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T
S P E C IA L
C O L L E C T IO N S
K . _____________ j f l
QUARTERLY ECONOM I C D EVELOPM EN TS
U .S . D E P A R T M E N T O F C O M M E R C E
E co n o m ic D e v e lo p m e n t A d m in istratio n
O ffic e of M in o rity Business E n te rp ris e
Bureau of Econom ic Analysis
O c to b e r 1 9 7 8
U .S . D E P A R T M E N T O F C O M M E R C E
J u a n ita
M.
K re p s ,
S e c re ta ry
C o u rte n a y M. S late r, C h ie f E c o n o m is t
f o r t h e D e p a r tm e n t o f C o m m e rc e
E c o n o m ic D e v e lo p m e n t A d m in is tra tio n
Robert T. Hall, A ssistant S e c re ta ry
fo r E c o n o m ic D eve lo pm e nt
O ffic e of M in o rity Business E n te rp ris e
R andolph T. B la c k w e ll, D ir e c to r
B ureau o f E co n om ic Analysis
G eo rg e Jaszi, D ire c to r
STATE QUARTERLY ECONOM I C D EVELOPM EN TS
Ala b a m a
U .S . D E P A R T M E N T O F C O M M E R C E
E co n o m ic D e v e lo p m e n t A d m in istratio n
O ffic e of M in o rity Business E n te rp ris e
Bureau of Econom ic Analysis
O c to b e r 1 9 7 8
Prepared by:
The R e gio n al E c o n o m ic A n alys is D ivision,
Bureau o f E c o n o m ic A n a ly s is
For:
E c o n o m ic D e v e lo p m e n t A d m in is tra tio n and
O ffic e o f M in o rity B u sin e s s E n te rp ris e
In te ra g e n c y A g re e m e n t N u m b e rs 70 31 and 7 0 4 6
CONTENTS
Introduction.......................................................................................................................
Page
1
The S tate:
H ighlights..................................................................................................................
A nalysis.....................................................................................................................
D a ta............................................................................................................................
5
7
13
National-Regional Overview:
N a tio n .......................................................................................................................
Regions and S ta te s....................................................................................................
23
24
Tables:
1. Summ ary o f Economic Indicators.......................................................................
2. Personal In co m e...................................................................................................
3. Labor F o rc e .........................................................................................................
4. Commercial Banking In d ic a to rs..........................................................................
5. Construction C o n tra c ts.......................................................................................
6. Retail Sales............................................................................................................
7. C onsum er Price Index...........................................................................................
8. Business Incorporations and Failures..................................................................
4
13
15
17
19
20
20
21
Charts:
Single-Year Comparisons
1. Personal Income: Percent C hange.......................................................................
2. Consum er Price Index: Percent C hange...............................................................
3. State Labor Force, Em ployment, and U nem ploym ent.......................................
4. Unem ploym ent R ates...........................................................................................
5. Commercial Banking Indicators: Percent C h a n g e ..............................................
6. C onstruction C ontracts: Percent C h a n g e ............................................................
6
6
8
8
8
10
M ultiyear Comparisons
7. T otal Personal Incom e.........................................................................................
8. Industrial Com position o f Wages and S alaries...................................................
9. Civilian Labor Force, Em ployment, and U nemploym ent R a te ..........................
10. Industrial Com position o f N onagricultural E m ploym ent..................................
11. Com mercial Banking Indicators: Value o f L o a n s...............................................
12. Com mercial Banking Indicators: Value o f D ep o sits...........................................
13. C onstruction Contracts: Total Valuation o f C o n tracts.......................................
14. C onstruction Contracts: Valuation o f C ontracts, by T ype.................................
12
12
14
14
16
16
18
18
M aps:
1.
2.
3.
4.
5.
6.
7.
Total Personal Income: Percent C hange..............................................................
M anufacturing Wages and Salaries: Percent C h an g e.........................................
Civilian Employment: Percent C hange................................................................
U nemploym ent R a te s...........................................................................................
Valuation of C onstruction Contracts: Percent C h an g e......................................
N um ber o f Dwelling Units: Percent C hange.......................................................
Value o f Commercial Bank Loans: Percent C hange............................................
22
27
28
29
30
31
32
ACKNOW LEDGM ENTS
This publication is the result of a two-year developmental effort within the D epartm ent of
Com merce by the Bureau of Economic Analysis (BEA), the Office of M inority Business
Enterprise (OM BE), and the Economic Development A dm inistration (EDA).
OM BE sponsored BEA’s preparation of quarterly reports on economic developments in
O M B E ’s m ulti-State regions and districts. Richard Stevens and Peter Adams, under the
direction of, and participating with, Sherman Funk, Assistant D irector for Planning and
Evaluation, provided guidance in the preparation of those reports as well as in the
development o f this publication. At the inception of the project, the late Andreas Viedma of
OM BE and David Cartwright of BEA broadly outlined the contents and provided the
structure on which this publication is based.
EDA sponsored the expansion of the m ulti-State region reports to State reports and the
subsequent development o f this publication. P a t Choate, Director, Office of Economic
Research, and Gerald Duskin provided guidance in the development of this publication.
The BEA effort was conducted by the Regional Economic Analysis Division, under the
direction of Ray Grimes, Chief. David Cartwright and H oward Friedenberg had prim ary
responsibility for implementing the project and, together with Richard Gustely, provided
overall project management. The authors of the State discussions and their areas of
responsibility were: Robert Bretzfelder, the N ational-R egional Overview and the New
England and G reat Lakes States; Jam es Younger, the Southeast and Rocky M ountain States;
Robert W endling, Southwest and Far West States; and Isabelle W histon, M ideast and Plains
States. U nder the direction of Bruce Levine, Ronald Catzva developed computerized systems
for data preparation and table production, and Patricia Schm itt assisted in data preparation
and table production and coordinated the graphics production. Retha Young produced the
camera-copy manuscript. Arletha M ason, Shirley W atson, Loretta Brooks, and Shirley Bell
provided statistical assistance. J esse Bunch, of the C om puter Systems and Services Division,
provided computerized graphics services. Sybeila G ’Schwend, P atti Trujillo, and Donald
Parschalk, o f the C urrent Business Analysis Division, provided editorial and graphics
services.
D A N IE L G A R N IC K
A ssociate D ire cto r for R egional
Economics
Bureau o f Economie Analysis
IN T R O D U C T IO N
This is one of 51 reports published 4 times a year— in January, April, July, and O ctober—on
current economic developments in the States and the D istrict o f Columbia. The reports are the
result of an interagency effort within the D epartm ent o f Com merce to assemble and interpret,
in a consistent m anner for all States, current economic data from a variety of public and
private sources. Each report contains analyses and data for a num ber of key economic
indicators (see below) for the quarter ending four m onths prior to the publication date; this
quarter is the most recent one for which data are available and is hereafter termed the
“ current” quarter. Each report highlights percent changes in the key economic indicators
between the current quarter and the corresponding quarter one year earlier (hereafter termed
the “ year-ago” quarter); the use of this timespan eliminates the distorting effects of data
fluctuations th at recur seasonally. In addition, each report compares percent changes for a
State with the corresponding changes for the N ation in order to assess the extent to which the
State participates in national economic developments. The use o f economic indicators for
which the estim ation m ethods are the same for all States, facilitates State-to-State
comparisons also.
