GEORGIA HISTORICAL SERIES Economic Indicators Annual Report of Georgia State Labor Market and Economic Trends 1991 - 2004 Issue 11 Georgia Department of Labor Michael L. Thurmond Commissioner Georgia Economic Indicators Historical Series 1991 - 2004 Data Issue 11 Cover art: The State Capitol - Huey J. Theus 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) 232-3875. 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. As in Georgia-Atlanta 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 1991-2004 supplement. Where appropriate, companion graphs and tables show data which 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 2000 - 2004 nonfarm jobs have been completed. These newly benchmarked series are reflected in this issue. Employment data have been converted to the North America Industry Classification System (NAICS). Workforce Information and Analysis welcomes comments, suggestions or questions concerning Georgia-Atlanta 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) 232-3875. Data Sources Initial Unemployment Claims, Continuing Unemployment Claims, Insured Unemployment Rate, Nonagricultural Employment, Nonfarm Job Openings Unfilled, Weekly Manufacturing Earnings, Retail Employment, Manufacturing Employment, Manufacturing Workweek and Unemployment Rate -- Georgia Department of Labor 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 U.S. Consumer Price Index -- U.S. Bureau of Labor Statistics Construction Price Deflator Index -- U.S. Census Bureau (1996=100) MILLIONS Georgia Economic Indicators 4.5 565 4.0 535 THOUSANDS 3.5 505 3.0 475 2.5 445 Nonagricultural Employment 2.0 Manufacturing Employment 415 ' 91 ' 93 '95 ' 97 ' 99 ' 01 ' 03 ' 05 ' 91 ' 93 ' 95 ' 97 ' 99 ' 01 ' 03 ' 05 580 7.5 510 6.0 THOUSANDS 440 4.5 370 3.0 300 1.5 Retail Employment 230 New Business Corporations 0.0 ' 91 ' 93 ' 95 ' 97 ' 99 ' 01 ' 03 ' 05 ' 91 ' 93 ' 95 ' 97 ' 99 ' 01 ' 03 ' 05 THOUSANDS Period 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Nonagricultural* 2,937,600 2,986,300 3,109,400 3,265,700 3,402,100 3,527,300 3,614,200 3,740,600 3,854,200 3,949,600 3,942,500 3,869,500 3,845,500 3,890,700 Employment Retail* 345,000 347,900 363,300 385,600 405,600 427,000 434,900 444,000 455,600 469,600 460,600 451,100 444,800 443,500 Manufacturing* 483,600 491,500 511,600 526,900 540,200 544,500 547,700 545,800 543,700 534,900 498,300 466,700 452,100 445,300 * Annual averages may vary from officially published series due to seasonal adjustments and rounding. Includes limited liability companies 2 New Business Corporations 1,860 2,183 2,397 2,660 3,040 3,146 3,601 3,863 4,298 4,630 4,444 5,099 5,605 5,947 HOURS Georgia Economic Indicators 44.5 $365 43.0 $340 41.5 $315 DOLLARS 40.0 $290 38.5 $265 Manufacturing Workweek 37.0 Deflated Manufacturing Earnings $240 ' 91 ' 93 ' 95 ' 97 ' 99 ' 01 ' 03 ' 05 ' 91 ' 93 ' 95 ' 97 ' 99 ' 01 ' 03 ' 05 $675 27 $600 22 $525 17 THOUSANDS $450 12 $375 7 Weekly Manufacturing Earnings $300 Nonfarm Job Openings Unfilled 2 ' 91 ' 93 ' 95 ' 97 ' 99 ' 01 ' 03 ' 05 ' 91 ' 93 ' 95 ' 97 ' 99 ' 01 ' 03 ' 05 DOLLARS Period 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Avg. Workweek 40.9 41.4 41.7 42.4 42.3 42.3 42.4 41.8 41.9 41.4 40.4 40.9 39.8 39.2 Manufacturing Wkly Earnings $391.47 407.93 420.22 438.63 452.83 473.54 