georgia Department of Labor

Data Summary
October 2002 Data

Metro Atlanta Economic Indicators

Oct 2002

Sep 2002

Oct 2001

Percent Percent Change Change

Sep 2002 Oct 2001

to

to

Oct 2002 Oct 2002

Nonagricultural Employment

2,124,010

Wholesale Employment

159,011

Retail Employment

377,502

Services Employment

683,821

Manufacturing Employment

204,284

Government Employment

277,800

Construction Employment

104,740

Transp. & Pub. Utilities Employment

176,624

Finance, Insurance & Realty Employment

138,923

Business Services Employment

212,880

Health Services Employment

136,478

Social Services Employment

36,357

Manufacturing Workweek

39.3

Manufacturing Earnings

$545.48

Deflated Manufacturing Earnings

$300.87

Initial Unemployment Claims

14,257

Continued Unemployment Claims

162,246

Total Unemployment Rate (not seasonally adjusted) 4.9%

Insured Unemployment Rate

1.83%

MARTA Passengers

NA

Cobb County Transit Passengers

197,598

Residential Construction (household units)

5,877

Nonresidential Construction (value)

$276,428,000

Deflated Nonresidential Construction

$152,470

Hotel Occupancy

58.6%

Average Hotel Room Rates

$77.39

Deflated Average Hotel Room Rate

$42.68

Average 30-Year Fixed Mortgage Rate

6.16%

Average 15-Year Fixed Mortgage Rate

5.55%

Average One-Year Adjustable Mortgage Rate

4.05%

Georgia Department of Labor

2,124,536 160,102 382,030 681,045 204,829 277,767 101,779 178,246 138,880 211,806 136,111 36,080 39.4 $561.26 $310.09 13,455 192,508 5.1% 1.81% NA 178,318 5,445
$341,426,000 $188,633 53.1% $74.79 $41.32 6.16% 5.58% 4.20%

2,185,609 168,062 395,528 681,820 210,737 274,057 123,625 187,871 142,105 216,269 132,458 33,386 38.6 $544.90 $306.64 19,180 190,425 4.1% 1.75%
6,043,000 187,596 4,939
$347,295,000 $195,439 58.1% $78.51 $44.18 6.62% 6.15% 5.05%

-0.02 -0.68 -1.19 0.41 -0.27 0.01 2.91 -0.91 0.03 0.51 0.27 0.77 -0.11 -2.81 -2.97 5.96 -15.72
NA 10.81 7.95 -19.04 -19.17 3.47 3.30 -

-2.82 -5.39 -4.56 0.29 -3.06 1.37 -15.28 -5.99 -2.24 -1.57 3.03 8.90 1.84 0.11 -1.88 -25.67 -14.80
NA 5.33 19.00 -20.41 -21.99 -1.43 -3.38 -

Metro Atlanta Economic Indicators / December 2002 5

Nonagricultural Employment

2.24

2000-2001

2001-2002

MILLIONS

2.21

Monthly Data
Seasonally Adjusted

Month 2000-2001 2001-2002 2.18

2.15 2.12 2.09

Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

2,200,703 2,204,842 2,199,393 2,201,436 2,205,457 2,212,235 2,205,265 2,204,728 2,196,446 2,187,626 2,184,321 2,185,609

2,160,248 2,147,497 2,137,649 2,138,795 2,135,751 2,150,376 2,144,392 2,140,818 2,131,447 2,127,029 2,124,536 2,124,010

N

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Wholesale Employment

179.7

2000-2001

2001-2002

174.1

Monthly Data
Seasonally Adjusted

THOUSANDS

Month 2000-2001 2001-2002

168.6 Nov

Dec

Jan

163.1

Feb

M ar

Apr

M ay

157.6

Jun

Jul

Aug

Sep

152.1

Oct

N

D

J

F

M

A

M

J

J

A

S

O

169,345 169,761 170,504 169,542 169,720 169,364 168,736 169,520 170,210 167,889 168,089 168,062

167,416 162,368 163,076 160,916 158,105 159,949 159,030 158,037 158,821 157,718 160,102 159,011