Each report sheds light on various aspects of a State’s economy, such as the size of consumer
and industrial markets, changes in the price level, the num ber of persons working or looking
for work, and the future level o f building activity. This inform ation is particularly valuable to
persons in government, business, the media, and the academic comm unity who follow
economic developments in particular States.
Key econom ic indicators
Each report focuses on all or m ost of the following key economic indicators:
1. Personal income consists of private and government wage and salary disbursements, other
labor income (such as em ployers’ contributions to private social insurance programs), farm
and nonfarm proprieto rs’ income, dividends, interest, rents, and transfer payments (such as
unem ploym ent insurance benefits), less personal contributions for social insurance. It is
measured before the deduction of personal taxes. It is the only key economic indicator
adjusted for seasonality; it is not adjusted for price changes. Personal income measures thé
size o f consumer m arkets and, when presented by industry of origin, can be interpreted as a
measure o f the size o f industrial markets.
2. The labor force consists of all civilians classified as employed or unemployed. Employed
persons comprise (a) those who did any work for pay or profit or worked 15 hours or more
per week as unpaid workers in a family enterprise, and (b) those who were not working but
who had jobs or businesses from which they were tem porarily absent for noneconomic
reasons. Unemployed persons comprise those who had no jobs, but m ade specific efforts to
find jobs and were available for work.
3. Comm ercial bank loans consist of commercial and industrial loans, loans to individuals,
real estate loans, loans to farmers (except for real estate), and other loans (such as loans to
other banks). They exclude holdings of government securities. Commercial bank deposits
consist o f demand deposits—which are noninterest-bearing and subject to withdrawal on
dem and—and tim e and savings deposits—which are interest-bearing and for which some
advance notice may be required before withdrawal. It should be noted that loans and
deposits reported by banks in a State may reflect the economic activities of nonresidents as
well as residents.
4. Construction contracts represent estimated costs o f structures contracted for and started, or
due to start within 60 days. The total consists of the following types of structures:
re s id e n tia l h o u se k e e p in g (in c lu d in g a d d itio n s an d a lte r a tio n s ) , re s id e n tia l
nonhousekeeping (such as hotels), nonresidential (such as stores and factories), and
nonbuilding (such as streets and highways). T he total includes subcontracting costs, such
as those for roofing. Dw elling units are those with built-in facilities for cooking and, where
required by climate, for heating. Among the key economic indicators, construction data
are useful because they indicate future economic activity.
5. R etail sales comprise total receipts from custom ers of establishments primarily engaged in
selling goods for personal or household consum ption and in rendering services incidental
to the sale of the goods. Sales data, which indicate the level of consumer dem and, are
available for 19 States.
6. The consumer price index is a statistical measure of changes in prices for a fixed “ market
basket” of goods and services bought by a particular population group. In this report, the
group consists o f urban wage earners and clerical workers. In future reports, it will consist
of all urban consumers. The index is available for about two dozen m etropolitan areas in
the N ation. The index is useful for measuring price changes over time; it cannot be used for
making cost-of-living com parisons among areas because of differences am ong areas in the
“ m arket baskets.”
7. Business incorporations consist of new businesses that incorporate under State laws,
businesses that transfer from noncorporate to corporate status, corporations th at transfer
from one State to another, and corporations that become certified to operate in an ad
ditional State. Business failures consist of concerns involved in court proceedings or vo
luntary actions th at are likely to end in losses to creditors. Because of differences among
States in incorporation and debt assignment laws, care m ust be taken in making State-toState com parisons for either indicator.
F or a more thorough discussion of the above indicators and their components, contact: U.S.
D epartm ent of Commerce, Bureau of Economic Analysis, Regional Econom ic Analysis
Division, W ashington, D.C. 20230.
O rganization o f each report
Each report has two main parts.
The S tate — has three sections:
1. H ighlights. This section contains a brief discussion and a sum mary table. The discussion
summarizes percent changes in the key economic indicators for the State between the yearago quarter and the current-quarter, and compares these percent changes with the
corresponding changes for the N ation. The table shows the underlying data.
2
2. A nalysis. This section contains a longer discussion and a bar chart for each of the following
indicators and their components: (a) personal income and, if available, consumer prices,
(b) labor force, (c) banking, (d) construction, and (e) retail sales (discussion if available). In
general, the discussions and bar charts analyze percent changes in the above indicators and
their com ponents for the State between the year-ago quarter and the current quarter, and
com pare these percent changes with the corresponding changes for the N ation.
3. D ata. This section contains a table and a line chart for each of the following indicators and
their com ponents: (a) personal income, (b) labor force, (c) banking, and (d) construction.
This section also contains tables for the following: (e) retail sales, (f) consumer prices, and
(g) business incorporations and failures. In general, the tables show State and national data
for the current quarter and the year-ago quarter, and State d ata for the quarter preceding
the current quarter and the corresponding year-ago quarter. The tables also show State and
national percent changes between the year-ago quarter and the current quarter, and
between the quarter preceding the year-ago quarter and the quarter preceding the current
quarter. The line charts show the movements over time o f quarterly State and national
data.
The N ational-R egional Overview —has two sections:
1. N ation. This section contains a brief discussion of national economic developments, mainly
for the timespan subsequent to the “ current” quarter. The discussion focuses on gross
national product, personal income, prices, employment and unemployment, and
construction.
2. Regions and S tates. This section—which shows the economic development in any one
region or State in the perspective of developments in other regions or States—contains a
discussion and a data m ap o f the N ation, divided into regions and States, for several o f the
key economic indicators. In general, the discussions and maps focus on percent changes in
the indicators between the year-ago and the current quarter.
3
SUMMARY OF ECONOMIC INDICATORS
UNITED STATES AND ALABAMA
THROUGH SECOND QUARTER, 1978.
:
:
1978-11
1977-1
:
NOT S E A S O N A L L Y
1977-11
:
ADJUSTED
1978-1
;
1978-11
U .S.:
C HANGE
:
:
STATE:
1 9 7 7 —1 1
TO
1978-11
U .S.:
STATE
($
MIL.)
1,498,650
19,886
20,480
22,194
22,993
10.5
11.6
11.4
12.3
($
MIL.)
