Sales Tax Rate 2008 Alabama by bjc76929

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									2009 Economic Update




               Information provided by
             Jacksonville State University
        Center for Economic Development and
  College of Commerce and Business Administration
     Serious Business

      Overview
• Calhoun County Update
• State of Alabama Update

                            1
     Calhoun County 2009 Update

•   Member Survey
•   County Gross Domestic Product
•   Employment
•   Unemployment
•   Housing
•   Calhoun County McClellan
    Development Authority
                                    2
       Q#1: Your Comparison of this
      Years Economic Outlook to Last

This year
 worse                      This year
  22%                        better
                              47%


   About
   same
   31%
                          Year 2009
                                        3
                               Q#1: Your Comparison of this
                              Years Economic Outlook to Last
                                        2003-2009
                       80%          70%
                                           64% 67%
% "This Year Better"




                             56%                         58%
                       60%
                                                                       47%
                                                                40%
                       40%

                       20%

                       0%
                             2003   2004   2005   2006   2007   2008   2009
                                                                              4
      Q#2: Your Employment Outlook
             for Coming Year
Cutback #                Expand #
  emp                      emp
  15%                      25%




    Remain
     same                Year 2009
     60%                             5
                         Q#2: Your Employment Outlook
                          for Coming Year 2003-2009
                   52%                     44% 43%
% "Expand # Emp"




                                     37%
                               34%
                   34%                               31%
                         28%
                                                           25%

                   17%


                   0%
                         2003 2004 2005 2006 2007 2008 2009
                                                                 6
           Q#3: How Likely to Increase
           Employee Compensation in
                 Coming Year
 Very
unlikely
 24%                Remain same
                                  75




                                         Very likely
                                           42%




 May or
 may not                               Year 2009
  34%                                                  7
                        Q#3: How Likely to Increase Emp
                         Compensation in Coming Year
                                 2003-2009
                  75%                   68%

                                  53%         54% 58%
% "Very Likely"




                        48% 47%
                  50%                                   42%


                  25%


                  0%
                        2003 2004 2005 2006 2007 2008 2009
                                                              8
Economic
Indicators

             9
                           Population Trends
                       Calhoun County 1999-2007
             118.0
                     116.5
             116.0
  In 1,000




             114.0                                         112.7113.1
                                            112.1112.4112.1
             112.0           111.3111.2111.4

             110.0
             108.0
                       99     00   01   02   03   04   05   06   07
Source: U.S. Census Bureau
                                                                        10
                                      Calhoun County Gross
                                        Domestic Product
                                       2001-2006 in $ Billions             $3.507
                     $3.60
                                                                  $3.308
 GDP in $ Billions




                     $3.25                               $3.092

                                                $2.777
                     $2.90
                                       $2.601
                             $2.422
                     $2.55

                     $2.20
                               01        02       03       04       05      06
Source: U. S. Bureau of Economic Analysis
                                                                                 11
                               Calhoun County Gross
                             Domestic Product % Change
                                                   2002-2006
                     11.8%
                                                            11.4%
   GSP change in %




                     9.8%

                              7.4%
                     7.8%                   6.8%                    7.0%
                                                                           6.0%
                     5.8%
                               02             03       04       05          06
Source: U. S. Bureau of Economic Analysis
                                                                                  12
                        Labor Force Calhoun County
                                1999-2008
              56.0                                                                     55.1
                                                                                54.6
                       54.0                                    54.3 54.2 54.2
              54.0                                      53.5
   In 1,000




                               53.2

                                          52.0
              52.0                               51.6


              50.0
                       99        00       01     02     03     04   05   06     07      08
Source: U.S. Bureau of Labor Statistics
                                                                                              13
                            Employment for Calhoun
                              County 1999-2008
              56.0

              53.5                                                                  52.7 52.3
                                                                             52.2
                                                                      51.7
   In 1,000




                      51.2                                     51.2
              51.0             50.5                     50.6
                                          49.2
                                                 48.7
              48.5

              46.0
                       99        00       01     02     03     04     05     06     07   08
Source: U.S. Bureau of Labor Statistics
                                                                                                14
                         Unemployment Rate for
                        Calhoun County 1999-2008
                  6%                            5.7
                                          5.5         5.4
   % Unemployed




