A T L A N TA METROPOLITAN Economic Indicators A Monthly Report of Atlanta Labor Market and Economic Trends January 2003 Volume 5, Issue 11 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 11 January 2003 November 2002 Data Cover art: Birthplace of Dr.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 Opportunity Employer/Programs Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities Georgia Department of Labor Metro Atlanta Economic Indicators / January 2003 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 / January 2003 Georgia Department of Labor Consumer Price Index for the South 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Jan 110.2 114.1 118.9 124.6 131.4 134.4 138.4 142.5 146.7 151.1 155.7 157.6 159.9 164.0 169.3 170.6 Feb 78.5 87.8 95.1 98.0 102.4 105.7 108.9 110.7 114.4 119.2 125.4 131.7 134.9 139.1 142.9 147.4 151.5 156.1 157.8 160.0 164.7 170.2 171.0 Mar 111.1 114.8 119.8 126.0 131.9 135.5 139.7 143.6 148.0 152.4 156.5 158.2 160.6 166.4 170.6 172.1 Apr 80.6 89.0 94.7 98.8 103.1 106.4 107.9 111.5 115.4 120.8 126.1 132.1 135.9 140.2 143.8 148.4 153.2 156.7 158.5 161.5 166.6 171.4 173.1 May 111.8 115.6 121.3 126.5 132.5 136.2 140.7 144.3 148.8 153.5 156.6 158.8 161.6 166.6 171.7 173.2 Jun 82.2 90.4 97.0 99.6 103.6 107.1 108.7 112.2 116.1 121.7 127.3 132.8 136.7 140.8 144.7 149.1 154.0 157.0 159.1 161.7 167.4 172.2 173.5 Jul 112.6 116.6 122.0 127.8 133.0 136.8 140.9 145.0 149.2 154.0 157.0 159.3 162.2 167.9 171.6 173.6 Aug 82.7 91.9 97.6 100.2 104.3 107.6 108.7 112.9 117.0 122.1 128.7 133.3 137.0 141.5 145.5 149.7 154.1 157.1 159.5 162.6 168.0 171.5 173.8 Sep 113.5 117.7 122.5 129.7 133.8 137.3 141.6 145.8 149.8 154.5 157.5 159.5 163.2 168.5 172.2 174.2 Oct 84.2 93.0 98.0 101.2 105.1 108.3 109.4 113.8 118.2 123.0 130.7 134.1 137.8 142.2 145.9 150.5 154.9 157.8 159.8 163.6 168.5 171.7 174.9 Nov 114.1 118.3 123.2 130.9 134.4 138.1 142.3 146.0 150.4 155.1 157.8 159.6 163.5 168.6 171.0 174.9 Dec 85.8 94.3 97.8 101.3 105.3 108.7 109.7 114.0 118.5 123.4 130.9 134.3 137.9 142.2 146.1 150.3 155.1 157.3 159.6 163.6 168.4 170.3 Rate 12.5 9.9 3.7 3.6 3.9 3.2 0.9 3.9 3.9 4.1 6.1 2.6 2.7 3.1 2.7 2.9 3.2 1.4 1.5 2.5 2.9 1.1 Source: U.S. Bureau of Labor Statistics @ www.bls.gov Consumer Price Index for the South The Consumer Price Index for All Urban Consumers (CPI-U) for the South was unchanged in November, not seasonally adjusted, remaining at a level of 174.9 (198284=100), according to the Bureau of Labor Statistics of the U.S. Department of Labor. For the 12month period ending in November, the CPI-U, South increased 2.3 percent. The all items index was unchanged last month following an increase of 0.4 percent in October. Over the month, higher costs for private transportation were partially offset by lower costs for household fuels and utilities. Energy costs decreased 1.2 percent. Excluding food and energy, the CPI-U, South rose 0.2 percent over the month. Over the first eleven months of 2002, consumer prices in the South have increased 2.7 percent, compared 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% to an increase of 1.5 percent recorded over the first eleven months of 2001. The housing index decreased 0.2 percent in November after decreasing 0.1 percent in October. Costs for shelter rose 0.1 percent, while costs for fuel and utilities dropped 1.7 percent in November. Apparel costs dropped 0.9 percent in November, the first monthly decrease after