964,340
1,077,552
12,730
13,262
14,441
15,050
10.6
13.4
11.7
13.5
90,327
94,294
1,365
1,440
1,438
1,484
4.5
5.3
4.4
3.1
6,724
5,824
11 9
1 15
101
87
-14.4
-15.0
- 13.4
-24.6
6.9
5.8
8.0
7.4
6.6
5. 5
MIL.)
563,068
654,693
6,757
7,226
8 , 0 53
8,512
14.8
19.2
16.3
17.8
($
850,208
948,929
10,349
10,599
11,697
11,968
10.4
13.0
11.6
12.9
53,142,249
54,011,775
550,594
702,555
821,959
846,910
24.8
49.3
1.6
20.5
1 1,464
11,054
7.6
19.1
14. 1
9.7
(N.A.)
(N .A .)
8.3
—
10.4
—
6.4
—
E MP L O YME N T
(THOUS.)
(THOUS.)
TOTAL
LOAN?
TOTAL
($
DEPOSITS
FORCE)
MIL.)
T O T A L V A L U A T I O N OF C O N S T R U C T I O N
CONTRACTS ( $ T H O U S . )
UNITS
RETAIL
STARTED
SALES
($
(NO.)
MIL.)
CO NS U ME R P R I C E I N D E X ( 1 9 6 7 = 1 0 0 )
U . S . C I T Y A VE R AG E
NEW B U S I N E S S
BUSINESS
:
INCOME,
TO
INCOME
P E R C E N T U NE MP L O Y E D
(UNEMPLOYMENT/LABOR
DWELLI NG
1977-11
EXCEPT
PERCENT
19/7-1
1978-1
«■ S A L A R I E S
UNE MP L OYME NT
TOTAL
:
INDICATORS,
INCORP.
FAILURES
(NO.)
(NO.)
N.A.
DATA NOT A V A I L A B L E .
SOURCE:
S E E T A B L E S 2 T HROUGH
8.
CO
rsj
CIVILIAN
ALL
ALABAMA
o
PERSONAL
WAGES
:
STATES
vO
TOTAL
TOT.
UNITED
514,856
587,317
9,627
177,554
196,014
(N .A .)
180.7
193.2
110,836
2,260
o
1
o
TABLE
(N .A .)
—
—
—
—
—
—
—
(N .A.)
1,037
1 , 0 95
1,263
(N.A.)
10.8
21.8
—
—
(N .A.)
32
33
31
(N .A .)
-21 .9
-3.1
—
—
—
6.9
—
ALABAM A
H ig h lig h ts
1977:11-1978:11
Personal income
— Up 12.3% (versus 11.4% in U.S.), to $23.0 billion; private
service-type wages and salaries up 13.5% (versus 12.4% in
U.S.)
Employment
— Up 3.1% (versus 4.4% in U.S.), to 1.5 million
Unemployment
— Down considerably to 5.5% of labor force (versus 5.8% U.S.
rate)
Commercial banking
—Total loans up 17.8% (versus 16.3% in U.S.), to $8.5 billion
—Total deposits up 12.9% (versus 11.6% in U.S.), to $12.0
billion
Construction
—Total valuation of contract starts up 20.5% (versus 1.6% in
U.S.), to $846.9 million
—N um ber of dwelling-unit starts up only 9.7% (versus 14.1% in
U.S.), to 11,054
—Valuation of nonresidential starts up a sharp 106.7% (versus
36.2% in U.S.)
5
C h a rt 1
P e rs o n a l In c o m e
P e rc e n t C h a n g e , 1 9 7 7 : 1 1 - 1 9 7 8 : 1 1
[ S e a s o n a lly a d ju s t e d ]
Pe rc e n t
- -
BD
1 1 .0
T o ta l P e rs o n a l
M a n u fa c tu rin g
P riv a te
G o v e rn m e n t
In c o m e
Wag es and S a la rie s
S e rv ic e -ty p e
Wag es and S a la rie s
Wag es and Sa la ries
C h a rt 2
C o n s u m e r P ric e In d e x
P e rc e n t C h a n g e , 1 9 7 7 : 1 1 - 1 9 7 8 : 1 1
Pe rc e n t
□
6
S ta te s
A n a ly s is
P e r s o n a l In c o m e
Total personal income (seasonally adjusted) rose 12.3 percent from 1977:11—1978:11, at almost
1 percentage point faster than nationally (table 2). A labam a’s gain would have been slightly
greater had it not been for a 6.9-percent decline in farm personal income. In 1978:11
A labam a’s personal income totaled $23.0 billion (at an annual rate), up $2.5 billion since
1977:11.
W age and salary disbursements rose 13.5 percent in the State and 11.7 percent nationally.
Private service-type wages and salaries rose 13.5 percent from year to year (versus 12.4 percent
nationally) and accounted for almost two-fifths of the year-to-year dollar rise in total
disbursements. Wages and salaries rose 15.1 percent in the transportation-com m unicationpublic utilities sector, at alm ost one-and-one-half times the national rate of gain. In trade, they
rose 14.3 percent, also leading the national advance (by almost 2 percentage points). In the
services sector and the finance-insurance-real estate sector, however, gains of 11.4 percent and
13.5 percent, respectively, lagged national rates of gain by up to 1.4 percentage points.
In manufacturing, which accounted for a major share of State total disbursements, wages and
salaries rose 16.2 percent from 1977:11-1978:11, at a considerably faster rate than the 11.9percent U.S. gain. In contract construction, however, wages and salaries rose only 7.0 percent
in the State, at less than one-half the national rate of gain.
Federal government wages and salaries rose 11.7 percent in Alabam a from year to year, some
4.4 percentage points faster than nationally. Those at the State and local government level
rose 8.8 percent, at just over the national rate of gain.
From 1977:11-1978:11 State unemployment insurance benefits decreased 35.8 percent, versus
30.2 percent nationally.
7
C h a rt 3
S ta te L a b o r F o rc e , E m p lo y m e n t ,
a n d U n e m p lo y m e n t, 1978:11
A la b a m a
M ill io n s
L a b o r Forc e
E m p lo y m e n t
U n e m p lo y m e n t
C h a rt 4
U n e m p lo y m e n t R a te s , 1977:11 - 1 9 7 8 : 1 1
Pe rc e n t
8. 0
- -
U n ited S ta te s
A lab am a
C h art 5
C o m m e rc ia l B a n k in g In d ic a to rs :
V a lu e o f L oa n s a n d D e p o s its
P e rc e n t C h a n g e , 1 9 7 7 : 1 1 - 1 9 7 8 :1 1
Pe rc e n t
S D
32.0 - 24-0
T o ta l
Loans
T o ta l
and In d u s t r ia l
In d iv id u a ls
Loans
8
D e p o s its
L ab or F orce
From 1977:11—1978:11 A labam a’s civilian labor force increased a modest 1.0 percent (15,000)
to 1.6 million, versus a 3.2-percent U.S. rate of gain (table 3). Total employment in the State
increased 3.1 percent (44,000), com pared to a 4.4-percent gain nationally. In 1978:11 A labam a
employment stood at almost 1.5 million.
