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Alaska • Oregon • Washington Nonagricultural payroll employment by state (percent change over year earlier) Nonagricultural payroll employment by MSA (percent change over year earlier) 5 4 4 WA 3 Anchorage 3 2 2 AK 1 1 0 Portland-Vancouver -1 0 -2 U.S. -1 -3 OR -4 -2 -5 Seattle-Bellevue-Everett -6 -3 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Nov-98 Nov-99 Nov-00 Nov-01 Nov-02 Employment by Industry "MBTLB Total Employed (thousands) Dec-02 Total Mining Construction Manufacturing T.C.P.U. Trade F.I.R.E. Services Government 1-mo.a Percent Change 3-mo.a YTD a 12-mo. 295.4 9.7 15.4 12.9 27.6 59.0 12.8 76.6 81.4 -2.0 0.0 17.0 -65.6 0.0 -2.0 -8.9 8.2 3.0 1.0 4.2 -7.4 -19.1 0.0 -2.7 3.2 4.3 5.6 1.4 -6.7 4.1 -2.3 -1.8 0.3 -0.8 3.9 2.4 1.4 -6.7 4.1 -2.3 -1.8 0.3 -0.8 3.9 2.4 1,586.0 1.7 75.6 227.2 76.6 387.7 96.4 450.4 270.4 0.6 107.0 27.2 -13.2 0.0 0.9 3.8 5.5 -3.1 1.2 0.0 13.2 0.5 -2.6 -0.9 1.3 3.5 -0.7 0.4 0.0 1.3 -0.5 -1.8 -0.1 1.3 1.3 0.3 0.4 0.0 1.3 -0.5 -1.8 -0.1 1.3 1.3 0.3 8BTIJOHUPO Total Mining Construction Manufacturing T.C.P.U. Trade F.I.R.E. Services Government 2,643.0 3.1 146.0 299.6 136.0 619.8 144.6 774.9 519.0 1-mo.a 0.5 48.2 -0.8 0.8 3.6 -3.0 0.0 2.7 1.2 Percent Change 3-mo.a YTD a 1.5 14.0 0.3 -3.7 0.3 -1.3 2.5 5.0 3.4 12-mo. -0.5 -3.1 -0.3 -6.6 -3.5 -0.7 0.5 1.4 1.5 -0.5 -3.1 -0.3 -6.6 -3.5 -0.7 0.5 1.4 1.5 6OFNQMPZNFOU3BUFT 0SFHPO Total Mining Construction Manufacturing T.C.P.U. Trade F.I.R.E. Services Government Total Employed (thousands) Dec-02 Dec-02 Nov-02 Oct-02 Sep-02 Dec-01 Alaska Oregon Washington 7.4 7.0 6.8 6.8 7.1 6.7 6.8 7.0 6.7 7.5 6.8 7.4 6.0 7.8 7.4 U.S. 6.0 6.0 5.7 5.6 5.8 Unemployment rates are from the household employment survey; all other data are for nonagricultural payroll employment. All data are seasonally adjusted. Annualized. a Source: Bureau of Labor Statistics. 2 Western Economic Developments Federal Reserve Bank of San Francisco January 2003 Residential permits—November 2002 3-mo. average number Alaska Oregon Washington 296.8 1,882.2 3,830.9 Metro area office vacancy rates Moving average percent change 3-mo.a 12-mo.a 34.3 5.5 10.0 4.5 4.5 -0.6 Percent 20 18 16 14 Source: Bureau of the Census. 12 Non-residential construction awards—November 2002 3-mo. average $ millions Alaska Oregon Washington a 38.5 94.8 215.6 10 Moving average percent change 3-mo.a 12-mo.a 8 29.0 -50.8 -34.2 2 3.1 -17.0 -24.6 Portland 6 Seattle 4 0 Dec-98 Underlying data are seasonally adjusted moving averages. Dec-99 Dec-00 Dec-01 Dec-02 Source: Torto Wheaton Research. Source: F.W. Dodge. Sales of existing homes (percent change over year earlier) Percent 25 40 20 15 Metro area office gross rents (percent change over year earlier) Seattle 30 WA 20 10 5 10 0 0 -5 -10 OR -20 -10 -15 Sep-98 Portland -30 Sep-99 Sep-00 Sep-01 Sep-02 Source: National Association of Realtors. Sep-98 Sep-99 Sep-00 Sep-01 Home price index (percent change over year earlier) Export update 12 12 - month Percent Change $ billions Seattle-Bellevue-Everett 10 Sep-02 Source: Torto Wheaton Research. 2001 November* 2000 2001 November* Alaska 2.4 2.4 -5.6 -2.0 6.1 Oregon 8.0 8.5 6.6 -24.0 16.0 Washington 33.9 31.1 -13.1 8.5 -1.0 8 6 Portland-Vancouver 4 2 * Indicate year-to-date values. 