Metro Atlanta economic indicators, monthly report, Vol. 5, no. 12 (Feb. 2003)

A T L A N TA

METROPOLITAN
Economic Indicators

A Monthly Report of Atlanta Labor Market and Economic Trends

February 2003

Volume 5, Issue 12

Georgia Department of Labor
Michael L. Thurmond Commissioner

Metro Rockdale

Pickens Bartow Cherokee Forsyth

Cobb Paulding

Gwinnett Barrow

Carroll

Douglas Fulton DeKalb
Clayton

Walton Newton

Fayette
Coweta

Henry

Spalding

Atlanta
Economic
Indicators
Monthly Report Volume 5, Issue 12 February 2003

December 2002 Data
Cover art: Herndon Home, 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 30303-1751. 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 / February 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 / February 2003

Georgia Department of Labor

Consumer Price Index for Atlanta

1978 1979 1980 1981 1982 1983 1984

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

1985

107

107.6

108.8

109.9

110.4

111.2

5.4

1986 1987 1988 1989

111.7

111.1

112.2 115.5 119.1 124.9

112.4

112.7

113.5

2.1

117.5

3.5

121.7

3.6

127.3

4.6

1990 1991

130.8 135.5

132.6

4.2

136.2

2.7

1992 1993

138.6 142.2

138.5

1.7

144.7

4.5

1994 1995

146.7 150.3

146.7

1.4

151.5

3.3

1996 1997

154.7 158.3

157.2

3.8

159.5

1.5

1998 1999

159.5 161.9

160.8 164

162 164.8

161.9 165.9

162 166.5

161.6

1.4

167

3.3

2000 2001

167.4 175.3

169.8 176.6

170.9 177.8

172.1 176.9

171.9 176.7

171.9

2.9

174.8

1.7

2002

176.1

178.6

179.1

179.7

179.4

178.2

1.4

Source: U.S. Bureau of Labor Statistics @ www.bls.gov
Atlanta's CPI increases 1.4 percent on 2002

The Consumer Price Index for All Urban Consumers (CPIU) for Atlanta decreased 1.2 percent over the two months ending in December to a level of 177.3 (1982-84=100), not seasonally adjusted, 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 1.4 percent.
For the 12 months ending in December 2002, prices in Atlanta have increased 1.4 percent compared to the 1.7 percent annual increase recorded in calendar year 2001. The increase was the smallest calendar year increase in consumer prices in the Atlanta area since 1998.
Housing costs dropped 0.9 percent over the two months after registering a 2.1 percent decline in

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%

the September-October pricing period. Costs for shelter decreased 0.6 percent while costs for fuels and utilities climbed 0.9 percent. The rise in the fuel and utilities index reflected a 4.6 percent increase in costs for utility natural gas service and a 0.8 percent decline in the costs for electricity. For the 12 months

ending in December, housing costs increased 0.2 percent.
Apparel costs experienced their largest two-month decline recorded in the index, dropping 9.4 percent. The decline occurred after a 7.7 percent increase recorded in the SeptemberOctober pricing period. The index, which is subject to large fluctuations, registered an overall 0.3 percent decline in calendar year 2002.
Transportation costs dropped 1.6 percent, after increasing 0.6 percent during the previous pricing period. The decline was attributable to an 8.0 percent drop in the cost of gasoline. Transportation costs in the Atlanta area stand 4.3 percent above the level recorded in December 2001.
The medical care index recorded no change after increasing 6.9 percent in the September-October pricing period. For calendar year 2002, the medical care index rose 12.1 percent.