Unemployment in the State declined sharply from year to year, to 87,000. A labam a’s
unemployment rate fell considerably between years, from 7.4 percent of the labor force in
1977:11 to 5.5 percent in 1978:11, when it stood at 0.3 percentage point below the U.S. rate.
Preliminary data for June 1978, when the statewide rate was 6.0 percent, indicate
unemployment rates among A labam a’s major labor m arkets of 6.5 percent in Huntsville and
M obile, 5.9 percent in Tuscaloosa, 5.5 percent in M ontgomery, and 5.2 percent in
Birmingham. The M obile area registered the greatest June-to-June drop in the unemployment
rate—2.2 percentage points.
C o m m e r c ia l B a n k in g
Total loans increased 17.8% ($1.3 billion) from 1977:11-1978:11, versus a 16.3-percent national
rate of gain (table 4). In 1978:11 bank loans totaled $8.5 billion. Real estate loans registered a
strong 27.4-percent gain from year to year, at 8.0 percentage points over the national rate of
gain. Residential real estate loans rose 26.4 percent in the State (versus 20.6 percent national
ly) and farm real estate loans rose 10.7 percent (versus 11.5 percent). Commercial and
industrial loans rose 15.3 percent in Alabama, at just over the national advance. Loans to
individuals, however, rose 18.4 percent from year to year, lagging the national rate o f gain by
alm ost 2 percentage points.
T otal deposits increased 12.9 percent ($1.4 billion) from 1977:11—1978:11, versus an 11.6-
percent U.S. rate o f gain. In 1978:11 bank deposits in A labam a totaled $12.0 billion. Time and
savings deposits rose 12.8 percent in the State (versus 12.2 percent nationally), and demand
deposits, 13.1 percent (versus 10.7 percent).
9
C h a rt 6
C o n s t ru c tio n C o n tra c ts :
V a lu a t io n o f C o n t ra c ts a n d N u m b e r
o f D w e llin g U n its S ta rte d :
P e rc e n t C h a n g e , 1 9 7 7 : 1 1 - 1978:11
HD
Pe rc e n t
C o n s tr u c tio n
From 1977:11 —1978:11 the valuation of all contracts started, including that o f additions and
alterations to existing residential housekeeping units, increased by one-fifth ($144.3 million) to
$846.9 million (table 5). The U.S. rate of gain was only 1.6 percent; if, however, a small
num ber of contracts for nuclear electric generating plants (each amounting to over $500 mil
lion) are excluded from both years, the national figure would represent a 25-percent gain in
total valuation. N ational construction costs rose about 9 percent during the period under
study, and if this increase is representative o f the gain throughout the State, the real increase in
total valuation of contract starts in A labam a was about 11 percent.
A labam a’s nonresidential contract starts more than doubled in valuation from year to year (a
record surpassed in only three other States), the dollar increase accounting for most of the
State’s gain in total valuation o f construction. The U.S. advance was less strong, although am
ounting to 36.2 percent between years.
Residential housekeeping contract starts rose by almost one-fourth in valuation in the State,
several percentage points less than nationally. The num ber of dwelling-unit starts increased
9.7 percent in A labam a (to 11,054), versus a 14.1-percent U.S. rate of gain. Additions and
alterations to existing dwelling units fell 5.7 percent in valuation in the State, while rising 7.3
percent on a national basis.
The valuation of A labam a’s nonbuilding contracts fell almost 20 percent between 1977:11 and
1978:11, in spite of a contract for a vehicle and pedestrian bridge started in M ay 1978 in
Baldwin County and valued at almost $38 million. Nationally, the valuation of nonbuilding
contract starts fell at twice the State rate—41.6 percent. Two-fifths of the State’s dollar decline
in nonbuilding valuation was due to a one-third decline in the valuation of street and highway
contract starts; only five other States sustained greater declines. N ational street and highway
construction, in contrast, rose by one-third in valuation.
R e ta il S a le s
Sales data are not available for Alabama.
11
C h art 7
C h a rt 8
T o t a l P e rs o n a l In c o m e
I n d u s t r ia l C o m p o s itio n o f
[ S e a s o n a lly a d ju s te d ]
W a g e s a n d S a la r ie s
A la b a m a
[ S e a s o n a lly a d ju s t e d ]
I n d u , 1 9 7 2 = 1 .0 0
B illio n $
TABLE 2
P E R S O N A L I N C OME
U N I T E D S T A T E S AND ALABAMA
T HROUGH S E C O N D Q U A R T E R , 1 9 7 8
UNITED
STATES
:
PERCENT
ALABAMA
1977-1
1978-1
M I L L I O N S OF D O L L A R S ( 2 )
( S E A S O N A L L Y A D J U S T E D AT ANNUAL R A T E S )
1977-11
:
1978-11
;
1977-1
:
1977-11
:
1978-1
:
1978-11
TO
CHANGE ( 1 )
:
:
1977-11
TO
1978-11
U .S . :
STATE;
U .S.;
STATE
TOTAL PERSONAL INCOME
FARM P E R S O N A L I N C O M E
NONFARM P E R S O N A L I N C O M E
1 ,498,650
26,436
1,472,214
1,670,128
30,518
1,639,610
19,886
438
19,448
20,480
354
20,126
22,194
319
21,875
22,993
329
22,663
10.5
8.5
10.6
11.6
-27.1
12.5
11.4
15.4
11.4
12.3
-6 .9
12.6
TOTAL P ERSONAL INCOME
WAGE AND S A L A R Y D I S B U R S E M E N T S
O T H E R L ABOR I N C OME
P R O P R I E T O R S * INCOME
FARM
NONFARM
D I V I D E N D S , I N T E R E S T , AND R E NT
T R A N S F E R P AY ME N T S
S T A T E UNEMPL. I N S . B E N E F I T S
LESSiPERSONAL CONTRIBUTIONS
P L U S : R E S I D E N C E ADJUSTMENT
1,498,650
964,340
88,480
98,064
19,220
78,844
204,248
204,040
11,604
60,148
-374
1,670,128
1,077,552
103,971
1 10,328
22,734
87,594
226,748
220,689
8,105
68,728
-432
19,886
12,730
1,174
1,438
376
1,062
1,969
3,21-8
192
900
258
20,480
13,262
1,258
1,395
291
T, 10 4
2,010
3,221
143
934
267
22,194
14,441
1,439
1,418
255
1,163
2,172
3,466
118
1,037
295
22,993
15,050
1,526
1,474
264
1,210
2,222
3,497
92
1 ,076
300
10.5
10.6
17.8
10.7
9.2
11.1
10.7
7.8
-30.0
13.1
11.6
13.4
22.6
-1 .3
-3 2 .2
9.6
10.3
7.7
-38.7
15.2
11.4
11.7
17.5
12.5
18.3
11.1
11.0
8.2
-30.2
14.3
12.3
13.5
21.3
5.6
-9 .4
9.5
10.5
8.6
-35.8
15.2
—
—
—
—
964,340
6, 836
957,504
14,220
53,752
262,892
165,724
97,168
431,940
72,940
163,256
50,680
145,064
191,628
64,356
127,272
3,072
1 ,077,552
7,358
1,070,194
17,212
62,741
294,049
187,744
106,305
485,503
80,539
183,450
57,879
163,635
207,074
69,054
138,020
3,615
12,730
60
12,670
225
830
3,653
1,819
1,834
4,922
858
2,023
542
1,500
3,000
1,338
1,662
41
13,262
61
13,201
233
911
3,893
2,029
1,865
5,091
9 15
2,065
567
1,544
3,034
1 , 3 24
1,711
39
14,441
63
14,379
120
883
4,375
2,363
2,013
5,648
1,024
2 , 3 02
624
1,698
3,309
1,482
1,828
42
15,050
64
14,986
326
975
4,524
2,466
2,058
5,777
1,054
2,361
644
1,719
3,340
1 ,479
1,862
44
10.6
6.4
10.6
-11 .0
14.1
12.3
14.1
9.2
10.9
8.8
10.2
13.5
1 1 .9
8.3
7.3
8.8
15.0
13.4
3.9
13.5
-46.4
6.4
19.8
29.9
9.8
14.8
19.2
13.8
15.3
13.3
10.3
10.7
10.0
4.6
WAGE AND S A L A R Y D I S B U R S E M E N T S
FARM
NONFARM
MINING
CONTRACT CONSTRU CTI O N
MANUFACTURING
D U R A B L E GOODS
N ON D U R A B L E GOODS
PRIVATE SERVICE-TYPE
T R A N S . , C O MM U N . , «• P U B . U T .
