GEORGIA H I S T O R I C A L S E R I E S Economic Indicators Annual Report of Georgia State Labor Market and Economic Trends 1990 - 2002 Issue 9 Georgia Department of Labor Michael L. Thurmond Commissioner Georgia Economic Indicators Historical Series 1990 - 2002 Data Issue 9 Cover art: The State Capitol - Huey J. Theus, Mableton, Georgia Georgia Economic Indicators, Historical Series, 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. Visit the Georgia Department of Labor web site at www.dol.state.ga.us Georgia Department of Labor Michael L. Thurmond, Commissioner Equal Opportunity Employer/Programs - Auxiliary Aids and Services Available Upon Request to Individuals With Disabilities Introduction Georgia Economic Indicators, Historical Series, is designed to provide in a single publication historical data on a number of indicators used to measure movement of the state's economy. It is updated annually. Data for these indicators have been collected and disseminated for many years by agencies of the state and federal governments and the private sector, but not under a single cover. Contributing agencies include Georgia's Department of Labor, Department of Revenue and Office of Secretary of State, the U.S. Bureau of the Census, the U.S. Bureau of Labor Statistics and F.W. Dodge, a division of McGraw Hill Publishing Co. As in Georgia Economic Indicators, Quarterly Report, a companion publication, data are presented in graphic and tabular form. Figures are seasonally adjusted, using the X-11 ARIMA method. Companion graphs show monthly data movements over the historical time series; whereas, data tables display yearly averages for the historical time period. The historical series is a 1990-2002 supplement. 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. Please note: Annually, employment estimates are adjusted to a count of all employees in a geographical area (known as benchmarking). Revisions to 2002, 2001 and 2000 nonfarm jobs have been completed. These newly benchmarked series are reflected in this issue. This issue also includes newly converted employment data ( nonagricultural, retail and manfacturing employment ) that were converted to the new North American Industry Classifications System ( NAICS). Workforce Information and Analysis welcomes comments, suggestions or questions concerning Georgia Economic Indicators, Quarterly Report and Georgia Economic Indicators, Historical Series. Please address letters to Bill Webb, Workforce Information and Analysis, Georgia Department of Labor, 148 Andrew Young International Boulevard, Atlanta, Georgia 30303-1751. The telephone number is (404) 656-3177. Data Sources Initial Unemployment Claims, Continuing Unemployment Claims, Insured Unemployment Rate, Nonagricultural Employment, Nonfarm Job Openings Unfilled, Weekly Manufacturing Earnings, Retail Employment, Manufacturing Employment and Manufacturing Workweek -- Georgia Department of Labor Seasonally Adjusted Unemployment Rate -- U.S. Bureau of Labor Statistics New Motor Vehicles and Total Revenue Collections -- Georgia Department of Revenue New Business Corporations -- Georgia Secretary of State Residential Construction -- U.S. Department of Commerce Nonresidential Construction -- F.W. Dodge, McGraw-Hill Construction Information Group 2 Georgia Economic Indicators Nonagricultural Employment * 4.4 4.0 3.7 Monthly Averages Seasonally Adjusted MILLIONS Year Average Year Average 3.3 1990 2,992,200 1997 3,614,200 1991 2,937,600 1998 3,740,600 1992 2,986,300 1999 3,854,800 3.0 1993 3,109,400 2000 3,948,300 1994 3,265,700 2001 3,943,500 1995 3,402,100 2002 3,905,900 2.6 1996 3,527,300 90 92 94 96 98 00 02 Retail Employment * 605 530 THOUSANDS 455 Monthly Averages Seasonally Adjusted Year Average Year Average 380 1990 358,300 1997 434,900 1991 345,000 1998 444,000 1992 347,900 1999 455,600 305 1993 363,300 2000 469,500 1994 385,600 2001 460,800 1995 405,600 2002 454,200 230 1996 427,000 90 92 94 96 98 00 02 Manufacturing Employment * 590 555 THOUSANDS Monthly Averages 520 Seasonally Adjusted Year Average 485 1990 506,600 1991 483,600 1992 491,500 450 1993 511,600 1994 526,900 1995 540,200 1996 544,500 415 90 92 94 96 98 00 02 * Annual averages may vary from officially published series due to seasonal adjustment methodology and rounding. Year 1997 1998 1999 2000 2001 2002 Average 547,700 545,800 543,800 534,700 498,400 471,900 3 Georgia Economic Indicators Manufacturing Workweek* 46 44 43 HOURS 41 40 38 90 92 94 96 98 Weekly Manufacturing Earnings* $625 00 02 Monthly Averages Seasonally Adjusted Year 1990 1991 1992 1993 1994 1995 1996 Average 40.9 40.9 41.4 41.7 42.4 42.3 42.3 Year 1997 1998 1999 2000 2001 