                       5.1 5.1
                                                            5.0                   4.9
                  5%
                                                                  4.5

                  4%                                                    3.6 3.5

                  3%
                       99      00         01    02    03    04    05    06   07   08
Source: U.S. Bureau of Labor Statistics
                                                                                        15
                        Unemployment for Calhoun
                         County vs Alabama 2008
                                                                                               6.7
               6.8%
                                                                                 6.0    6.0
                                          Calhoun
               6.0%                                           5.7                              6.5
% Unemployed




                                          Alabama                          5.3
                                                       5.2           5.2                 6.0
               5.3%                              4.7                              5.5
                                                                           5.3
                                                              5.1
               4.5%   4.1          4.1     4.0                       4.9
                            3.9                         4.7

               3.8%                              4.1
                      4.0          3.9
                            3.7            3.4
               3.0%
                      Jan Feb Mar Apr May Jun                  Jul   Aug Sep Oct Nov Dec
Source: U.S. Bureau of Labor Statistics
                                                                                                     16
                                          3.8%
     Alabama
Unemployment Rates
  December 2007
 State Ave – 4.0%
       Unemployment Rate
      3.8% and Below
      3.9% - 5.2%
      5.3% and Above

Source: AL Dept of Industrial Relations
                                                 17
                                          6.5%
     Alabama
Unemployment Rates
  December 2008
 State Ave – 6.7%
       Unemployment Rate
      6.4% and Below
      6.5% - 8.4%
      8.5% and Above

Source: AL Dept of Industrial Relations
                                                 18
                             Sales, Use & Lodging Tax
                           Annual Total FY02-03 - FY07-08
                                  Anniston in $1,000
             $19,000

             $18,000                                  $17,891$18,051
                                               $17,344
 In $1,000




             $17,000             $16,837$16,620

             $16,000 $15,677

             $15,000
                            02-03 03-04 04-05 05-06 06-07 07-08
Source: City of Anniston
                                                                   19
                           Sales, Use & Lodging Tax
                            Monthly Total FY 07 – 08
                           Anniston (Oct-Sept) in $1,000
              $1,700          1,678

              $1,600                      1,570 1,586 1,581
  In $1,000




                         1,520                1,514
              $1,500 1,482                                    1,460
                                      1,449
                                  1,412                   1,406   1,394
              $1,400

              $1,300
                       Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept
Source: City of Anniston
                                                                          20
                           Sales, Use & Lodging Tax
                           Oct & Nov 2007 vs 2008
                              Anniston in $1,000
               $1,600
                                         2007
                                         2008   $1,520
                                                         $1,500
   In $1,000




               $1,500       $1,482

               $1,400                $1,378

               $1,300
                                Oct                 Nov
Source: City of Anniston
                                                                  21
                           Sales, Use & Lodging Tax
                         Annual Total FY02-03 - FY07-08
                                Oxford in $1,000
             $21,000                                                    $20,780
 In $1,000




             $19,000
                                                              $17,891
                                                    $17,344
             $17,000               $16,837$16,620
                         $15,677
             $15,000
                          02-03 03-04 04-05 05-06 06-07 07-08
Source: City of Oxford
                                                                                  22
                            Sales, Use & Lodging Tax
                             Monthly Total FY 07 – 08
                            Oxford (Oct-Sept) in $1,000
              $2,700
                                    2,527

              $2,350
  In $1,000




              $2,000            1,880
                                                1,748          1,778
                     1,655                           1,679 1,638 1,662
              $1,650     1,569              1,603                    1,571
                                        1,472

              $1,300
                         Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept
Source: City of Oxford
                                                                            23
                          Sales, Use & Lodging Tax
                         Oct, Nov, Dec 2007 vs 2008
                              Oxford in $1,000
             $1,900                 2007                $1,880
                                    2008                     $1,749
 In $1,000




             $1,700      $1,655
                               $1,550 $1,569
                                               $1,486
             $1,500

             $1,300
Source: City of Oxford
                            Oct            Nov             Dec
                                                                      24
                               Sales, Use & Lodging Tax
                        Annual Total FY02-03 - FY07-08
                            Jacksonville in $1,000
             $500                                                $463
                                                         $445
                                         $426
                                                 $388
 In $1,000




