|
|
|
|
|
|
 |
Economic Review |
| |
|
Analysis of the Index-The Jonesboro Business Index (JBI) is a composite index that measures the price-adjusted level of Jonesboro area business activity at the end of each quarter. The principal components of the JBI are the level of nonagricultural employment and the level of consumer and investment expenditures. Motel service demand and the extent of capital utilization are included in the measure of consumer expenditures. After the nominal values of all expenditures are adjusted for inflation, the resulting index of Jonesboro business activity consists of the level of real community demand (excluding automobiles) and the level of real resources utilized.
The JBI increased to 210 in the final quarter of 2007. This represents a 0.27% increase in the index since the previous quarter and a 1.4% increase from a year ago. Overall, real economic growth has been somewhat slow since 2002.
The quarterly trend in the JBI since 1977 is shown below.
SPECIFIC ECONOMIC ACTIVITY-Total permit values increased by 1.6% since the third quarter, with residential construction decreasing by 11% and non-residential construction increasing by 17%. Retail sales increased by 0.75% in the fourth quarter. The unemployment rate in Jonesboro increased to 5.0%.
UTILITIES-Total electric sales (in meters) were 1.4% higher than a year ago. Total water sales (in meters) increased by 1.4% over a year ago.
MOTEL SERVICE TAX-Revenues from the motel service tax increased by 12% since the third quarter. Tax revenues were 211% higher than a year ago.
CONSTRUCTION-Overall, total permit values increased by 1.6% since the third quarter, and were 82% higher than in the fourth quarter of 2006. Residential permits decreased by 11% and were 161% above the figure posted a year ago. Non-residential permits increased by 17%, and were 43% above the 2006 fourth quarter level.
RETAIL TRADE-Retail sales, excluding auto sales, have been adjusted to obtain a more accurate gauge of actual retail activity. Overall, retail sales increased by 0.75% since the previous quarter. Retail sales were 0.37% higher than the fourth quarter of 2006.
CIVILIAN LABOR FORCE SUMMARY-Nonagricultural wage and salary jobs in the Jonesboro labor area totaled 44,100 at the end of the fourth quarter. The local unemployment rate rose to 5.0%.
COST OF LIVING INDEX-The American Chamber of Commerce Researchers Association (ACCRA) has prepared a cost of living index for the fourth quarter of 2007. The cost of living index measures the difference in the cost of consumer goods and services (excluding taxes and nonconsumer expenditures) among 303 urban areas in the U.S. Jonesboro ranked well nationally and among selected cities in our region. (100 = U.S. Average)
| Jonesboro, AR |
86.4 |
| Fayetteville, AR |
90.8 |
| Memphis, TN |
89.3 |
| Fort Smith, AR |
89.0 |
See full report
|
|
|
|
|
|
|