Retail Employment
411.8 2000-2001
404.6

2001-2002

397.4

Monthly Data
Seasonally Adjusted

Month

2000-2001

2001-2002

THOUSANDS

390.1

Nov Dec

Jan

Feb

382.9

M ar

Apr

M ay

375.7

Jun Jul

Aug Sep

368.4

Oct

ND

J

F

MA

MJ

J

AS

O

398,257 398,610 398,320 398,616 400,920 401,984 401,803 401,290 396,967 396,531 395,769 395,528

394,349 395,442 386,814 383,758 385,735 390,801 386,119 382,918 384,831 382,883 382,030 377,502

6 Metro Atlanta Economic Indicators / December 2002

Georgia Department of Labor

Services Employment
706.0
2000-2001

2001-2002

694.9

Monthly Data
Seasonally Adjusted

THOUSANDS

683.8 672.8 661.7 650.6

Month
Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

2000-2001
689,450 690,858 687,922 687,678 688,722 693,171 689,963 688,556 688,432 685,960 681,110 681,820

2001-2002
670,195 663,531 662,269 667,703 672,940 680,212 680,261 683,179 680,559 683,544 681,045 683,821

ND

J

F

MA MJ

J

ASO

Manufacturing Employment

228.4

2000-2001

2001-2002

223.0 217.7

Monthly Data
Seasonally Adjusted
Month 2000-2001

2001-2002

THOUSANDS

Nov

212.3

Dec

Jan

Feb

207.0

M ar

Apr

M ay

Jun

201.6

Jul

Aug

Sep

196.2

Oct

ND

J

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MA MJ

J

ASO

Government Employment

284.0

2000-2001

2001-2002

218,679 218,388 215,961 216,332 215,752 213,394 211,695 211,596 210,996 210,224 210,013 210,737

207,678 208,484 212,496 212,370 207,679 210,328 212,331 211,911 207,807 207,441 204,829 204,284

THOUSANDS

279.0

274.0

269.0

264.0

259.0

ND

J

Georgia Department of Labor

F

M

A

M

J

Monthly Data
Seasonally Adjusted

Month 2000-2001

2001-2002

Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

J

A

S

O

267,915 267,421 270,538 272,243 272,965 272,995 272,817 272,967 270,500 268,116 273,845 274,057

275,806 277,667 276,408 276,737 277,134 276,982 276,579 273,836 270,847 272,294 277,767 277,800

Metro Atlanta Economic Indicators / December 2002 7

Construction Employment

130.5

2000-2001

2001-2002

THOUSANDS

123.4

Monthly Data
Seasonally Adjusted

116.3 109.2 102.1
95.0

Month
Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

2000-2001
119,207 119,098 119,720 120,093 120,265 122,183 121,631 122,045 120,752 122,476 121,443 123,625

2001-2002
118,467 114,719 114,884 115,255 112,918 113,142 111,847 111,814 107,385 103,528 101,779 104,740

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Transportation and Public Utilities Employment

203.0

2000-2001

2001-2002

196.3

Monthly Data
Seasonally Adjusted

THOUSANDS

189.6

Month 2000-2001 2001-2002

182.9 176.2 169.5

Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

195,982 196,488 193,645 192,909 193,073 194,821 194,625 194,442 192,674 193,229 191,284 187,871

183,492 181,429 179,208 177,463 177,345 176,788 178,310 178,945 179,123 180,145 178,246 176,624

ND

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Finance, Insurance and Realty Employment

145.9

2000-2001

2001-2002

144.1

Monthly Data
Seasonally Adjusted

THOUSANDS

142.3

Month 2000-2001 2001-2002

140.5 138.8 137.0

Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

140,820 141,060 141,392 141,711 142,343 143,418 143,536 143,978 142,551 142,019 141,658 142,105

141,056 140,207 140,850 142,382 142,397 140,331 139,531 140,070 139,164 138,537 138,880 138,923

ND

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8 Metro Atlanta Economic Indicators / December 2002