             $400

                                 $309
             $300       $284


             $200
                       02-03     03-04   04-05   05-06   06-07   07-08
Source: City of Jacksonville
                                                                         25
                               Sales, Use & Lodging Tax
                          Monthly Total FY 07 – 08
                       Jacksonville (Oct-Sept) in $1,000
              $500   486

                                     456 460                           463               462
              $450                             445
  In $1,000




                               428                               431         430
                                                     416                           409
                                                           403
              $400


              $350
                     Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept
Source: City of Jacksonville
                                                                                               26
                       Sales, Use & Lodging Tax
                      Oct, Nov, & Dec 2007 vs 2008
                          Jacksonville in $1,000
               $500            $486                 2007
                                      $476
                                                    2008   $450
   In $1,000




               $450                          $427
                                                    $409          $407
               $400

               $350
                                 Oct           Nov           Dec
Source: City of Jacksonville
                                                                         27
                         Sales, Use & Lodging Tax
                          Monthly Total FY 07 – 08
                         Weaver (Nov-Sept) in $1,000
              $30

              $25                                      24
                              22
  In $1,000




                    21                            22        22        21
                                                                 20
              $20                  19   19

                         15
              $15                            13

              $10
                    Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept
Source: City of Weaver
                                                                           28
                           Sales, Use & Lodging Tax
                            Monthly Total FY 07 – 08
                           Ohatchee (Oct-Sept) in $1,000
              $50                                             48 49
                    46
                                                    41
              $40          39
  In $1,000




                                     36
                                34                                    33
                                               32
                                          30                               29
              $30                                        27


              $20
                    Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept
Source: City of Ohatchee
                                                                                29
                          Sales, Use & Lodging Tax
                         Oct, Nov & Dec 2007 vs 2008
                              Ohatchee in $1,000
            $54                                        2007
                                           $50         2008
                         $46
In $1,000




            $46
                               $42
                                     $39                $40
            $38
                                                 $34
            $30
Source: City of Oxford
                           Oct         Nov         Dec
                                                              30
                           Sales, Use & Lodging Tax
                             Monthly Total FY 07 – 08
                           Piedmont (Oct-Sept) in $1,000
              $135                                                       130
                                                               126 125

              $120               117                     118                   118
  In $1,000




                     116                                                             114
                           113         114
                                                   108
              $105                           103


              $90
                     Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept
Source: City of Piedmont
                                                                                           31
                           Sales, Use & Lodging Tax
                             Oct 2007 vs Oct 2008
                              Piedmont in $1,000
                             2007
              $130                           $125
                             2008
  In $1,000




              $120              $116

              $110

              $100
                                       Oct
Source: City of Piedmont
                                                      32
                         Calhoun Housing Statistics
                   YTD Dec 2007 vs YTD Dec 2008

                           YTD Dec 2007 YTD Dec 2008 % Change
Total Homes                       1,263                    1057      -16.3%
    Sold
Avg Selling                  $135,971                     $130,831   -3.8%
   Price
Avg Days on                          149                    110      -26%
  Market


Source: Alabama Real Estate Research & Education Center
                                                                              33
                                 Number of Home Sales Per
                                  Month Calhoun County
                    135.0
                                                   1999-2008
                                                               122.2
 Home Sales/Month




                    120.0                                           113.8
                                 94.56 Avg - - -                         108.5
                                                          103.5
                    105.0
                                                   93.7                        88.1
                     90.0        80.2 79.7 81.9
                            77.6
                     75.0

                     60.0
                            99    00     01   02    03     04   05   06   07     08
Source: Alabama Center for Real Estate
                                                                                      34
                                        Calhoun County Housing
                                      Affordability Index 3rd Q 2008
                              190
 AHA Index Higher is Better




                                    172.3
                                               157.0                154.4
                              160                          150.7

                                                                              127.7
                              130


                              100
                                    Calhoun   Birmingham   Auburn   Alabama    U.S.
                                    County
Source: Alabama Real Estate Research & Education Center
                                                                                      35
                           Anniston Chemical Agent
                             Disposal Facility as
                             December 24, 2008
    Since 1st burn on August 9, 2003, have destroyed
    • All GB Munitions/Nerve Agent demilitarized
    • All VX Projectiles/Rockets demilitarized
    • 12/24/2008 All VX Land Mines demilitarized
    • 99% storage risk eliminated
    • 56% stockpile destroyed