a two-month consecutive increase for the index. Since November 2001, apparel costs have dropped 1.8 percent. The transportation index rose 0.4 percent in November after increasing 1.1 percent in October. Among the indexes included under transportation, costs for new vehicles rose 0.8 percent, while costs for used cars and trucks dropped 1.2 percent. The gasoline index decreased 0.1 percent for November. Despite the most recent decline, over the past year, the gasoline index has increased 24.2 percent. Costs for medical care rose 0.5 percent in November after increasing 0.7 percent in October. Medical care commodities increased 0.5 percent, while the medical care services index rose 0.6 percent. Over the past year, medical costs in the South have risen 5.1 percent. Georgia Department of Labor Metro Atlanta Economic Indicators / January 2003 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 Economic Indicators decline in November The Georgia Department of Labor's Index of Leading Economic Indicators (LEI) for the Atlanta metropolitan area declined 0.4 percent in November, to a level of 161.4 from a revised 162.2 in October, after seasonal adjustment. After ten months of lackluster performance, the LEI took a dip in November. Permits for single and multifamily homes declined 23.6 percent in November exposing potential weakness in the sector. The strength of residential construction, a strong sector that has lifted the economy, will be a concern as we enter into a new year. Forecasts for single family homes are projected to decline in 2003, partially due to speculative interest rate hikes this summer. On the other hand, the value of nonresidential construction in November increased 16.5 percent. Initial jobless claims declined 7.6 percent in November. Recent 12 Months 171.3 Leading Coincident 163.8 156.2 148.7 141.1 1987-88 = 100 133.6 D J F MAM J J AS ON The Leading Index reflects activity that will impact the economy for a duration of three to six months into the future. Coincident indicators measure current conditions. 4 Metro Atlanta Economic Indicators / January 2003 The Index of Coincident Economic Indicators (CEI) declined 0.8 percent in November, to a level of 143.3 from a revised 144.4, after seasonal adjustment. Nonfarm employment increased 0.2 percent in November due to job gains in business services, services and manufacturing employment, which are not included in the coincident indicators index. Retail employment, which declined during the third quarter, continued to move lower in November (down 0.4 percent). Metro Atlanta's unemployment rate declined to 4.6 percent, remaining well above the jobless rate (4.1 percent in November 2001) this time last year. After months of up and down gyrations the coincident indicator ended the month at the same level it started the year. Growth in 2003 will have to come from other sectors (besides housing and autos) in order to sustain the recovery. Georgia Department of Labor Data Summary November 2002 Data Metro Atlanta Economic Indicators Nov 2002 Oct 2002 Nov 2001 Percent Percent Change Change Oct 2002 Nov 2001 to to Nov 2002 Nov 2002 Nonagricultural Employment 2,130,576 Wholesale Employment 158,677 Retail Employment 374,716 Services Employment 691,334 Manufacturing Employment 205,510 Government Employment 280,703 Construction Employment 102,961 Transp. & Pub. Utilities Employment 176,545 Finance, Insurance & Realty Employment 