The Atlanta Fed’s 2007 Annual Report examines the evolution of the dynamic Southeastern economy, from its agrarian roots to its current state, and looks to the challenges the region’s economy faces in the future. Click here to go to the report.
The primary challenge facing the Southeast is elevating the education level of the region’s people to meet the demands of the present and future job market.
In 2007, after decades of huge in-flows, more people left Florida than moved in.
Service sector jobs in the Southeast represent 84 percent of total jobs.
Signs of a slowing economy were numerous: Employment growth decelerated, banks saw profits and lending growth decline, retail sales began to slacken, and real estate activity fell on virtually all fronts. In the second half of 2007, the Southeast created the fewest jobs it had produced in a six-month period since the first half of 2003. The rate of job growth for the year decelerated to 1.1 percent, down from 1.7 percent in 2006.