Source: Anniston Chemical Agent Disposal Facility
                                                       36
      McClellan
Economic Development Update
            Robin Scott
         Chief Executive Officer
     McClellan Development Authority


                                       37
            McClellan Development
              Authority (MDA)
• Closing of Fort McClellan in 1999, City of
  Anniston and Calhoun County formed Joint
  Powers Authority
  – Mission: Seek out new enterprises to bring back jobs
    and tax revenues lost with closure of Fort …while
    preserving historic character and beauty of properties
• Name has changed (now McClellan
  Development Authority) but mission remains
  same
                                                         38
        McClellan Development
          Authority Board
• Ronnie Smith        •   Willie Duncan
  Chairman            •   Jim Farrell
• Anthony Humphries   •   Mark Hearn
  Vice Chairman       •   Mike James
• Lynetta Owens       •   Julia Segars
  Secretary
                      •   William Tippins
• Ken Deal
                      •   Gerald Wilkerson
                                             39
            MDA Priorities for 2009

• Oversee Industrial Access Road construction
  – Coordination with ALDOT, City, and County
• Conduct top-to-bottom assessment of all
  Economic Development practices
  – Policies, procedures, marketing, negotiation, etc .
• Prepare South Industrial Site for marketing
  – Demo work, field clearing, utilities work
• Renovate our “most marketable” buildings
  – Utilities upgrades, exterior updates, roof repairs    40
           Industrial Access Road (IAR)
               Project Significance
• Key to future growth at McClellan
  – Key industrial sites located adjacent to IAR
   – Access key factor for attracting new businesses
• IAR will provide access to major road networks
   – South: Eastern Bypass to I-20 and AL 431
   – North: AL 21
• IAR will reduce local traffic congestion
   – McClellan residential and recreational areas
   – Quintard Avenue (45,000 trips/day)                41
                       Future project;
                        IAR Phase II

 Industrial
   Access
    Road
Connections
  to Main                IAR Phase I
  Arteries                   funds
                        APPROVED!
   Eastern Bypass         Total cost:
  paving contract to      $3,135,766
    be let Feb 09
                                         42
             Industrial
               Sites


Industrial
   Site        Research
 Access          Park




                          43
                 Eastern Bypass

• US Army has completed
  ROW cleanup!!!
• Matrix is currently
  conducting cleanup on
  both sides of ROW
• ALDOT timelines
• Bottom Line: No
  foreseen problems
                                  44
            February 2007 Snapshot of
               Developable Lands

 1189 acres
available for
development,
 however…




                                        45
               Southern Industrial Area


  283.42 Acres
   available in
South industrial
site, however…
prep is required!



                                          46
               McClellan Economic
              Development Summary
• Have been notable successes in economic
  redevelopment efforts at McClellan
   – “No-cost” deed transfers from US Army to JPA
  – $216+M for ordnance and environmental cleanup
     • 38 underground tanks, 5 landfills, 4600+ acres of MEC
  – Sales of residential properties
     • Buckner district, Summerall Terrace, Cane Creek
• Path to future economic growth is through
  “prepared” properties available for immediate
  commercial/industrial use                                    47
                Calhoun County:
                    Summing it Up
•   Membership Survey- Guarded, but optimistic
•   Population- Up
•   Employment- Down from record high in 2007
•   Unemployment- Up Dec 2008 (6.5%)
    – Highest since Jan 1996 (7.5%)
• Housing Market- Down from record highs
• McClellan Economic Development- Moving
    Forward

                                                 48
        State of Alabama Update

                 • Education
• BLCI Survey
                 • Achievemens
• Demographics
                   2003
• Economic
  Indicators     • Other Issues



                                  49
      Alabama Business Leaders
          Confidence Index
• State Survey – 1st Quarter 2009
• Approximately 300 respondents
• www.blcindex.com




                                    50
                              Alabama Economic Outlook
                              Q4 2008 compared to Q1 2009
                       70%                63.1%
    % of Respondents




                       50%

                       30%                          20.5%
                                                               10.4%
                       10%    6.0%
                                                                        0.0%