138,872 Business Services Employment 219,051 Health Services Employment 136,144 Social Services Employment 36,768 Manufacturing Workweek 38.5 Manufacturing Earnings $542.14 Deflated Manufacturing Earnings $299.03 Initial Unemployment Claims 13,161 Continued Unemployment Claims 149,520 Total Unemployment Rate ( not seasonally adjusted ) 4.6% Insured Unemployment Rate 1.83% MARTA Passengers NA Cobb County Transit Passengers 191,583 Residential Construction (household units) 4,487 Nonresidential Construction (value) $322,078,000 Deflated Nonresidential Construction $177,649 Hotel Occupancy 54.8% Average Hotel Room Rates $74.94 Deflated Average Hotel Room Rate $41.33 Average 30-Year Fixed Mortgage Rate 6.05% Average 15-Year Fixed Mortgage Rate 5.44% Average One-Year Adjustable Mortgage Rate 3.76% Georgia Department of Labor 2,126,001 158,812 376,405 685,513 203,686 279,990 105,234 176,524 138,923 213,275 137,478 36,556 39.5 $553.80 $305.46 14,257 162,246 4.9% 1.83% NA 197,598 5,877 $276,428,000 $152,470 58.6% $77.39 $42.68 6.16% 5.55% 4.05% 2,160,248 167,416 394,349 670,195 207,678 275,806 118,467 183,492 141,056 204,182 131,142 33,895 38.9 $543.04 $306.11 17,429 164,254 4.1% 2.01% 5,916,000 193,266 4,686 $450,041,000 $253,687 56.0% $74.70 $42.11 6.72% 6.24% 5.05% 0.22 -0.08 -0.45 0.85 0.90 0.25 -2.16 0.01 -0.04 2.71 -0.97 0.58 -2.63 -2.11 -2.11 -7.69 -7.84 NA -3.04 -23.66 16.51 16.51 -3.16 -3.16 - -1.37 -5.22 -4.98 3.15 -1.04 1.78 -13.09 -3.79 -1.55 7.28 3.81 8.48 -1.00 -0.17 -2.31 -24.49 -8.97 NA -0.87 -4.24 -28.43 -29.97 0.32 -1.84 - Metro Atlanta Economic Indicators / January 2003 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 Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov 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 2,126,001 2,130,576 D J F M A M J J A S O N Wholesale Employment 179.7 174.1 2000-2001 2001-2002 Monthly Data Seasonally Adjusted THOUSANDS Month 2000-2001 2001-2002 168.6 Dec Jan Feb 163.1 M ar Apr M ay Jun 157.6 Jul Aug Sep Oct 152.1 Nov D J F M A M J J A S O N 169,761 170,504 169,542 169,720 169,364 168,736 169,520 170,210 167,889 168,089 168,062 167,416 162,368 163,076 160,916 158,105 159,949 159,030 158,037 158,821 157,718 160,102 158,812 158,677 Retail Employment 411.0 2000-2001 2001-2002 402.5 Monthly Data Seasonally Adjusted 394.0 Month 2000-2001 2001-2002 THOUSANDS Dec Jan Feb 385.5 M ar Apr M ay Jun 377.0 Jul Aug Sep Oct 368.5 Nov D J F MAM J J A SO N 398,610 398,320 398,616 400,920 401,984 401,803 401,290 396,967 396,531 395,769 395,528 394,349 395,442 386,814 383,758 385,735 390,801 386,119 382,918 384,831 382,883 382,030 376,405 374,716 6 Metro Atlanta Economic Indicators / January 2003 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 Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov 2000-2001 690,858 687,922 687,678 688,722 693,171 689,963 688,556 688,432 685,960 681,110 681,820 670,195 2001-2002 663,531 662,269 667,703 672,940 680,212 680,261 683,179 680,559 683,544 681,045 685,513 691,334 D J F MAM J J A SO N Manufacturing Employment 223.7 2000-2001 2001-2002 218.2 Monthly Data Seasonally Adjusted THOUSANDS Month 2000-2001 2001-2002 212.7 207.2 Dec 218,388 208,484 Jan 215,961 212,496 Feb 216,332 212,370 M ar 215,752 207,679 Apr 213,394 210,328 201.7 M ay Jun Jul Aug Sep 211,695 211,596 210,996 210,224 210,013 212,331 211,911 207,807 207,441 204,829 196.2 Oct 210,737 203,686 Nov 207,678 205,510 D J F MAM J J A SO