Georgia Department of Labor

Metro Atlanta Economic Indicators / February 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 economy continues to turn around slowly

The Georgia Department of Labor's Index of Leading Economic Indicators (LEI) for the Atlanta metropolitan area increased 0.3 percent in December, to a level of 162.5 from a revised 161.9 in November, after seasonal adjustment.
The leading index increased in December following two months of decline. In 2002, the index increased half of the months with only one stretch of three consecutive monthly increases.
During the month of December initial jobless claims increased 9.6 percent. Strong demand for starter homes continued to fuel the need for more residential construction (up 11.2 percent in December) as more renters transitioned into the housing market. Activity in the commercial construction sector declined 12.3 percent after posting a double digit increase in November. The manufacturing workweek increased 0.6 percent but still remains under 40 hours.

Recent 12 Months

171.3

Leading Coincident

163.8

156.2

148.7

141.1

1987-88 = 100

133.6

J

FM

AM

J

JA

S

OND

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.

The Index of Coincident Economic Indicators (CEI) declined 2.3 percent in December, to a level of 140.6 from a revised 144.0, after seasonal adjustment.
The coincident index declined 2.0 percent in 2002, a vast improvement from the perious year when the index plunged
11.8percent.The CEIindex increased halfoftheyearanddeclinedtheother half.
During the mild holiday season nonfarm employment declined 0.2 percent in December.Retailemploymentfollowedsuitbydeclining0.4percent. The unemployment rate in the metro area increasedto4.7percent. Thiensured unemployment rate increased from 1.83 to 1.88 percent.
The economy may not be back to normal but the economic backdrop continuestoturnaroundslowly.Localeconomistslookformorepersistentgrowthtowards the end of 2003.

4 Metro Atlanta Economic Indicators / February 2003

Georgia Department of Labor

Data Summary
December 2002 Data

Metro Atlanta Economic Indicators

Dec 2002

Nov 2002

Dec 2001

Percent Percent Change Change

Nov 2002 Dec 2001

to

to

Dec 2002 Dec 2002

Nonagricultural Employment

2,124,767

Wholesale Employment

159,719

Retail Employment

374,653

Services Employment

687,360

Manufacturing Employment

201,947

Government Employment

279,772

Construction Employment

104,419

Transp. & Pub. Utilities Employment

175,886

Finance, Insurance & Realty Employment

138,134

Business Services Employment

218,183

Health Services Employment

136,945

Social Services Employment

36,561

Manufacturing Workweek

39.2

Manufacturing Earnings

$560.40

Deflated Manufacturing Earnings

$309.78

Initial Unemployment Claims

14,435

Continued Unemployment Claims

174,931

Total Unemployment Rate ( not seasonally adjusted ) 4.7%

Insured Unemployment Rate

1.88%

MARTA Passengers

5,502,000

Cobb County Transit Passengers

183,420

Residential Construction (household units)

4,991

Nonresidential Construction (value)

$282,435,000

Deflated Nonresidential Construction

$156,128

Hotel Occupancy

55.5%

Average Hotel Room Rates

$75.76

Deflated Average Hotel Room Rate

$41.88

Average 30-Year Fixed Mortgage Rate

6.00%

Average 15-Year Fixed Mortgage Rate

5.40%

Average One-Year Adjustable Mortgage Rate

3.63%

Georgia Department of Labor

2,130,576 158,577 376,484 691,832 203,220 280,802 103,160 176,545 138,972 218,558 136,343 36,867 39.0 $547.98 $302.25 13,161 149,520 4.6% 1.83%
5,261,000 191,583 4,487
$322,078,000 $177,649 54.8% $74.94 $41.33 6.05% 5.44% 3.76%

2,147,497 162,368 395,442 663,531 208,484 277,667 114,719 181,429 140,207 204,204 131,098 33,752 38.9 $559.84 $316.83 13,885 189,033 4.2% 1.99%
5,754,000 172,187 4,826
$186,475,000 $105,532 55.3% $73.52 $41.61 7.17% 6.65% 5.26%

-0.27 0.72 -0.49 -0.65 -0.63 -0.37 1.22 -0.37 -0.60 -0.17 0.44 -0.83 0.68 2.27 2.49 9.68 17.00
4.58 -4.26 11.24 -12.31 -12.11 1.10 1.32 -