Georgia Department of Labor

Business Services Employment
252.1

2000-2001

2001-2002

240.0

Monthly Data
Seasonally Adjusted

THOUSANDS

228.0

Month Nov

2000-2001
236,095

2001-2002
204,182

Dec

237,132

204,204

Jan

231,751

202,527

215.9 203.8

Feb M ar Apr M ay Jun Jul Aug

229,301 229,264 226,603 225,539 222,177 223,289 222,957

204,004 206,958 210,704 211,345 210,759 207,776 212,847

191.8

Sep

220,140

211,806

Oct

216,269

212,880

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Health Services Employment

139.6

2000-2001

2001-2002

THOUSANDS

135.8

Monthly Data
Seasonally Adjusted

132.0

Month 2000-2001 2001-2002

Nov

126,427

131,142

Dec

126,414

131,098

128.2

Jan

125,934

130,877

Feb

126,943

133,077

M ar

127,363

132,974

Apr

128,711

134,092

124.4

M ay Jun Jul

129,493 130,653 130,221

133,191 134,828 135,523

Aug

129,892

135,690

Sep

130,478

136,111

120.6

Oct

132,458

136,478

ND

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Social Services Employment

37.9

2000-2001

2001-2002

36.2

Monthly Data
Seasonally Adjusted

THOUSANDS

34.6 32.9 31.2 29.6

Month
Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

2000-2001
31,509 31,932 32,180 32,164 32,188 32,128 32,021 31,950 32,622 32,100 32,960 33,386

2001-2002
33,895 33,752 34,620 34,550 34,644 34,711 35,489 35,314 36,012 36,180 36,080 36,357

ND

J

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Georgia Department of Labor

Metro Atlanta Economic Indicators / December 2002 9

Manufacturing Workweek

41.7

2000-2001

2001-2002

HOURS

40.7

Monthly Data
Seasonally Adjusted

39.7 38.7 37.8 36.8

Month
Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

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Manufacturing Earnings

$619

2000-2001

2001-2002

2000-2001
39.3 39.0 39.1 38.9 38.9 38.4 39.6 40.1 38.8 39.6 39.8 38.6

2001-2002
38.9 38.9 38.9 39.3 40.3 39.2 39.1 40.6 38.5 38.9 39.4 39.3

DOLLARS

$596

Monthly Data
Seasonally Adjusted

$574

Month

2000-2001

2001-2002

$552 $529 $507

Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

$563.98 552.40 550.79 553.01 551.74 541.22 561.95 575.65 555.90 561.00 569.47 544.90

$543.04 559.84 552.14 578.59 580.85 556.57 561.44 593.45 550.87 547.56 561.26 545.48

ND

J

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MJ

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Deflated Manufacturing Earnings

$345

2000-2001

2001-2002

$332

Monthly Data
Seasonally Adjusted

DOLLARS

$319

Month
Nov Dec Jan

2000-2001
$323.94 317.47 314.56

2001-2002
$306.11 316.83 311.77

$305 $292 $279

Feb M ar Apr M ay Jun Jul Aug Sep Oct

314.57 313.13 305.95 316.23 323.40 313.18 316.06 319.39 306.64

325.42 324.86 309.55 312.26 329.88 305.87 303.02 310.09 300.87

ND

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10 Metro Atlanta Economic Indicators / December 2002

Georgia Department of Labor

THOUSANDS

THOUSANDS

Initial Unemployment Claims

25.8

2000-2001

2001-2002

21.0

16.2

11.5

6.7

1.9

ND

J

F

MA M J

Continued Unemployment Claims

277.0

2000-2001

2001-2002

221.6

166.2

110.8

55.4

0.0

ND

J

F

MA M J

Total Unemployment Rate

6.4

2000-2001

2001-2002

5.4

4.5

PERCENTAGES

3.6

2.6

1.7

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Georgia Department of Labor

Monthly Data
Seasonally Adjusted

Month

2000-2001 2001-2002

Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

7,795 8,228 11,539 10,223 10,221 10,910 11,798 10,967 11,834 13,049 12,523 19,180

17,429 13,885 14,616 12,464 13,598 14,740 15,425 13,081 12,510 12,839 13,455 14,257

J

A

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Monthly Data
Seasonally Adjusted

Month

2000-2001 2001-2002

Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

J

ASO

59,977 61,431 78,839 80,310 76,932 110,332 104,108 109,620 124,874 123,371 131,061 190,425

164,254 189,033 166,026 181,110 168,001 219,796 177,935 167,583 172,590 152,519 192,508 162,246

