Established in 1930, each issue contains a free quarterly Alabama economic forecast update.
Economic Outlook Update:
Alabama Business | Fourth Quarter | November 2019
➢ The State gained 46,600 jobs from September 2018 to September 2019, while the seasonally adjusted unemployment rate dropped from 3.8 percent to a record low of 3.0 percent bringing total nonfarm employment to 2,093,800.
➢ Seasonally adjusted unemployment, based on the household survey, declined from 84,568 in September 2018 to 66,919 in September 2019. During this period, civilian labor force increased from 2,203,300 to 2,261,077.
➢ Total nonfarm employment is forecast to increase by about 1 .9 percent for 2019. Sectors of the economy adding significantly to their payrolls in 2019 include: building construction; specialty trade contractors; transportation equipment manufacturing; motor vehicle manufacturing; aerospace products and parts manufacturers; animal slaughtering and processing; wholesale electronic markets and agents and brokers; motor vehicles and parts dealers; general freight trucking; insurance carriers; computer center design and related services; administrative support, waste management and recreation services; healthcare and social assistance; accommodation and food services; other services; and state government entities.
➢ Overall, the state’s economy grew by 2.0 percent in 2018, during the first half of this year, state’s GDP rose 2.0 percent, and it is expected to grow by about 2.5 percent in 2019, followed by a 2.0 percent increase in 2020.
➢ State tax revenues increased by 5.9 percent during fiscal year 2018-2019 (FY2019), below the 6.5 percent increase in FY2018 and are estimated to grow by 5.1 percent in FY2020.