-1.06 -1.63 -5.26 3.59 -3.14 0.76 -8.98 -3.05 -1.48 6.85 4.46 8.32 0.77 0.10 -2.22 3.96 -7.46
-4.38 6.52 3.43 51.46 47.94 3.05 0.66 -

Metro Atlanta Economic Indicators / February 2003 5

Nonagricultural Employment

2.24

2001

2002

2.21

2.18

2.15

2.12

2.09

J

FMA

M

J

J

A

Wholesale Employment

179.7

2001

2002

174.1

168.6

163.1

157.6

152.1

J

F

MA M

J

J

A

Retail Employment

411.0

2001

2002

402.5

394.0

385.5

377.0

368.5

J

F

MA

M

J

J

A

6 Metro Atlanta Economic Indicators / February 2003

Monthly Data
Seasonally Adjusted

Month

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

S

O

N

D

2001
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

2002
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 2,124,767

SO

Monthly Data
Seasonally Adjusted

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

2001
170,504 169,542 169,720 169,364 168,736 169,520 170,210 167,889 168,089 168,062 167,416 162,368

2002
163,076 160,916 158,105 159,949 159,030 158,037 158,821 157,718 160,102 158,812 158,577 159,719

Monthly Data
Seasonally Adjusted

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

2001
398,320 398,616 400,920 401,984 401,803 401,290 396,967 396,531 395,769 395,528 394,349 395,442

2002
386,814 383,758 385,735 390,801 386,119 382,918 384,831 382,883 382,030 376,405 376,484 374,653

S

O

N

D

Georgia Department of Labor

Services Employment

706.0

2001

2002

694.9

683.8

672.8

661.7

650.6

J

F

MA

M

J

Manufacturing Employment

223.7

2001

2002

218.2

212.7

207.2

201.7

196.2 J

FMA

Government Employment
289.1 2001

M

J

2002

283.1

277.1

271.1

265.1

259.1 J

FMA

MJ

Georgia Department of Labor

J

A

J

A

J

A

Monthly Data
Seasonally Adjusted

Month

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

S

O

N

D

2001
687,922 687,678 688,722 693,171 689,963 688,556 688,432 685,960 681,110 681,820 670,195 663,531

2002
662,269 667,703 672,940 680,212 680,261 683,179 680,559 683,544 681,045 685,513 691,832 687,360

Monthly Data
Seasonally Adjusted

Month

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

S

O

N

D

2001
215,961 216,332 215,752 213,394 211,695 211,596 210,996 210,224 210,013 210,737 207,678 208,484

2002
212,496 212,370 207,679 210,328 212,331 211,911 207,807 207,441 204,829 203,686 203,220 201,947

Monthly Data
Seasonally Adjusted

Month

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

S

O

N

D

2001
270,538 272,243 272,965 272,995 272,817 272,967 270,500 268,116 273,845 274,057 275,806 277,667

2002
276,408 276,737 277,134 276,982 276,579 273,836 270,847 272,294 277,767 279,990 280,802 279,772

Metro Atlanta Economic Indicators / February 2003 7

Construction Employment

130.5

2001

2002

123.4

Monthly Data
Seasonally Adjusted

116.3 109.2 102.1
95.0

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

J

F

MA M

J

J

A

SO

N

D

Transportation and Public Utilities Employment

203.0

2001

2002

2001
119,720 120,093 120,265 122,183 121,631 122,045 120,752 122,476 121,443 123,625 118,467 114,719

2002
114,884 115,255 112,918 113,142 111,847 111,814 107,385 103,528 101,779 105,234 103,160 104,419

196.3

Monthly Data
Seasonally Adjusted

189.6

Month

Jan

Feb

Mar

182.9

Apr

May

Jun

Jul

176.2

Aug

Sep

Oct

Nov

169.5

Dec

J

F

M

A

M

J

J

A

S

O

N

D

2001
193,645 192,909 193,073 194,821 194,625 194,442 192,674 193,229 191,284 187,871 183,492 181,429