WH O L E S A L E ♦ R E T A I L T R A D E
F I N A N C E , I N S . , ♦ REAL E S T .
SERVICES
GOVE RNME NT
FEDERAL
S T A T E AND L O C A L
OTHER
1
B A S E D ON UNROUNDED D A T A .
2
D E T A I L MAY NOT ADD TO T O T A L S B E C A U S E OF R O U N D I N G .
SOURCE:
U . S . D E P A R T ME N T OF C O MME R C E , BURE AU O F E C O N O M I C
ANALYSIS,
REGIONAL
E C O N O MI C
ME A S U R E ME N T
DIVISION.
11. /
7.6
11.8
21.0
16.7
11.9
13.3
9.4
12.4
10.4
12.4
14.2
12.8
8. 1
7.3
8. 4
17.7
13.5
4.8
13.5
39.6
7.0
16.2
21.5
10.4
13.5
15. 1
14.3
13.5
11.4
10.1
11.7
8.8
12.8
C h a rt 9
C iv ilia n L a b o r F orc e ,
E m p lo y m e n t, a n d U n e m p lo y m e n t Rate
In d e x, 1 9 7 2 = 1 .0 0
C h a r t 10
I n d u s t r ia l C o m p o s itio n o f
N o n a g ric u lt u r a l E m p lo y m e n t
A la b a m a
In d e x, 1 9 7 2 = 1 .0 0
Pe rc e n t
: O th e r In d u s t rie s
0 .0
75
TV
i
r
7F
TABLE 3
LABOR F O R C E
U N I T E D S T A T E S AND ALABAMA
T HROUGH S E C O N D Q U A R T E R , 1 9 7 8
UNITED
PERCENT
ALABAMA
STATES
1977-1
1978- I
T H O U S A N D S OF P E R S O N S ( 2 )
(NOT SEASONALLY A DJUSTED)
1977-11
NONAGR.
PAYROLLS
FO R C E(3)
T O T A L E MP L O Y E D
T O T A L U NE MP L O Y E D
P E R C E N T UNE MP L O Y E D
1
2
3
:
1976-1
:
1978-11
U .S.:
85,744
1,218
1,267
1,264
1,293
851
3,860
19,520
4,581
18,1 8 1
4,487
15,309
15,308
906
4 , 291
20,215
4,716
18,940
4,719
16,089
15,868
14
68
339
62
250
55
172
257
15
79
356
65
258
56
1 78
262
7
71
354
67
260
57
180
268
16
79
357
68
263
57
182
271
1,484
1,555
1,539
1 ,570
3.0
1,365
119
8.0
1 , 4 40
1 15
7.4
1,438
101
6.6
1,484
87
5. 5
4.5
-14.4
—
97,051
90,327
6,724
6.9
03
LABOR
1977-11
82,097
O
o
CIVILIAN
:
94,294
5,824
5.8
B A S E D ON UNROUNDED D A T A .
D E T A I L MAY NOT ADD TO T O T A L S B E C A U S E OF R O U N D I N G .
B E G I N N I N G J A N U A R Y 1 9 7 8 , T H E S E DATA A R E B E I N G E S T I M A T E D BY NEW M E T H O D S , U S I N G
A B RE AK I N T H E S E R I E S , AND U S E R S AR E A D V I S E D T O E X E R C I S E C A U T I O N « HEN MAKI NG
SOURCE:
U . S . D E P A R T M E N T O F L A B O R , B U R E A U OF L A B O R S T A T I S T I C S .
3.9
-1 3 .5
8.6
4.0
2. 1
4.0
4.8
4.7
3. 1
MORE C U R R E N T D A T A .
THIS
C O M P A R I S O N S O VE R T I M E .
:
STATE:
1977-11
TO
1978- II
U .S. i
STATE
4.4
2.0
6.5
11.2
3.6
2.9
4.2
5.2
5. 1
3.7
7.4
.3
.2
6.0
2.0
2.7
2.3
3.5
3.7
3.2
1.0
5.3
-15.0
—
4.4
-13 .4
—
3.1
-24.6
—
CO
ON
MINING
CONTRACT C O N S T R U C T I O N
MANUFACTURING
T R A N S . , C O MM . , ♦ P U B . UT.
WH O L E S A L E ♦ R E T A I L T R A D E
F I N A N C E , I N S . , «■ R E A L E S T .
SERVICES
G OVERNMENT
1977-1
:
t o
rn
EMPLOYEES
1978-11
CHANGE ( 1 )
-5 3 .5
4.7
4.3
7.2
4.0
4.2
5.1
4.2
CREATES
Ind«, 1972=1.00
C h a r t 11
C h a rt 1 2
C o m m e rc ia l B a n k in g I n d ic a to rs :
C o m m e rc ia l B a n k in g I n d ic a t o r s :
V a lu e o f L oa n s
V a lu e o f D e p o s its
Ind«, 1972=1.00
TABLE '4
COMMERCI AL BA NK I N G I N D I C A T O R S
U N I T E D S T A T E S AND ALABAMA
THROUGH S E C O N D Q U A R T E R , 1 9 7 8 .
