Alabama Coastal Economy Mobile is the Economic Engine for Coastal Alabama

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Alabama Coastal Economy
Center for Real Estate and Economic Development
Period ending December, 2013
Report found at http://creed.southalabama.edu
Mobile is the Economic Engine for Coastal Alabama
Three views of the Coastal Alabama economy provide a good cross-sectional analysis of the direction and strength of
future activity. The Mobile Business Activity Index (MBAI) is an approximation of economic growth. It tracks employment for
10 NAICS industrial classifications weighted by each industry’s personal income-per-worker. It shows the level of workforce
spending power in the economy. The index decreased by 0.29 percent from December, 2012, to December, 2013.
MBAI and Moving Average
Index
January 2006 - December 2013
3 Month Moving Average
104
102
100
Index
98
96
94
92
90
88
86
2006
2007
2008
2009
2010
2011
2012
2013
Employment: According to the latest labor statistics, the civilian labor force was 184,787 in November, 2013. The number
of workers employed decreased by 1.12 percent since November, 2012, and the number of unemployed workers
decreased by 12.05 percent in the same period. The latest unemployment rate is 6.5 percent for November, which
decreased by 10.96 percent, or from 7.3 to 6.5 percent in the same period.
Employment in the top six clusters driving the Mobile economy increased by 0.84 percent from last year. Employment in the
remaining four clusters decreased from 32,200 to 31,000, a 3.73 percent change. During this time period, the largest
increase in employment occurred in the Leisure & Hospitality cluster, increasing from 15,300 to 15,800 in December, 2013,
a 3.3 percent change. Overall, there was no change in employment for all clusters since December, 2012.
Rank
Mobile Employment Clusters
%
1
2
3
4
5
6
Trade, Trans, & Utilities
Government
Education & Health Services
Prof & Business Services
Manufacturing
Leisure & Hospitality
Sub-Total
Mining, Logging, Construction
Financial Activities
Other Services
Information
Total
21.8%
14.2%
14.0%
12.3%
10.9%
9.0%
82.2%
5.9%
5.6%
5.2%
1.1%
100.0%
7
8
9
10
Non-farm Employees
Dec‘12 (000’s) Dec‘13
37.5
38.2
25.5
24.9
24.4
24.5
21.6
21.5
18.5
19.1
15.3
15.8
142.8
144.0
11.6
10.3
9.5
9.7
9.1
9.0
2.0
2.0
175.0
175.0
% Change vs.
12 Mos. Earlier
1.9
-2.4
0.4
-0.5
3.2
3.3
-11.2
2.1
-1.1
0.0
Residential Investment: The residential market serves as an important indicator of consumer attitudes, expectations
about the future economy, and job stability. Since December, 2012, the Mobile housing market has increasing sales,
decreasing median sales price, and decreasing month’s-to-sell inventory. The highest volume of sales remains under
$200,000.
December, 2013
Total Sales
Month’s-to-sell Inventory
Average Sales Price
Median Sales Price
Sales Under $200,000
288
9.96 months
$137,462
$106,750
234
Direction
increase
decrease
increase
decrease
increase
The Future: The immediate future for the Coastal economy lies in two areas. The first is continued economic development
successes. .
The second will be the concurrent decline in foreclosures and general return to normal demand and supply conditions in the
market. Some activity has been seen recently in higher priced housing which is a good sign of increased consumer
confidence.
.
For additional information, contact: Dr. Don Epley, Director, Center for Real Estate and Economic Development,
University of South Alabama, Office: 251.460.6735, E-mail: [email protected]
Data gathered by: Michelle Pinochet, MBA student - Senior Research Analyst
University of South Alabama takes reasonable measures to ensure the quality of the data and other information produced. However, USA
makes no warranty, express or implied, nor assumes any legal liability or responsibility for the accuracy, correctness, or completeness of any
information, nor represents that its use would not infringe on privately owned rights. Reference to any specific commercial product, process, or
service does not constitute an endorsement, recommendation, or favoring by USA.
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