Finance, Insurance and Realty Employment

145.9

2001

2002

2002
179,208 177,463 177,345 176,788 178,310 178,945 179,123 180,145 178,246 176,524 176,545 175,886

144.1

Monthly Data
Seasonally Adjusted

142.3

Month

2001

2002

140.5 138.8 137.0

Jan

141,392

140,850

Feb

141,711

142,382

Mar

142,343

142,397

Apr

143,418

140,331

May

143,536

139,531

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

Nov

141,056

138,972

Dec

140,207

138,134

J

F

MA

M

J

J

A

S

O

N

D

8 Metro Atlanta Economic Indicators / February 2003

Georgia Department of Labor

Business Services Employment
252.1

2001

2002

240.0

228.0

215.9

203.8

191.8

J

F

MA

M

J

Health Services Employment

145.6

2001

2002

140.6

135.6

130.6

125.6

120.6

J

FMA

M

J

Social Services Employment

39.6

2001

2002

37.6

35.6

33.6

31.6

29.6

J

F

MA

M

J

Georgia Department of Labor

J

A

J

A

J

A

Monthly Data
Seasonally Adjusted

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

S

O

N

D

2001
231,751 229,301 229,264 226,603 225,539 222,177 223,289 222,957 220,140 216,269 204,182 204,204

2002
202,527 204,004 206,958 210,704 211,345 210,759 207,776 212,847 211,806 213,275 218,558 218,183

Monthly Data
Seasonally Adjusted

Month

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

S

O

N

D

2001
125,934 126,943 127,363 128,711 129,493 130,653 130,221 129,892 130,478 132,458 131,142 131,098

2002
130,877 133,077 132,974 134,092 133,191 134,828 135,523 135,690 136,111 137,478 136,343 136,945

Monthly Data
Seasonally Adjusted

Month

2001

2002

Jan

32,180

34,620

Feb

32,164

34,550

Mar

32,188

34,644

Apr

32,128

34,711

May

32,021

35,489

Jun

31,950

35,314

Jul

32,622

36,012

Aug

32,100

36,180

Sep

32,960

36,080

Oct

33,386

36,556

Nov

33,895

36,867

Dec

33,752

36,561

SO

ND

Metro Atlanta Economic Indicators / February 2003

9

Manufacturing Workweek

41.7

2001

2002

40.7

39.7

38.7

37.8

36.8

J

F

M

A

Manufacturing Earnings

$619

2001

M

J

2002

J

A

Monthly Data
Seasonally Adjusted

Month

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

S

O

N

D

2001
39.1 38.9 38.9 38.4 39.6 40.1 38.8 39.6 39.8 38.6 38.9 38.9

2002
38.9 39.3 40.3 39.2 39.1 40.6 38.5 38.9 39.4 39.5 39 39.2

$596

$574

$552

$529

$507

J

F

M

A

M

J

Deflated Manufacturing Earnings

$345

2001

2002

JA

S

O

Monthly Data
Seasonally Adjusted

Month

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

N

D

2001
$550.79 553.01 551.74 541.22 561.95 575.65 555.9 561 569.47 544.9 543.04 559.84

2002
$552.14 578.59 580.85 556.57 561.44 593.45 550.87 547.56 561.26 553.8 547.98 560.4

$332

$319

$305

$292

$279

J

F

M

A

M

J

JA

10 Metro Atlanta Economic Indicators / February 2003

Monthly Data
Seasonally Adjusted

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

2001
$314.56 314.57 313.13 305.95 316.23 323.4 313.18 316.06 319.39 306.64 306.11 316.83

2002
$311.77 325.42 324.86 309.55 312.26 329.88 305.87 303.02 310.09 305.46 302.25 309.78