UNITED
STATES
:
ALABAMA
PERCENT
M I L L I O N S OF D O L L A R S ( 2 )
(NOT S EASONAL LY ADJ U ST ED )
1977-11
TOTAL
LOANS
C O M M E R C I A L «■ I N D U S T R I A L
L O A N S TO I N D I V I D U A L S
REAL ESTATE
RESIDENTIAL
F ARMS
OTHER
F AR MS E X C L . R E A L E S T A T E
OTHER
TOTAL
DEPOSITS
DEMAND
TIME ♦
SAVINGS
1978-11
:
1977-1
:
1977-11
1977-1
1978-1
:
1978-1
1978-11
U .S.:
TO
CHANGE(1)
:
:
STATE:
1977-11
TO
1978-11
U .S.:
STATE
563,068
654,693
6,757
7 , 2 26
8,053
8,512
14.8
19.2
16.3
17.8
184,538
127,949
1 6 2 ,0 2 1
91,705
7,341
62,976
25,620
62,940
212,053
153,913
193,440
110,636
8, 185
74,619
26,993
68,293
1,952
2,347
1,805
789
170
847
249
404
2,055
2,505
1,941
832
182
9 27
292
4 33
2,258
2,810
2,310
982
197
1,131
266
409
2,370
2,965
2,473
1,052
20 1
1,219
280
424
12.7
19.2
19.0
20.3
13.5
17.7
7.5
4.8
15.7
19.7
28.0
24.6
16.1
33.6
6.8
1.3
14.9
20.3
19.4
20.6
11.5
18.5
5.4
8.5
15.3
18.4
27.4
26.4
10.7
31.6
-4.1
-1 .9
850,208
948,929
10,349
10,599
11,697
10.4
13.0
11.6
12.9
333,050
517,158
368,723
580,206
3,759
6,590
3,809
b ,791
4, 134
7,563
8.6
11 . 6
10.0
14.8
10.7
12.2
13.1
12.8
1
B A S E D ON U NR OUNDE D DATA.
2
D E T A I L MAY NOT ADD TO T O T A L S B E C A U S E
SOURCE:
U . S . FEDERAL D E P O S I T INSURANCE
OF R O U N D I N G .
CORPORATION.
11,968
4,307
7,66 1
C h a r t 13
C h a r t 14
C o n s t ru c tio n C o n tr a c ts —
C o n s t ru c tio n C o n tr a c ts — V a lu a t io n o f
T o t a l V a lu a t io n o f C o n tra c ts
C o n t ra c ts b y Ty p e
A la b a m a
In d e x, 1975:111 = 1.00
M illio n $
TABLE 5.
CONSTRUCTION CONTRACTS (1)
UNITED STATES AND ALABAMA
THROUGH SECOND QUARTER, 1978.
UNITED
STATES
NOT
1977-11
1978-11
:
PERCENT
ALABAMA
:
SEASONALLY
1977-1
:
1977-1
1978- I
ADJUSTED
1977-11
:
1978-1
:
1978-11
u .s . :
C H AN G E ( 2 )
10
:
:
1977-11
TO
1978- I I
STATE:
U. S . :
STATE:
53,142,249
54,011,775
550,594
702,565
821,959
846,910
24.8
49.3
1.6
20.5
8,376,824
8,986,198
107,731
149,977
96,190
141,363
.6
-10.7
7.3
-5 .7
FT.
65,271
44,765,425
960,834
71,819
45,025,577
1,190,691
954
442,863
15,999
1,045
552,588
17,826
887
725,769
19,173
1,041
705,547
21,942
9.3
30.6
15.3
-7 .0
63.9
19.8
10.0
.6
23. 9
-.4
27.7
23.1
FT.
14,979
514,856
17,046,999
674,453
15,231
587,317
21,711,269
821,840
272
9,627
233,706
12,251
271
10,074
277,650
13,858
259
11,464
306,055
15,368
262
11 , 0 5 4
342,730
16,465
-.4
7.6
19.0
14.3
-4 .8
19.1
28.2
25.4
1.7
14. 1
27.4
21.9
-3.3
9.7
23.4
18.8
R E S I D E N T I A L NONHOUSEKEEPING
N O. O F C O N T R A C T S
VAL.
($ THOUS.)
FLOOR AREA(THOUS. S Q. FT.
569
297,088
9,103
548
484,677
10,765
2
473
13
5
2,020
72
4
18,651
383
9
2,090
61
14.8
53.4
29.9
1 00.0
843.1
843. 8
-3 . 7
63.1
18.3
80.0
3.5
-14.7
29,897
8,769,697
277,278
33,139
11,941,269
358,087
491
137,617
3,735
5 06
112,262
3,896
423
98,190
3,422
551
232,090
5,415
12.5
30.6
16.9
-13.8
-28.6
-8.4
10.8
36.2
29. 1
8.9
106.7
39.0
NONBUILDING
N O. OF C O N T R A C T S
VAL.
($ THOUS.)
19,8 2 6
18,651,641
22,901
10,888,362
189
66,067
263
160,656
201
302,873
219
128,637
14.0
53.0
6.3
358.4
15.5
-41.6
-16.7
-19 .9
S T R E E T S ♦ H I GHWAYS
N O. OF C O N T R A C T S
VAL.
($ THOUS.)
7, 509
2,273,345
8,590
3,029,830
33
28,144
69
37,784
63
20,761
58
25,032
4.4
-5.7
90.9
-2 6 .2
14. 4
33. 3
-15.9
-33 .7
TOTAL
VALUATION
OF
CONTRACTS
RES.
H S E K P I N G . ADD.
VAL. ( $ T H O U S . )
♦
ALL
OTHER CONTRACTS
N O. OF C O N T R A C T S
VAL. ( S THOUS.)
FLOOR A R E A ( T H O U S .
ALT.
SQ.
R E S ID E N T IA L HOUSEKEEPING
N O . OF C O N T R A C T S
N O . OF D W E L L I N G U N I T S
VAL.
($ THOUS.)
FLOOR A R E A ( T H O U S . S Q .
NONRESIDENTIAL
N O. OF C O N T R A C T S
VAL.
($ THOUS.)
FLOOR A R E A ( T H O U S .
SQ.
FT.
1
C O N T R A C T S S T A R T E D OR E X P E C T E D T O S T A R T W I T H I N 6 0 D A Y S .
2
P E R C E N T C H A N G E S F O R F L O O R AR E A B A S E D ON UNROUNDED D A T A .