493.14 503.02 522.31 538.13 505.21 547.31 560.22 569.53 Deflated Wkly Earnings $287.42 290.75 290.81 295.97 297.14 301.81 307.25 308.60 313.51 312.50 285.27 304.23 304.47 301.50 Nonfarm Job Openings Unfilled 7,397 8,683 12,128 16,792 16,170 14,443 12,492 15,868 16,979 15,844 9,089 9,994 12,760 15,674 3 THOUSANDS Georgia Economic Indicators 9.0% 80 7.5% 65 50 6.0% PERCENTAGES 35 4.5% 20 3.0% Initial Unemployment Claims 5 1.5% Unemployment Rate ' 91 ' 93 ' 95 ' 97 ' 99 ' 01 ' 03 ' 05 '91 '93 '95 '97 '99 '01 '03 ' 05 425 3.2% 350 2.6% PERCENTAGES 275 2.0% 200 1.4% 125 0.8% Continued Unemployment Claims 50 0.2% Insured Unemployment Rate ' 91 ' 93 ' 95 ' 97 ' 99 ' 01 ' 03 ' 05 '91 ' 93 ' 95 '97 '99 '01 '03 '05 THOUSANDS Period Initial Claims 1991 43,798 1992 37,550 1993 33,985 1994 32,285 1995 33,995 1996 30,866 1997 25,502 1998 29,949 1999 30,805 2000 33,272 2001 54,960 2002 47,735 2003 51,021 2004 39,224 H Not seasonally adjusted 4 Unemployment Continued Claims 285,859 242,314 195,731 173,018 176,560 169,247 159,731 142,531 141,390 149,180 267,100 317,433 305,043 252,107 Rate H 5.0 6.7 5.9 5.1 4.8 4.6 4.5 4.2 3.8 3.5 4.0 4.8 4.7 4.6 Insured Rate 2.31 1.94 1.55 1.34 1.26 1.20 1.07 0.93 0.89 0.93 1.60 1.97 1.92 1.55 THOUSANDS Georgia Economic Indicators 80 $1,000 65 $800 50 $600 MILLIONS 35 $400 20 $200 New Motor Vehicle Sales 5 Nonresidential Construction $0 ' 91 ' 93 '95 '97 ' 99 ' 01 '03 ' 05 ' 91 ' 93 '95 ' 97 ' 99 '01 ' 03 ' 05 13 $1,000 10 $800 8 $600 MILLIONS 5 $400 3 $200 Residential Construction 0 Deflated Nonresidential Construction $0 '91 '93 '95 '97 '99 ' 01 ' 03 '05 '91 ' 93 '95 '97 '99 '01 '03 '05 THOUSANDS Period New Motor Vehicle Sales Residential # Construction Non-residential* 1991 28,469 3,208 $194,721,000 1992 29,975 3,768 205,444,000 1993 36,459 4,597 212,951,000 1994 41,547 5,109 252,999,000 1995 42,800 6,432 364,953,000 1996 43,525 6,614 312,783,000 1997 40,406 6,356 398,973,000 1998 43,969 7,356 482,544,000 1999 46,914 7,554 533,760,000 2000 48,155 7,689 513,770,000 2001 47,106 7,745 490,243,000 2002 44,741 8,004 455,809,000 2003 43,461 7,907 416,098,000 2004 43,350 8,884 489,854,000 * Annual averages may vary from officially published series due to seasonal adjustments and rounding. # Permits for household units Value of construction Deflated Non-residential* $231,535,000 239,445,000 236,612,000 269,148,000 372,021,000 312,783,000 387,700,000 457,000,000 483,500,000 444,800,000 404,200,000 365,500,000 318,100,000 347,900,000 5 BILLIONS BILLIONS Georgia Economic Indicators $2.0 $1.0 $1.6 $0.8 $1.2 $0.6 $0.8 $0.4 $0.4 $0.2 Total State Revenue Deflated Total State Revenue $0.0 $0.0 '91 '93 '95 '97 '99 '01 '03 '05 '91 '93 '95 '97 '99 '01 '03 '05 Period 1991 1992 1993 1994 1995 1996 1997 Revenue* $568,448,000 608,900,000 679,816,000 733,237,000 786,966,000 859,201,000 899,369,000 Total State Deflated Revenue* Period $417,363,000 1998 433,999,000 1999 470,461,000 2000 494,762,000 2001 516,382,000 2002 547,611,000 2003 560,355,000 2004 Revenue* $977,495,000 1,044,295,000 1,132,676,000 1,124,198,000 1,059,560,000 1,074,967,000 1,184,656,000 * Annual averages may vary from officially published series due to seasonal adjustments and rounding. Deflated Revenue* $599,690,000 626,828,000 657,768,000 634,781,000 588,972,000 584,221,000 627,134,000 6