S

O

N

D

Georgia Department of Labor

Initial Unemployment Claims

25.8

2001

2002

21.0

16.2

11.5

6.7

1.9

J

F

MA

M

J

Continued Unemployment Claims

277.0

2001

2002

221.6

166.2

110.8

55.4

0.0

J

F

M

A

M

J

Total Unemployment Rate

6.4

2001

2002

5.4

4.5

3.6

2.6

1.7

J

F

MA

M

J

Georgia Department of Labor

J

A

JA

JA

Monthly Data
Seasonally Adjusted

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

S

O

N

D

2001
11,539 10,223 10,221 10,910 11,798 10,967 11,834 13,049 12,523 19,180 17,429 13,885

2002
14,616 12,464 13,598 14,740 15,425 13,081 12,510 12,839 13,455 14,257 13,161 14,435

Monthly Data
Seasonally Adjusted

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

SO

N

D

2001
78,839 80,310 76,932 110,332 104,108 109,620 124,874 123,371 131,061 190,425 164,254 189,033

2002
166,026 181,110 168,001 219,796 177,935 167,583 172,590 152,519 192,508 162,246 149,520 174,931

Monthly Data
Not Seasonally Adjusted

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

2001
2.9 % 3.1 3 2.8 3 3.7 3.6 3.6 3.8 4.1 4.1 4.2

2002
4.4 % 4.7 4.7 4.4 4.7 5.4 5.1 4.9 5.1 4.9 4.6 4.7

S

O

N

D

Metro Atlanta Economic Indicators / February 2003

11

iInsured Unemployment Rate

2.6

2001

2002

2.1
Monthly Data
Seasonally Adjusted

1.6

Month

Jan

Feb

Mar

1.1

Apr

May

Jun

Jul

0.6

Aug

Sep

Oct

Nov

0.0

Dec

J

F

M

A

M

J

J

A

S

O

N

D

MMARTA Passengers

2001
0.82 % 0.88 0.93 1.02 1.13 1.23 1.35 1.44 1.68 1.75 2.01 1.99

7.4

2001

2002

2002
2% 2.02 2.06 2.07 2 1.93 1.85 1.75 1.81 1.83 1.83 1.88

6.9
Monthly Data
Seasonally Adjusted

6.4

Month

Jan

Feb

Mar

5.8

Apr

May

Jun

Jul

5.3

Aug

Sep

Oct

Nov

4.8

Dec

J

F

M

A

M

J

J

A

S

O

N

D

2001
6,600,000 6,228,000 6,378,000 6,335,000 6,572,000 6,512,000 5,496,000 6,206,000 5,974,000 6,034,000 5,914,000 5,754,000

Cobb Community Transit Passengers

223.9

2001

2002

2002
5,649,000 5,600,000 5,403,000 5,850,000 5,788,000 5,343,000 5,023,000 5,701,000 5,505,000 5,599,000 5,261,000 5,502,000

197.2

170.5

143.9

117.2

90.6

J

F

MA

M

J

JA

12 Metro Atlanta Economic Indicators / February 2003

SO

Monthly Data
Seasonally Adjusted

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

2001
141,285 130,075 174,076 147,888 168,529 177,233 176,523 189,661 173,058 187,596 193,266 172,187

2002
186,592 170,281 165,386 172,867 168,728 164,431 178,617 185,072 178,318 197,598 191,583 183,420

ND

Georgia Department of Labor

Residential Construction

7.5

2001

2002

6.6

Monthly Data

Seasonally Adjusted

5.8

Month

J

F

M

4.9

A

M

J

J

4.1

A

S

O

N

3.2

D

J

F

M

A

M

J

J

A

S

O

N

D

Nonresidential Construction

$645

2001

2002

2001
5.949 6.144 5.089 5.201 5.799 6.447 5.390 5.358 4.915 4.939 4.686 4.826

$518

Monthly Data
Seasonally Adjusted

$391

Month

J

F

M

$264

A

M

J

J

$137

A

S

O

N

$10

D

J

F

MA

M

J

J

A

S

O

N

D

2001
$343 355 325 315 431 313 300 352 306 327 347 450

Deflated Nonresidential Construction

$360

2001

2002

2002
5.226 5.070 5.286 5.787 6.360 5.816 5.763 4.362 5.445 5.877 4.487 4.991
2002
$186 333 348 171 314 221 354 292 206 341 276 322