NOTE:
D E T A I L FOR F L O O R AREA DATA MAY NOT ADD TO T O T A L S B E C A U S E O F R O U N D I N G .
SOURCE:
F . W . DODGE D I V I S I O N , M C G R A W - H I L L I N F O R M A T I O N S Y S T E M S C O MP A N Y .
:
:
TABLE 6.
RETAIL SALES
UNITED STATES AND ALABAMA
THROUGH SECOND QUARTER, 1978.
UNITED
STATES
ALABAMA
:
PERCENT
M I L L I O N S OF DOLLARS
(NOT SEA S O N AL L Y A D J U S T E D )
1977-11
R E T A I L SALES
D UR A B L E GOODS
N ON D UR A B L E GOODS
N.A.
DATA NOT A V A I L A B L E .
SOURCE:
U . S . D E P A R T ME N T O F
TABLE
7.
1978-11
177,554
63,349
1 14,2 0 5
C O MME R C E ,
BUREAU
:
196,014
70,726
125,288
OF
<N.A .)
(N .A.)
(N - A . )
(N.A.)
(N.A.)
(N .A .)
1978-1
:
1978-11
(N .A.)
(N.A.)
(N .A.)
(N .A.)
(N .A .)
(N .A.)
U .S.:
:
:
STATE:
1977-11
TO
1978-11
U .S .:
----------------
10.4
11.6
9.7
PERCENT
CHANGE
8.3
6.3
9.3
STATE
----------------
CENSUS.
STATES
:
(NOT
AVERAGE(2)
co
o
1977-11
CITY
:
TO
C ONS UME R P R I C E I N D E X ( 1 )
U N I T E D S T A T E S AND ALABAMA
T HROUGH S E C O N D Q U A R T E R , 1 9 7 8 .
UNITED
U .S .
1977-11
1977-1
1977-1
1978-1
CHANGE
1978-11
193.2
:
ALABAMA
INDEX, 1967= 10 0
SEASONALLY ADJUSTED)
1977-1
:
1977-11
1977-1
1978-1
:
1978-1
:
1978-11
. . .
1
C O NS U ME R P R I C E I N D E X E S A R E SHOWN F OR T H E MOS T R E L E V A N T SMSA ( S )
2
A V E R A G E F O R 5 6 R E P R E S E N T A T I V E URBAN A R E A S .
NOTE:
DATA DO NOT R E F L E C T J A N U A R Y , 1 9 7 8 R E V I S I O N S .
SOURCE:
U . S . D E P A R T ME N T O F L A B O R , BURE AU O F L ABOR S T A T I S T I C S .
F OR
. . .
WHI CH
DATA
ARE
AVAILABLE.
U .S.:
6.4
TO
STATE:
------
1977-11
TO
1978-11
U .S.:
6.9
STATE
------
TABLE 8.
BUSINESS INCORPORATIONS AND FAILURES
UNITED STATES AND ALABAMA
THROUGH SECOND QUARTER, 1978.
:
UNITED
STATES
:
ALABAMA
NOT
:
NEW B U S I N E S S
INCORPORATIONS
T O T A L NO. O F B U S I N E S S F A I L U R E S
CURRENT L I A B I L I T I E S ( $ T H O U S . )
AV. L I A B I L I T Y P E R F A I L U R E
($ THOUS.)
BUSINESS
FAILURES
BY
1977-11
1978-11
:
SEASONALLY
1977-1
:
PERCENT
1977-1
1978-1
ADJUSTED
1977-11
:
1978-1
1978-11
U .S.:
TO
CHANGE
:
:
STATE:
110,836
(N.A.)
1,037
1,095
1,263
(N .A.)
10.8
21.8
2,260
987,018
(N .A.)
(N .A.)
32
3,317
33
2,817
31
5,339
(N.A.)
(N .A .)
-21.9
14.2
-3 .1
61.0
437
(N .A.)
104
85
172
(N .A .)
46.4
65.4
308
24 1
986
423
302
(N.A.)
(N .A.)
(N.A.)
(N.A.)
(N .A .)
4
2
16
8
2
4
5
14
7
3
(N .A.)
(N .A.)
(N .A .)
(N .A.)
(N .A.)
-9.1
-13 .5
-22.9
-31.4
-25.7
125.0
50.0
-25.0
-25.0
-50.0
1977-11
TO
1978-11
U .S.:
STATE
—
—
—
INDUSTRY
MINING ♦ MANUFACTURING
CONTRACT C O N S T R U C T I O N
WHOLESALE TRADE
R E T A I L TRADE
COMMERCIAL S E R V I C E S
N .A .
DATA NOT A V A I L A B L E .
SOURCE:
DUN ♦ 3 H A D S T R E E T , I N C .
NOTE:
T H E 3 U S I N E S S F A I L U R E S BY I N D U S T R Y S E R I E S
T H I S T A B L E MAY NOT BE R E P R O D U C E D WI T H O U T
9
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I S NOT S T R I C T L Y C O MP A R A B L E T O T H E T O T A L B U S I N E S S
T H E P E R M I S S I O N OF DUN ♦ B R A D S T R E E T , I N C .
FAILUEES
SERIES.
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N A T IO N A L -R E G IO N A L O VE RV IE W
N a tio n
In the third quarter of 1978, gross national product (G N P) adjusted for price changes, that is,
real G N P , increased 3.4 percent, according to preliminary estimates; this increase compares
with an 8.7-percent increase in the second quarter and a 0 .1-percent decline in the first quarter.
(These estimates are at seasonally adjusted annual rates.) If the effects of the coal strike and
the severe weather in the first quarter and of the subsequent m akeup in the second and third
quarters are excluded, real G N P probably would have increased between 3 and 4 percent in
each of the first three quarters of 1978. Thus, the third-quarter increase was a continuation of
an underlying m oderate rate o f growth.
In the third quarter, personal incom e increased 2.7 percent, com pared with 3.3 percent in the
second quarter and 2.2 percent in the first (seasonally adjusted, not at annual rates). The thirdquarter deceleration was mainly in construction, mining, and m anufacturing, and occurred
despite a large increase in transfer paym ents, mainly due to a 6.5-percent cost-of-living
increase in social security benefits that was paid beginning in July.
In both July and A ugust 1978, the consumer price index increased about 7 percent (at a
seasonally adjusted annual rate). F rom August 1977 to A ugust 1978, prices increased 7.9
percent; the increase was 5.7 percent from A ugust 1977 to February 1978 and 10.3 percent
subsequently. August-to-A ugust price increases ranged from 10.4 percent for food to 4.8
percent for nondurable goods other than food.