2002 Average 42.4 41.8 41.9 41.4 40.4 40.9 DOLLARS $560 Monthly Averages $495 Seasonally Adjusted Year Average Year Average $430 1990 $374.88 1997 $493.14 1991 391.47 1998 503.10 1992 407.93 1999 522.43 $365 1993 420.22 2000 537.90 1994 438.63 2001 505.33 1995 452.83 2002 547.46 $300 1996 473.54 90 92 94 96 98 00 02 Deflated Manufacturing Earnings $365 DOLLARS $340 Monthly Averages $315 Seasonally Adjusted Year Average Year Average $290 1990 $286.83 1997 $307.25 1991 287.42 1998 308.65 1992 290.75 1999 313.59 $265 1993 290.81 2000 312.37 1994 295.97 2001 285.34 1995 297.14 2002 304.31 $240 1996 301.81 90 92 94 96 98 00 02 4 * Annual averages may vary from officially published series due to seasonal adjustment methodology and rounding. Georgia Economic Indicators Nonfarm Job Openings Unfilled 25 THOUSANDS 20 Monthly Averages 16 Seasonally Adjusted Year Average Year Average 11 1990 10,909 1997 12,492 1991 7,397 1998 15,850 1992 8,683 1999 16,962 7 1993 12,128 2000 15,830 1994 16,792 2001 9,086 1995 16,170 2002 9,962 2 1996 14,443 90 92 94 96 98 00 02 Initial Unemployment Claims 85 69 THOUSANDS Monthly Averages 53 Seasonally Adjusted Year Average Year Average 37 1990 41,278 1997 25,502 1991 43,798 1998 29,880 1992 37,550 1999 30,788 21 1993 33,985 2000 33,229 1994 32,285 2001 54,845 1995 33,995 2002 47,930 5 1996 30,866 90 92 94 96 98 00 02 Continuing Unemployment Claims 450 THOUSANDS 372 Monthly Averages 294 Seasonally Adjusted Year Average Year Average 216 1990 204,574 1997 159,731 1991 285,859 1998 142,875 1992 242,314 1999 142,056 138 1993 195,731 2000 149,768 1994 173,018 2001 269,152 1995 176,560 2002 319,495 60 1996 169,247 90 92 94 96 98 00 02 5 Georgia Economic Indicators Unemployment Rate 9.7% PERCENTAGES 7.9% Monthly Averages 6.2% Not Seasonally Adjusted Year Average Year Average 1990 5.5% 1997 4.5% 4.4% 1991 5.0 1998 4.2 1992 7.0 1999 4.0 2.7% 1993 5.8 2000 3.7 1994 5.2 2001 4.0 1995 4.9 2002 5.1 0.9% 1996 4.6 90 92 94 96 98 00 02 Insured Unemployment Rate 3.5% PERCENTAGES 2.8% Monthly Averages 2.1% Seasonally Adjusted Year Average Year Average 1.4% 1990 1.64% 1997 1.07% 1991 2.31 1998 0.93 1992 1.94 1999 0.89 0.7% 1993 1.55 2000 0.93 1994 1.34 2001 1.61 1995 1.26 2002 1.97 0.0% 1996 1.20 90 92 94 96 98 00 02 New Motor Vehicle Sales 80 65 Monthly Averages Seasonally Adjusted 50 THOUSANDS Year Average Year Average 1990 32,572 1997 40,406 35 1991 28,469 1998 44,099 1992 29,975 1999 47,079 20 1993 36,459 2000 48,478 1994 41,547 2001 47,534 1995 42,800 2002 45,042 5 1996 43,525 90 92 94 96 98 00 02 6 Georgia Economic Indicators Residential Construction 12 HOUSEHOLD UNITS (THOUSANDS) 9 Monthly Averages Seasonally Adjusted 7 Year Average Year Average 1990 3,423 1997 6,356 5 1991 3,208 1998 7,349 1992 3,768 1999 7,546 1993 4,597 2000 7,688 3 1994 5,109 2001 7,750 1995 6,432 2002 8,006 1 1996 6,614 90 92 94 96 98 00 02 Nonresidential Construction $1,000 MILLIONS $800 Monthly Averages Seasonally Adjusted $600 Year Average Year Average 1990 $217,465,000 1997 $398,973,500 $400 1991 194,721,400 1998 482,612,200 1992 205,443,500 1999 531,936,200 1993 212,950,700 2000 510,899,200 $200 1994 252,999,000 2001 490,767,800 1995 364,952,800 2002 454,724,700 1996 312,783,000 $0 90 92 94 96 98 00 02 Deflated Nonresidential Construction $875 MILLIONS $700 Monthly Averages Seasonally Adjusted $525 Year Average Year Average 1990 $260,749,400 1997 $387,730,000 $350 1991 231,535,600 1998 457,020,000 1992 239,444,600 1999 481,830,000 $175 1993 236,611,900 2000 443,100,000 1994 268,576,400 2001 410,340,000 1995 371,642,400 2002 372,420,000 $0 1996 312,783,000 90 92 94 96 98 00 02 7 Georgia Economic Indicators New Corporations 8 CHARTERS (THOUSANDS) 6 Monthly Averages Seasonally Adjusted 5 Year Average Year Average 1990 1,948 1997 3,601 3 1991 1,860 1998 3,866 1992 2,183 1999 4,304 1993 2,397 2000 4,630 2 1994 2,660 2001 4,441 1995 3,040 2002 5,097 0 1996 3,146 90 92 94 96 98 00 02 Total State Revenues $1.8 BILLIONS $1.5 Monthly Averages Seasonally Adjusted $1.2 Year Average Year Average 1990 $577,976,436 1997 $899,369,038 $0.9 1991 568,447,813 1998 977,394,307 1992 608,900,252 1999 1,043,466,696 $0.6 1993 679,815,602 2000 1,132,582,848 1994 733,236,708 2001 1,126,646,517 1995 786,966,317 2002 1,062,435,839 $0.3 1996 859,200,523 90 92 94 96 98 00 02 Deflated Total State Revenues $985 MILLIONS $835 Monthly Averages $685 Seasonally Adjusted Year Average Year Average $535 1990 $442,216,095 1997 $560,354,541 1991 417,362,565 1998 599,628,409 1992 433,998,754 1999 626,330,550 $385 1993 470,460,624 2000 657,713,616 1994 494,761,611 2001 636,164,041 1995 516,382,098 2002 590,570,228 $235 1996 547,610,276 90 92 94 96 98 00 02 8