N Government Employment 289.1 2000-2001 2001-2002 THOUSANDS 283.1 Monthly Data Seasonally Adjusted 277.1 Month 2000-2001 2001-2002 Dec 267,421 277,667 271.1 265.1 Jan Feb M ar Apr M ay Jun Jul Aug Sep 270,538 272,243 272,965 272,995 272,817 272,967 270,500 268,116 273,845 276,408 276,737 277,134 276,982 276,579 273,836 270,847 272,294 277,767 259.1 Oct 274,057 279,990 Nov 275,806 280,703 D J FMAM J J ASO N Georgia Department of Labor Metro Atlanta Economic Indicators / January 2003 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 Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov 2000-2001 119,098 119,720 120,093 120,265 122,183 121,631 122,045 120,752 122,476 121,443 123,625 118,467 2001-2002 114,719 114,884 115,255 112,918 113,142 111,847 111,814 107,385 103,528 101,779 105,234 102,961 D J F M A M J J A S O N 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 Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov 196,488 193,645 192,909 193,073 194,821 194,625 194,442 192,674 193,229 191,284 187,871 183,492 181,429 179,208 177,463 177,345 176,788 178,310 178,945 179,123 180,145 178,246 176,524 176,545 D J F MAM J J A SO N 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 Dec 141,060 140,207 Jan 141,392 140,850 140.5 Feb M ar Apr M ay 141,711 142,343 143,418 143,536 142,382 142,397 140,331 139,531 138.8 Jun 143,978 140,070 Jul 142,551 139,164 Aug 142,019 138,537 Sep 141,658 138,880 Oct 142,105 138,923 137.0 Nov 141,056 138,872 D J F MAMJ J A S O N 8 Metro Atlanta Economic Indicators / January 2003 Georgia Department of Labor Business Services Employment 252.1 2000-2001 2001-2002 240.0 Monthly Data Seasonally Adjusted THOUSANDS 228.0 Month Dec 2000-2001 237,132 2001-2002 204,204 Jan 231,751 202,527 Feb 229,301 204,004 215.9 203.8 M ar Apr M ay Jun Jul Aug Sep 229,264 226,603 225,539 222,177 223,289 222,957 220,140 206,958 210,704 211,345 210,759 207,776 212,847 211,806 191.8 Oct 216,269 213,275 Nov 204,182 219,051 D J F M A M J J A S O N Health Services Employment 145.6 2000-2001 2001-2002 THOUSANDS 140.6 Monthly Data Seasonally Adjusted 135.6 Month 2000-2001 2001-2002 Dec 126,414 131,098 Jan 125,934 130,877 130.6 Feb M ar Apr M ay 126,943 127,363 128,711 129,493 133,077 132,974 134,092 133,191 125.6 Jun 130,653 134,828 Jul 130,221 135,523 Aug 129,892 135,690 Sep 130,478 136,111 Oct 132,458 137,478 120.6 Nov 131,142 136,144 D J F MAM J J A SO N Social Services Employment 39.6 2000-2001 2001-2002 37.6 35.6 THOUSANDS 33.6 31.6 29.6 D J F MA M J Georgia Department of Labor Monthly Data Seasonally Adjusted Month 2000-2001 2001-2002 Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov 31,932 32,180 32,164 32,188 32,128 32,021 31,950 32,622 32,100 32,960 33,386 33,895 33,752 34,620 34,550 34,644 34,711 35,489 35,314 36,012 36,180 36,080 36,556 36,768 J A S O N Metro Atlanta Economic Indicators / January 2003 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 Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov D J F M A M J J A S O N Manufacturing Earnings $619 2000-2001 2001-2002 2000-2001 39.0 39.1 38.9 38.9 38.4 39.6 40.1 38.8 39.6 39.8 38.6 38.9 2001-2002 38.9 38.9 39.3 40.3 39.2 39.1 40.6 38.5 38.9 39.4 39.5 38.5 DOLLARS $596 Monthly Data Seasonally Adjusted $574 Month 2000-2001 2001-2002 $552 $529 $507 Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov $552.40 550.79 553.01 551.74 541.22 561.95 575.65 555.90 561.00 569.47 544.90 543.04 $559.84 552.14 