0 Sep-98 Sep-99 Sep-00 Source: Office of Federal Housing Enterprise Oversight. Sep-01 Sep-02 Source: Census FT900 Supplement, Origin of Movement Series. Western Economic Developments January 2003 Federal Reserve Bank of San Francisco 3 Arizona • California • Hawaii Nonagricultural payroll employment by state (percent change over year earlier) Nonagricultural payroll employment by MSA (percent change over year earlier) 7 6 5 Phoenix AZ SF Bay Area 5 4 3 3 CA 2 1 LA-Long Beach U.S. 1 -1 0 Honolulu HI -1 -3 -2 -5 -3 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Percent Change 3-mo.a YTD a 12-mo. Employment by Industry "SJ[POB Total Employed (thousands) Dec-02 Total Mining Construction Manufacturing T.C.P.U. Trade F.I.R.E. Services Government 1-mo.a Percent Change 3-mo.a YTDa 12-mo. 2,251.1 8.0 162.6 191.2 103.2 535.8 148.1 711.1 391.1 -4.8 -35.7 -1.5 1.3 -8.9 -3.3 -1.6 -1.7 -15.2 2.7 -17.7 8.3 -3.3 -2.7 1.4 -1.6 1.0 12.9 0.2 -12.1 1.5 -5.5 -4.7 0.1 -2.1 1.7 2.5 0.2 -12.1 1.5 -5.5 -4.7 0.1 -2.1 1.7 2.5 554.6 . 24.9 17.1 38.6 134.2 32.9 188.7 118.2 3.3 3.2 1.7 1.7 $BMJGPSOJB Total Mining Construction Manufacturing T.C.P.U. Trade F.I.R.E. Services Government 14,630.4 23.6 749.8 1,784.1 710.1 3,360.0 850.8 4,682.4 2,469.6 1-mo.a -1.3 5.2 -1.0 -1.4 -4.9 -3.6 -0.3 0.5 -0.5 -0.4 5.3 -4.3 -4.2 -1.6 -1.3 2.8 0.3 2.7 -0.2 -2.1 -1.5 -3.2 -3.3 0.7 0.0 -0.1 2.1 -0.2 -2.1 -1.5 -3.2 -3.3 0.7 0.0 -0.1 2.1 6OFNQMPZNFOU3BUFT )BXBJJ Total Mining Construction Manufacturing T.C.P.U. Trade F.I.R.E. Services Government Total Employed (thousands) Dec-02 . 21.5 -6.8 -8.9 6.5 3.7 0.0 7.4 . 10.2 -10.9 -1.0 4.6 -1.2 4.4 3.5 . . 3.8 -3.4 0.8 1.4 0.3 2.8 1.2 3.8 -3.4 0.8 1.4 0.3 2.8 1.2 Dec-02 Nov-02 Oct-02 Sep-02 Dec-01 Arizona California Hawaii 5.6 6.6 4.2 5.8 6.5 3.9 5.7 6.5 4.0 5.7 6.4 4.2 5.8 6.1 5.6 U.S. 6.0 6.0 5.7 5.6 5.8 Unemployment rates are from the household employment survey; all other data are for nonagricultural payroll employment. All data are seasonally adjusted. Annualized. a Source: Bureau of Labor Statistics. 4 Western Economic Developments Federal Reserve Bank of San Francisco January 2003 Residential permits—November 2002 3-mo. average number Arizona California Hawaii Metro area office vacancy rates Moving average percent change 3-mo.a 12-mo.a 5,877.6 15,469.6 527.6 2.1 29.2 31.1 10.1 9.5 9.7 Source: Bureau of the Census. Percent 25 20 Phoenix Los Angeles - Long Beach Honolulu 15 Non-residential construction awards—November 2002 Moving average percent change 3-mo.a 12-mo.a 3-mo. average $ millions Arizona California Hawaii a 267.9 1,374.1 23.2 -16.9 2.3 -15.3 -11.5 -18.3 -32.3 Underlying data are seasonally adjusted moving averages. 10 5 San Francisco 0 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Source: Torto Wheaton Research. Source: F.W. Dodge. Sales of existing homes (percent change over year earlier) Percent 40 Metro area office gross rents (percent change over year earlier) 80 HI San Francisco 30 60 20 40 Los Angeles - Long Beach 20 10 AZ 0 0 Phoenix -20 CA -10 -40 -20 -60 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Source: National Association of Realtors. Sep-98 Sep-99 Sep-00 Sep-01 Home price index (percent change over year earlier) Export update 30 12 - month Percent Change $ billions San Francisco 25 Sep-02 Source: Torto Wheaton Research. 