                       -10%   Much         Worse     Remain    Better   Much
                              Worse                 the Same            Better
Source: Alabama Business Leaders Confidence Index
                                                                                 51
                                             Alabama Economic Outlook
                                                     Q4 2007 – Q1 2009
   % "Quarter Better or Much Better




                                      45%   39.8%

                                      35%
                                                    28.4%
                                                            22.5% 24.0% 25.0%
                                      25%

                                      15%                                           10.4%

                                      5%
                                            Q4 07   Q1 08   Q2 08   Q3 08   Q4 08   Q1 09
Source: Alabama Business Leaders Confidence Index
                                                                                            52
                              Alabama Population
                             2002-2008 in Millions
                 4.8
                                                                     4.661
                 4.7                                         4.628
                                                     4.599
  in 1,000,000




                                             4.557
                 4.6
                 4.5                 4.414
                       4.370 4.385
                 4.4
                 4.3
                       02     03      04      05      06      07      08
Source: U.S. Census Bureau
                                                                             53
                        Alabama Civilian Labor Force
                           2002-2008 in Millions
              2.25                                           2.22   2.23

              2.20                                                         2.19
                                   2.15        2.16
In Millions




                                                      2.15
              2.15

              2.10   2.09

              2.05

              2.00
                     2002         2003         2004   2005   2006   2007   2008
Source: Alabama Dept of Industrial Relations
                                                                                  55
                                  Alabama Employment
                                  2002-2008 in Millions
                2.24
                                                             2.14   2.15
                2.16
                                                                           2.08
  In Millions




                2.08                           2.04   2.06
                                    2.02
                2.00   1.97

                1.92

                1.84
                       2002 2003               2004 2005 2006       2007 2008
Source: Alabama Dept of Industrial Relations
                                                                                  56
                               Alabama Unemployment
                                     2002-2008
                6.9%

                       5.9% 5.8% 5.7%
 % Unemployed




                5.9%

                                                                      4.9%
                5.0%

                4.0%                             3.6% 3.5%     3.5%

                3.0%
                       2002        2003   2004   2005   2006   2007   2008
Source: U.S. Department of Labor
                                                                             57
                       Unemployment for Alabama
                         vs United States 2008
                                                                                             7.2
               7.4%                                                                    6.8
                                                                                 6.5
                                                                     6.1 6.1
% Unemployed




               6.3%
                                                   5.5 5.5 5.7                               6.7
                      4.9            5.1    5.0                                        6.0
               5.2%          4.8
                                                                                 5.5
                                                                           5.3
                                                               5.1   4.9
               4.1%                                4.7   4.7                     United States
                                                                                 Alabama
                      4.0             4.1    4.0
                              3.7
               3.0%
                      Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
 Source: U.S. Bureau of Labor Statistics
                                                                                                   58
                                Alabama Gross State Product
                                   1998-2007 in $Billions
                                                                                          $166
                    $166                                                           $159
                                                                            $151
 GSP in $Billions




                                                                     $142
                    $146
                                                              $130
                                                       $124
                    $126                        $119
                                         $115
                                  $112
                           $107
                    $106
                           98     99     00     01     02     03     04     05     06     07
Source: U. S. Bureau of Economic Analysis
                                                                                            59
                           Alabama Gross State Product
                              % Change 1998-2007
                                                                8.7%
                   8.9%
 GSP change in %




                   6.6%
                                 4.9%                                     5.3%
                                                  4.3%            6.3%
                          4.1%                             5.2%
                   4.3%
                                       2.3%                                4.5%
                                                 3.6%
                   2.0%
                          98     99         00   01   02   03   04   05   06   07
Source: U. S. Bureau of Economic Analysis
                                                                                    60
                                 Total Tax Revenue Alabama
                               % Change FY01-02 thru FY07-08
         12.0%                                     10.9% 9.8%
 Tax Rev change in %




                                            8.2%
                       9.0%

                       6.0%                                     4.2%
                              3.2%                                       2.7%
                       3.0%          0.9%

                       0.0%
                              01-02 02-03 03-04 04-05 05-06 06-07 07-08
Source: Alabama Department of Revenue                           *FY: Oct-Sept
                                                                                61
                                      Sales Tax Revenue Alabama
                                    % Change FY01-02 thru FY07-08
                                                              9.00%
 Sales Tax Rev change in %