578.59 580.85 556.57 561.44 593.45 550.87 547.56 561.26 553.80 542.14 D J F MAM J J A SO N Deflated Manufacturing Earnings $345 2000-2001 2001-2002 $332 Monthly Data Seasonally Adjusted DOLLARS $319 Month Dec Jan Feb 2000-2001 $317.47 314.56 314.57 2001-2002 $316.83 311.77 325.42 $305 $292 $279 M ar Apr M ay Jun Jul Aug Sep Oct Nov 313.13 305.95 316.23 323.40 313.18 316.06 319.39 306.64 306.11 324.86 309.55 312.26 329.88 305.87 303.02 310.09 305.46 299.03 D J FMAM J J A SO N 10 Metro Atlanta Economic Indicators / January 2003 Georgia Department of Labor Initial Unemployment Claims 25.8 2000-2001 2001-2002 THOUSANDS 21.0 Monthly Data Seasonally Adjusted 16.2 Month Dec Jan Feb 2000-2001 8,228 11,539 10,223 2001-2002 13,885 14,616 12,464 11.5 M ar Apr M ay 10,221 10,910 11,798 13,598 14,740 15,425 Jun 10,967 13,081 6.7 Jul 11,834 12,510 Aug 13,049 12,839 Sep 12,523 13,455 Oct 19,180 14,257 1.9 Nov 17,429 13,161 D J F MAM J J A SO N Continued Unemployment Claims 277.0 2000-2001 2001-2002 THOUSANDS 221.6 Monthly Data Seasonally Adjusted 166.2 Month 2000-2001 2001-2002 Dec 61,431 189,033 Jan 78,839 166,026 110.8 55.4 Feb M ar Apr M ay Jun Jul Aug 80,310 76,932 110,332 104,108 109,620 124,874 123,371 181,110 168,001 219,796 177,935 167,583 172,590 152,519 Sep 131,061 192,508 Oct 190,425 162,246 0.0 Nov 164,254 149,520 D J F MAM J J A SO N Total Unemployment Rate 6.4 2000-2001 2001-2002 5.4 Monthly Data Not Seasonally Adjusted PERCENTAGES Month 4.5 Dec Jan Feb 3.6 Mar Apr May Jun 2.6 Jul Aug Sep Oct 1.7 Nov D J F M A M J J A S O N 2000-2001 2.6 % 2.9 3.1 3.0 2.8 3.0 3.7 3.6 3.6 3.8 4.1 4.1 2001-2002 4.2 % 4.4 4.7 4.7 4.4 4.7 5.4 5.1 4.9 5.1 4.9 4.6 Georgia Department of Labor Metro Atlanta Economic Indicators / January 2003 11 iInsured Unemployment Rate 2.6 2000-2001 2001-2002 2.1 PERCENTAGES 1.6 1.1 0.6 0.0 D J F M A M J MMARTA Passengers 7.4 2000-2001 2001-2002 6.9 6.4 MILLIONS 5.8 5.3 4.8 D J F M A M J Cobb Community Transit Passengers 223.9 2000-2001 2001-2002 197.2 170.5 THOUSANDS 143.9 117.2 90.6 D J F M AM J 12 Metro Atlanta Economic Indicators / January 2003 Monthly Data Seasonally Adjusted Month Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov J A S O N 2000-2001 0.78 % 0.82 0.88 0.93 1.02 1.13 1.23 1.35 1.44 1.68 1.75 2.01 2001-2002 1.99 % 2.00 2.02 2.06 2.07 2.00 1.93 1.85 1.75 1.81 1.83 1.83 Monthly Data Seasonally Adjusted Month 2000-2001 Dec Jan Feb M ar Apr M ay Jun Jul Aug current data not available Sep Oct Nov J A S O N 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 5,916,000 2001-2002 5,760,000 5,645,000 5,621,000 5,408,000 5,861,000 5,784,000 NA NA NA NA NA NA Monthly Data Seasonally Adjusted Month 2000-2001 2001-2002 Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov 123,707 141,285 130,075 174,076 147,888 168,529 177,233 176,523 189,661 173,058 187,596 193,266 172,187 186,592 170,281 165,386 172,867 168,728 164,431 178,617 185,072 178,318 197,598 191,583 J ASON Georgia Department of Labor Residential Construction 7.5 2000-2001 2001-2002 6.6 Monthly Data Seasonally Adjusted HOUSEHOLD UNITS ( THOUSANDS ) Month 5.8 Dec Jan Feb 4.9 M ar Apr M ay Jun 4.1 Jul Aug Sep Oct 3.2 Nov D J F M A M J J A S O N Nonresidential Construction $645 2000-2001 2001-2002 2000-2001 5,011 5,949 6,144 5,089 5,201 5,799 6,447 5,390 5,358 4,915 4,939 4,686 2001-2002 4,826 5,226 5,070 5,286 5,787 6,360 5,816 5,763 4,362 5,445 5,877 4,487 MILLIONS $518 Monthly Data Seasonally