2001 November* 2000 2001 Arizona 11.1 9.7 19.0 -15.6 -5.2 California 90.7 71.4 19.5 -10.2 -14.9 Hawaii 0.3 0.5 33.4 8.8 55.4 20 November* 15 Los Angeles- Long Beach 10 5 0 -5 Honolulu Phoenix-Mesa * Indicate year-to-date values. -10 Sep-98 Sep-99 Sep-00 Source: Office of Federal Housing Enterprise Oversight. Sep-01 Sep-02 Source: Census FT900 Supplement, Origin of Movement Series. Western Economic Developments January 2003 Federal Reserve Bank of San Francisco 5 Idaho • Nevada • Utah Nonagricultural payroll employment by state (percent change over year earlier) Nonagricultural payroll employment by MSA (percent change over year earlier) 10 8 Las Vegas 7 NV 8 6 5 6 ID 4 Boise 4 3 UT 2 2 U.S. 1 0 0 -1 -2 Salt Lake City -2 -3 -4 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Nov-98 Nov-99 Nov-00 Nov-01 Nov-02 1-mo.a Percent Change 3-mo.a YTD a 12-mo. Employment by Industry Total Employed (thousands) Dec-02 1-mo.a Percent Change 3-mo.a YTDa Total Employed (thousands) Dec-02 12-mo. *EBIP 6UBI Total Mining Construction Manufacturing T.C.P.U. Trade F.I.R.E. Services Government 562.2 1.6 33.2 69.8 27.5 138.1 24.7 154.0 113.3 0.0 -51.7 11.5 -8.2 14.1 -12.9 0.0 5.6 10.0 -0.7 -21.5 -5.8 -8.2 6.0 -6.7 0.0 3.2 7.0 -1.2 -5.9 -11.0 -3.9 -1.1 -0.9 0.0 0.5 1.0 -1.2 -5.9 -11.0 -3.9 -1.1 -0.9 0.0 0.5 1.0 1,075.2 8.8 92.9 46.3 56.6 227.6 52.2 457.7 133.1 -0.4 -12.7 -6.2 -2.6 0.0 -2.1 7.2 0.5 1.8 2.4 -8.6 -1.7 1.7 -4.1 0.5 2.3 3.4 9.5 2.4 -8.3 3.1 1.3 0.2 2.6 4.2 2.3 3.9 2.4 -8.3 3.1 1.3 0.2 2.6 4.2 2.3 3.9 Total Mining Construction Manufacturing T.C.P.U. Trade F.I.R.E. Services Government 1,061.8 7.2 65.5 119.1 57.0 244.0 60.3 311.1 197.6 -0.2 5.8 2.5 -4.2 -1.4 -2.7 6.2 -0.8 3.7 -1.1 -6.5 -7.5 -3.2 -2.4 -1.4 0.3 -1.0 2.9 -1.1 -6.5 -7.5 -3.2 -2.4 -1.4 0.3 -1.0 2.9 6OFNQMPZNFOU3BUFT /FWBEB Total Mining Construction Manufacturing T.C.P.U. Trade F.I.R.E. Services Government -1.0 -15.3 9.6 7.3 -11.8 -7.1 15.0 -4.5 3.7 Idaho Nevada Utah U.S. Dec-02 Nov-02 Oct-02 Sep-02 Dec-01 5.6 5.0 5.6 5.8 4.6 5.4 5.4 4.5 5.1 5.4 4.9 5.3 5.5 6.9 5.9 6 6 5.7 5.6 5.8 Unemployment rates are from the household employment survey; all other data are for nonagricultural payroll employment. All data are seasonally adjusted. Annualized. a Source: Bureau of Labor Statistics. 6 Western Economic Developments Federal Reserve Bank of San Francisco January 2003 Residential permits—November 2002 3-mo. average number Idaho Nevada Utah 1,222.3 3,357.8 1,584.1 Metro area office vacancy rates Moving average percent change 3-mo.a 12-mo.a 37.3 15.8 -1.1 6.5 -2.2 6.7 Percent 25 Salt Lake City 20 Las Vegas Source: Bureau of the Census. 15 Non-residential construction awards—November 2002 3-mo. average $ millions Idaho Nevada Utah a 35.9 185.2 117.5 Moving average percent change 3-mo.a 12-mo.a -37.4 23.0 -11.7 -20.2 -10.3 15.3 Underlying data are seasonally adjusted moving averages. 10 5 0 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Source: Torto Wheaton Research. Source: F.W. Dodge. Sales of existing homes (percent change over year earlier) Percent 40 Metro area office gross rents (percent change over year earlier) 15 Salt Lake City NV 30 10 20 5 UT 10 0 0 ID -10 -5 -20 -10 Las Vegas Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Source: National Association of Realtors. Sep-98 Sep-99 Sep-00 Sep-01 Home price index (percent change over year earlier) Export update 9 8 12 - month Percent Change $ billions Las Vegas 7 Sep-02 Source: Torto Wheaton Research. 2001 November* 2000 2001 November* Idaho 1.9 1.5 53.6 -41.7 -16.7 Nevada 1.1 0.8 21.8 13.9 -18.0 Utah 3.4 3.8 1.7 9.3 22.1 6 5 Salt Lake City 4 3 Boise 2 1 0 -1 * Indicate year-to-date values. -2 Sep-98 Sep-99 Sep-00 Source: Office of Federal Housing Enterprise Oversight. Sep-01 Sep-02 Source: Census FT900 Supplement, Origin of Movement Series. Western Economic Developments January 2003 Federal Reserve Bank of San Francisco 7