In the third quarter of 1978, civilian em ployment increased 380,000, one o f the smallest
quarterly increases in the current expansion. Only a marked slowdown in labor force grow th
prevented a sharp increase in the unem ploym ent rate. In September 1978, the unemployment
rate was 6.0 percent, a rate that has varied little since February 1978 and that was 0.8
percentage point below the September 1977 figure. The September 1978 rate was 4.0 percent
for men aged 20 and over%6.0 percent for women aged 20 and over, and 16.6 percent for those
aged 16 to 19. From September 1977 to September 1978, the rates for both men and women
declined somew hat less than 1 percentage point, and the rate for teenagers declined 1.7
percentage points. The September 1978 rate was 5.3 percent for whites (down 0.7 percentage
point from the year before) and 11.2 percent for blacks (down 1.9 percentage points).
Unem ploym ent continues to be highly concentrated in the central cities of large m etropolitan
areas.
In September 1978, the num ber of housing starts was 2.1 million (seasonally adjusted at annual
rates); an annual rate o f about 2 million has been m aintained since September 1977, except for
January and February 1978, when the figure was sharply lower because of the severe weather.
The num ber of building permits continued high in September 1978, indicating probable
strength in housing starts for most of the remainder o f 1978.
23
R eg io n s a n d S ta te s
1 9 7 7 : 11- 1978:11
Personal income (m ap 1)
State personal income increased 11.4 percent. Real income increased about 4.5 percent, as the
consum er price index increased 6.9 percent. The increase in current-dollar personal income
exceeded the national increase in consum er prices by at least 1.7 percentage points in all States
(and the D istrict of Columbia) except Alaska, where personal incom e declined 3.1 percent.
M ost of the 17 States with above-average increases in personal income were in the southern,
western, and m ountain regions, where increases have been large throughout the seventies.
O ther States with large increases were W est Virginia, where the first-quarter 1978 coal strike
ended, and New Hampshire. Farm income increased at m ore than twice the national average
rate (15.4 percent) in seven of the above-average States. M ining wages and salaries were strong
in W est Virginia, C olorado, and W yoming. In nearly all o f the above-average States, wages
and salaries in both construction and m anufacturing increased faster than the national
averages for construction (16.7 percent) and m anufacturing (11.9 percent). Reflecting strength
in construction and m anufacturing, wages and salaries in private service-type industries
increased at average or above-average rates in nearly all o f these States.
Seven of the nine States with below-average increases in personal income were in the
N ortheast-G reat Lakes m anufacturing belt, where increases have been small throughout the
seventies. The two remaining States were Alaska, which was adversely affected by the
com pletion of the oil pipeline and term inal, and M ontana, where farm income declined. In
m ost of the below-average States, wages and salaries in both m anufacturing and construction
increased at rates below the national average and, as a result, so did wages and salaries in
private service-type industries.
24
M a n u fa c tu r in g w a g e s an d sa la r ie s (m a p 2 )
N ationally, m anufacturing wages and salaries increased 11.9 percent. States with aboveaverage increases were mainly in the western and m ountain regions, where increases have been
large throughout the seventies, and in New England, where increases have been small during
m ost of the seventies. D urables m anufacturing increased faster than the national average (13.3
percent) in each above-average State. States with below-average increases included New York
and the G reat Lakes States of M ichigan, Illinois, and Ohio, in each o f which the increases
have been small throughout the seventies.
Civilian em ployment (m ap 3 )
N ationally, civilian employment increased 4.4 percent. Increases were registered in all States
except Alaska and Hawaii. M ost of the States with above-average increases were in the Far
West and Rocky M ountain regions. In addition, large increases occurred in Florida, New
Mexico, and New Hampshire, in each of which the recreation industry was strong. The States
with below-average increases were geographically scattered; they included four States in the
M ideast, three in the Plains, and three in the Southeast.
Unem ploym ent rates (m ap 4)
N ationally, the unem ploym ent rate in the second quarter o f 1978 was 5.8 percent. Many of the
States with above-average rates were in the N ortheast-G reat Lakes m anufacturing belt, and
had registered below-average increases in employment and income from the second quarter of
1977 to the second quarter of 1978. In addition, high unemployment rates were registered in
Alaska, following the completion of the oil pipeline and term inal, and in Louisiana,
California, and Mississippi. The States with below-average rates were concentrated in the
farm belt of the Plains, and adjacent W yoming, Oklahom a, and Wisconsin.
From the second quarter of 1977 to the second quarter of 1978, the national unemployment
rate declined 1.1 percentage points. Nine States registered declines of more than 2 percentage
points. In five of these—Nevada, W ashington, New Mexico, Oregon, and Florida—the
decline mainly reflected strength in employment; and in the remaining four— Connecticut,
Arizona, M aine, and Rhode Island—the decline mainly reflected weakness in labor force
grow th. The unemploym ent rate increased, in contrast, in Alaska and Louisiana and was
virtually unchanged in Kentucky, Illinois, and M ontana; in each o f these States except
M ontana, the increase in employment was below-average.
Valuation o f construction contracts (map 5)
N ationally, the valuation of construction contracts increased 1.6 percent. If large electric
generating plants (seven in the second quarter o f 1977 and two in the second quarter of 1978),
which distort the year-to-year com parison, are excluded, valuation would have increased 25
percent. The States with the largest increases were N orth C arolina and Indiana, reflecting
contracts for large generating plants in the second quarter of 1978. The States with the largest
declines were Tennessee, Arizona, New Jersey, Kansas, Ohio, and Louisiana, reflecting
contracts for large generating plants in the second quarter of 1977 and the absence o f such
contracts in the second quarter of 1978.
25
N u m b e r o f d w e llin g u n its (m a p 6 )
N ationally, the num ber of dwelling units started increased 14.1 percent. States with aboveaverage increases included four in the N ortheast, four in the Southeast, and three in the
Plains. The large gains in the N ortheast probably reflected makeup from the adverse effects of
the severe weather in the first quarter of 1978. States with below-average increases were
concentrated in the West.
Value o f com m ercial bank loans (m ap 7 )
N ationally, the value of commercial bank loans increased 16.3 percent. States with aboveaverage increases were concentrated in the F ar W est and Southwest, and States with belowaverage increases were concentrated in the N ortheast.
26
Map 3.
C iv ilia n E m p lo y m e n t: P e rc e n t C h a n g e , 1 9 7 7 : 11-1978:
U N IT E D STATES 4 .4%
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..s DEPARTMENT O F COMMERCE
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U n e m p lo y m e n t R a te s, 1 9 7 8 : II
DEPARTM ENT OF COMMERCE
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U .S .
V a lua tio n o f C o n s tru c tio n C o n tra c ts : P e rce nt C h a ng e , 1 9 7 7 : 11-1978: II
DEPARTM ENT OF COMMERCE
M ap 6 .
N u m b e r o f D w e llin g U n its : P e rce n t C ha nge , 197 7 : 11-1978: II
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Map 7.
V a lue o f C o m m e rc ia l B a nk Loa ns: P e rce nt C ha nge , 1 9 7 7 : 11-1978: II