Monthly Data
Not Seasonally Adjusted

Month

2000-2001 2001-2002

Nov

2.6 %

Dec

2.6

Jan

2.9

Feb

3.1

Mar

3.0

Apr

2.8

May

3.0

Jun

3.7

Jul

3.6

Aug

3.6

Sep

3.8

Oct

4.1

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Metro Atlanta Economic Indicators / December 2002

4.1 % 4.2 4.4 4.7 4.7 4.4 4.7 5.4 5.1 4.9 5.1 4.9
11

iInsured Unemployment Rate
2.6

2000-2001

2001-2002

2.1

Monthly Data

Seasonally Adjusted

Month 1.6

PERCENTAGES

Nov

Dec

Jan

1.1

Feb

M ar

Apr

M ay

0.6

Jun

Jul

Aug

Sep

0.0

Oct

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MMARTA Passengers

2000-2001
0.69 % 0.78 0.82 0.88 0.93 1.02 1.13 1.23 1.35 1.44 1.68 1.75

2001-2002
2.01 % 1.99 2.00 2.02 2.06 2.07 2.00 1.93 1.85 1.75 1.81 1.83

7.4

2000-2001

2001-2002

6.9

6.4

MILLIONS

5.8

5.3

4.8

N

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A

M

Cobb Community Transit Passengers

223.9

2000-2001

2001-2002

Monthly Data
Seasonally Adjusted

Month

2000-2001

Nov

Dec

Jan

Feb

M ar

Apr

M ay

Jun

Jul

current data not available

Aug

Sep

Oct

J

J

A

S

O

6,505,000 6,126,000 6,600,000 6,228,000 6,378,000 6,335,000 6,572,000 6,512,000 5,481,000 6,196,000 5,994,000 6,043,000

2001-2002
5,916,000 5,760,000 5,645,000 5,621,000 5,408,000 5,861,000 5,784,000
NA NA NA NA NA

197.2

Monthly Data
Seasonally Adjusted

THOUSANDS

170.5 143.9 117.2
90.6

Month
Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

2000-2001
137,090 123,707 141,285 130,075 174,076 147,888 168,529 177,233 176,523 189,661 173,058 187,596

2001-2002
193,266 172,187 186,592 170,281 165,386 172,867 168,728 164,431 178,617 185,072 178,318 197,598

ND

J

F

MA MJ

J

A

S

O

12 Metro Atlanta Economic Indicators / December 2002

Georgia Department of Labor

Residential Construction
7.5 2000-2001

2001-2002

6.6

Monthly Data

Seasonally Adjusted

HOUSEHOLD UNITS ( THOUSANDS )

Month

5.8

Nov

Dec

Jan

4.9

Feb

M ar

Apr

M ay

4.1

Jun

Jul

Aug

Sep

3.2

Oct

N

D

J

F

M

A

M

J

J

A

S

O

Nonresidential Construction

$645

2000-2001

2001-2002

2000-2001
5,083 5,011 5,949 6,144 5,089 5,201 5,799 6,447 5,390 5,358 4,915 4,939

2001-2002
4,686 4,826 5,226 5,070 5,286 5,787 6,360 5,816 5,763 4,362 5,445 5,877

MILLIONS

$518

Monthly Data
Seasonally Adjusted

$391

Month 2000-2001 2001-2002

$264 $137
$10

Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

$263,093,000 343,026,000 354,911,000 324,993,000 315,487,000 430,876,000 312,898,000 299,961,000 351,753,000 306,256,000 326,715,000 347,295,000

$450,041,000 186,475,000 332,767,000 347,867,000 170,535,000 314,321,000 221,446,000 354,182,000 292,381,000 206,251,000 341,426,000 276,428,000