Adjusted $391 Month 2000-2001 2001-2002 $264 $137 $10 Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov $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 $186,475,000 332,767,000 347,867,000 170,535,000 314,321,000 221,446,000 354,182,000 292,381,000 206,251,000 341,426,000 276,428,000 322,078,000 D J F MAMJ J A SON Deflated Nonresidential Construction $360 2000-2001 2001-2002 $289 Monthly Data Seasonally Adjusted MILLIONS $218 Month 2000-2001 2001-2002 Dec $197,141,000 $105,532,000 Jan 202,690,000 187,898,000 $148 Feb M ar Apr M ay 184,865,000 179,051,000 243,570,000 176,082,000 195,651,000 95,378,000 174,817,000 123,162,000 $77 Jun 168,517,000 196,877,000 Jul 198,171,000 162,344,000 Aug 172,539,000 114,140,000 Sep 183,239,000 188,633,000 Oct 195,439,000 152,470,000 $6 Nov 253,687,000 177,649,000 D J F MAM J J A SON Georgia Department of Labor Metro Atlanta Economic Indicators / January 2003 13 Hotel Occupancy 75 2000-2001 2001-2002 69 Monthly Data Seasonally Adjusted PERCENTAGES Month 2000-2001 2001-2002 63 Dec 60.70 % 55.29 % Jan 65.05 59.85 Feb 64.85 59.54 56 M ar 66.92 61.04 Apr 63.47 61.54 M ay 64.03 57.71 Jun 65.04 58.23 50 Jul 61.16 60.92 Aug 63.66 60.08 Sep 51.34 53.08 Oct 58.12 58.63 44 Nov 55.98 54.76 D J F M A M J J A S O N Average Hotel Room Rates $89 2000-2001 2001-2002 DOLLARS $84 Monthly Data Seasonally Adjusted Month $80 Dec Jan Feb $76 M ar Apr M ay Jun $71 Jul Aug Sep Oct $67 Nov D J F MAMJ J A S O N Deflated Average Hotel Room Rates $51 2000-2001 2001-2002 2000-2001 2001-2002 $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 74.94 $49 Monthly Data Seasonally Adjusted DOLLARS Month $46 Dec Jan Feb $43 M ar Apr M ay Jun $40 Jul Aug Sep Oct $37 Nov D J F M A M J J A S O N 2000-2001 $43.53 47.13 45.89 46.15 44.59 45.82 45.66 43.60 44.78 40.39 44.18 42.11 2001-2002 $41.61 43.93 42.56 45.51 43.96 42.93 42.99 42.38 42.20 41.32 42.68 41.33 14 Metro Atlanta Economic Indicators / January 2003 Georgia Department of Labor Average 30-Year Fixed Mortgage Rate* 8.02 2000-2001 2001-2002 7.52 PERCENTAGES 7.02 6.52 6.02 5.52 D J F M A M J Average 15-Year Fixed Mortgage Rate* 7.70 2000-2001 2001-2002 Monthly Data Not Seasonally Adjusted Month Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov J A S O N * Does not include points 2000-2001 7.45 % 7.17 7.13 7.02 7.11 7.22 7.22 7.18 7.01 6.82 6.62 6.72 2001-2002 7.17 % 7.03 6.85 7.00 6.96 6.77 6.60 6.44 6.27 6.16 6.16 6.05 7.08 PERCENTAGES 6.46 5.84 5.22 4.60 D J F M A M J J A S O N * Does not include points Average One-Year Adjustable Mortgage Rate* 8.61 2000-2001 2001-2002 Monthly Data Not Seasonally Adjusted Month 2000-2001 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 Nov 6.24 2001-2002 6.65 % 6.52 6.37 6.55 6.49 6.29 6.11 5.94 5.75 5.58 5.55 5.44 7.43 Monthly Data Not Seasonally Adjusted PERCENTAGES 6.25 5.07 3.89 2.71 Month Dec Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov D J F M A M J J A S O N * Does not include points 2000-2001 6.92 % 6.50 6.22 6.00 5.83 5.79 5.71 5.67 5.57 5.38 5.05 5.05 2001-2002 5.26 % 4.99 4.84 4.98 4.92 4.67 4.29 4.05 3.99 4.20 4.05 3.76 Georgia Department of Labor Metro Atlanta Economic Indicators / January 2003 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 bill.webb@dol.state.ga.us Bill Webb Workforce Information and Analysis Georgia Department of Labor 148 Andrew Young International Boulevard, N.E. 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