                             9.5%                8.02%
                                                      6.09%
                             7.3%

                             5.0%   4.20%
                                                                       2.49%
                                         1.70%
                             2.8%
                                                                             0.56%

                             0.5%
                                    01-02 02-03 03-04 04-05 05-06 06-07 07-08
Source: Alabama Department of Revenue                                 *FY: Oct-Sept
                                                                                      62
                                            Sales Tax Revenue Alabama
                                              Jan – Dec 2007 vs 2008
                               $195   190
 Sales Tax Rev in $ Millions




                                                                    179                                  183
                                                        179                            180
                                                              174         172
                               $175 182                                          165         168
                                                  162         159                                  161
                                                        167         170 170            168
                               $155         146 159                              163
                                                                                                   159 160
                                                                          2007
                                                                          2008
                                            145                                                    139
                               $135
                                      Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: U.S. Bureau of Labor Statistics
                                                                                                               63
                                   Tax Revenue Alabama
                               % Change Oct 2007 Vs Oct 2008
                      20.0%     17.25%
Tax Rev change in %




                      10.0%                  Sales
                                              Tax
                                                      -0.12%
                       0.0%
                               Individual              Total
                      -10.0%   Income Tax               Tax


                      -20.0%                -17.14%
  Source: Alabama Department of Revenue
                                                               64
                                  Tax Revenue Alabama
                              % Change Nov 2007 Vs Nov 2008
                      2.0%
Tax Rev change in %




                      1.0%                  Sales   Total
                                0.52%
                                             Tax     Tax
                      0.0%
                              Individual
                      -1.0%   Income Tax

                                                    -0.68%
                      -2.0%                -1.61%
  Source: Alabama Department of Revenue
                                                             65
                                   Tax Revenue Alabama
                               % Change Dec 2007 Vs Dec 2008
                               Individual    Sales     Total
                               Income Tax     Tax       Tax
Tax Rev change in %




                      -3.0%


                      -8.0%


                      -13.0%
                                            -12.50%
                                                      -14.06%
                      -18.0%    -16.10%
Source: Alabama Department of Revenue
                                                                66
                         Alabama Housing Statistics
                    YTD Dec 2007 vs YTD Dec 2008

                           YTD Dec 2007                   YTD Dec 2008    % Change
   Total                       57,083                      43,690
Homes Sold
                                                                         -23.46%
Avg Selling                $157,008 $154,671 -1.49%
  Price
 Avg Days                          123                       135
on Market
                                                                         +9.87%

Source: Alabama Real Estate Research & Education Center
                                                                                     67
                           Number Home Sales Per Month
                               Alabama 1999-2008
                   5200                                            4,994 4,971
                                                                                 4,807
Home Sales/Month




                                                           4,539
                   4550         3,856 Avg - - -
                                                      3,960
                   3900                                                                  3,641


                   3250                       2,985
                          2,875 2,792 2,922

                   2600
                           99     00     01    02     03      04     05   06      07     08
     Source: Alabama Center for Real Estate
                                                                                                 68
                            Ave # of Days Homes on Market
                                  Alabama 1999-2008
                      160                      156
                                         153
 Ave Days on Market




                                                     151
                      150    145                                   140 Avg - - -
                                   143
                                                           141
                      140                                                        135
                                                                 130
                      130
                                                                       122 123
                      120
                             99    00    01    02    03    04    05    06   07   08
Source: Alabama Center for Real Estate
                                                                                       69
              State of Alabama:
                 Summing it Up
• Outlook Survey-      • Alabama Gross State
  Guarded                Product – Up
• State Population- Up • State Tax Revenues
• Labor Force- Down      – Down Late in Year
• Employment- Down • Housing Sales
• Unemployment- Up       – Down from record
                          highs
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           2009 Economic Update
          Calhoun County & State of Alabama

• Calhoun County      • State Survey-1st Q
  Survey- Turning?      Bleak
• Employment- Down • Alabama Gross State
• Unemployment- Up      Product – Up
• Sales Tax Revenues- • State Tax Revenues
 Down Late in Year      – Down Late in Year
• Housing- Down       • Housing- Down
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