ND

J

F MAM J

J

A SO

Deflated Nonresidential Construction

$360

2000-2001

2001-2002

$289

Monthly Data
Seasonally Adjusted

MILLIONS

$218

Month 2000-2001 2001-2002

Nov

$151,116,000 $253,687,000

Dec

197,141,000

105,532,000

$148

Jan

202,690,000

187,898,000

Feb

184,865,000

195,651,000

M ar

179,051,000

95,378,000

Apr

243,570,000

174,817,000

$77

M ay Jun Jul

176,082,000 168,517,000 198,171,000

123,162,000 196,877,000 162,344,000

Aug

172,539,000

114,140,000

Sep

183,239,000

188,633,000

$6

Oct

195,439,000

152,470,000

ND

J

F

MA

M

J

J

A

SO

Georgia Department of Labor

Metro Atlanta Economic Indicators / December 2002 13

Hotel Occupancy
75
2000-2001

2001-2002

69

Monthly Data

Seasonally Adjusted

PERCENTAGES

Month

2000-2001 2001-2002

63

Nov

64.76 %

55.98 %

Dec

60.70

55.29

Jan

65.05

59.85

56

Feb

64.85

59.54

M ar

66.92

61.04

Apr

63.47

61.54

M ay

64.03

57.71

50

Jun

65.04

58.23

Jul

61.16

60.92

Aug

63.66

60.08

Sep

51.34

53.08

44

Oct

58.12

58.63

N

D

J

F

M

A

M

J

J

A

S

O

Average Hotel Room Rates

$89

2000-2001

2001-2002

DOLLARS

$84

Monthly Data

Seasonally Adjusted

Month $80

Nov Dec

Jan

$76

Feb

M ar

Apr

M ay

$71

Jun

Jul

Aug

Sep

$67

Oct

ND

J

FMAM

J

J

A

SO

Deflated Average Hotel Room Rates

$51

2000-2001

2001-2002

2000-2001 2001-2002

$79.24 75.75 82.53 80.68 81.33 78.87 81.42 81.28 77.39 79.49 72.01 78.51

$74.70 73.52 77.81 75.67 81.37 79.05 77.18 77.34 76.33 76.25 74.79 77.39

$49

Monthly Data

Seasonally Adjusted

DOLLARS

Month $46

Nov

Dec

Jan

$43

Feb

M ar

Apr

M ay

$40

Jun

Jul

Aug

Sep

$37

Oct

N

D

J

F

M

A

M

J

J

A

S

O

2000-2001
$45.51 43.53 47.13 45.89 46.15 44.59 45.82 45.66 43.60 44.78 40.39 44.18

2001-2002
$42.11 41.61 43.93 42.56 45.51 43.96 42.93 42.99 42.38 42.20 41.32 42.68

14 Metro Atlanta Economic Indicators / December 2002

Georgia Department of Labor

Average 30-Year Fixed Mortgage Rate*
8.92

2000-2001

2001-2002

8.24

PERCENTAGES

7.56

6.88

6.20

5.52

N

D

J

F

M

A

M

Average 15-Year Fixed Mortgage Rate*

8.65

2000-2001

2001-2002

Monthly Data
Not Seasonally Adjusted

Month
Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

J

J

A

S

O

* Does not include points

2000-2001
7.79 % 7.45 7.17 7.13 7.02 7.11 7.22 7.22 7.18 7.01 6.82 6.62

2001-2002
6.72 % 7.17 7.03 6.85 7.00 6.96 6.77 6.60 6.44 6.27 6.16 6.16

7.84

PERCENTAGES

7.03

6.22

5.41

4.60

N

D

J

F

M

A

M

J

J

A

S

O

* Does not include points
Average One-Year Adjustable Mortgage Rate*

8.61

2000-2001

2001-2002

Monthly Data
Not Seasonally Adjusted

Month

2000-2001

Nov

7.45 %

Dec

7.09

Jan

6.74

Feb

6.73

M ar

6.59

Apr

6.62

M ay

6.70

Jun

6.77

Jul

6.73

Aug

6.53

Sep

6.35

Oct

6.15

2001-2002
6.24 % 6.65 6.52 6.37 6.55 6.49 6.29 6.11 5.94 5.75 5.58 5.55

7.43

Monthly Data
Not Seasonally Adjusted

PERCENTAGES

6.25 5.07 3.89 2.71

Month
Nov Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct

N

D

J

F

M

A

M

J

J

A

S

O

* Does not include points

2000-2001
7.06 % 6.92 6.50 6.22 6.00 5.83 5.79 5.71 5.67 5.57 5.38 5.05

2001-2002
5.05 % 5.26 4.99 4.84 4.98 4.92 4.67 4.29 4.05 3.99 4.20 4.05

Georgia Department of Labor

Metro Atlanta Economic Indicators / December 2002 15

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