$289

$218

$148

$77

$6

J

F

MA

M

J

Georgia Department of Labor

J

A

Monthly Data
Seasonally Adjusted

Month

2001

2002

J

$203

$188

F

185

196

M

179

95

A

244

175

M

176

123

J

169

197

J

198

162

A

173

114

S

183

189

O

195

152

N

254

178

D

106

156

S

O

N

D

Metro Atlanta Economic Indicators / February 2003 13

Hotel Occupancy

75

2001

2002

69

63

56

50

44

J

F

MA

M

J

Average Hotel Room Rates

$89

2001

2002

JA

SO

Monthly Data
Seasonally Adjusted

Month
J F M A M J J A S O N D
ND

2001
65.05 % 64.85 66.92 63.47 64.03 65.04 61.16 63.66 51.34 58.12 55.98 55.29

2002
59.85% 59.54 61.04 61.54 57.71 58.23 60.92 60.08 53.08 58.63 54.76 55.53

$84
Monthly Data
Seasonally Adjusted

$80

Month

J

F

M

$76

A

M

J

J

$71

A

S

O

N

$67

D

J

FMA

M

J

J

A

S

O

N

D

Deflated Average Hotel Room Rates

2001
$82.53 80.68 81.33 78.87 81.42 81.28 77.39 79.49 72.01 78.51 74.7 73.52

$51

2001

2002

2002
$77.81 75.67 81.37 79.05 77.18 77.34 76.33 76.25 74.79 77.39 74.94 75.76

$49

$46

$43

$40

$37

J

F

MA

M

J

J

A

14 Metro Atlanta Economic Indicators / February 2003

SON

Monthly Data
Seasonally Adjusted

Month

2001

2002

J

$47.13

$43.93

F

45.89

42.56

M

46.15

45.51

A

44.59

43.96

M

45.82

42.93

J

45.66

42.99

J

43.6

42.38

A

44.78

42.2

S

40.39

41.32

O

44.18

42.68

N

42.11

41.33

D

41.61

41.88

D

Georgia Department of Labor

Average 30-Year Fixed Mortgage Rate*

8.02

2001

2002

7.52

7.02

6.52

6.02

5.52

J

F

MA

M

J

J

Average 15-Year Fixed Mortgage Rate*

7.70

2001

2002

Monthly Data
Not Seasonally Adjusted

Month

J F M A M J J A S O N D

A

SO

ND

* Does not include points

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

2002
7.03 % 6.85 7 6.96 6.77 6.6 6.44 6.27 6.16 6.16 6.05 6

7.08

6.46

5.84

5.22

4.60

J

F

MA

M

J

J

A

SO

ND

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

8.61

2001

2002

Monthly Data
Not Seasonally Adjusted

Month
J F M A M J J A S O N D

2001
6.74 % 6.73 6.59 6.62 6.7 6.77 6.73 6.53 6.35 6.15 6.24 6.65

2002
6.52 % 6.37 6.55 6.49 6.29 6.11 5.94 5.75 5.58 5.55 5.44 5.4

7.43

6.25

5.07

3.89

2.71

J

F

MA

M

J

Georgia Department of Labor

Monthly Data
Not Seasonally Adjusted

Month
J F M A M J J A S O N D

2001
6.5 % 6.22 6 5.83 5.79 5.71 5.67 5.57 5.38 5.05 5.05 5.26

2002
4.99 % 4.84 4.98 4.92 4.67 4.29 4.05 3.99 4.2 4.05 3.76 3.63

JA

SO N

D

* Does not include points

Metro Atlanta Economic Indicators / February 2003 15

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