St. Tammany Parish total employment in the fourth quarter was 1.5% higher than for the fourth quarter last year (2003).  For the three months of the fourth quarter the employment level remained near the 90,000 mark while there was no drop off in December as was the case in 2003.  Another annual employment factor in 2004, there was no drop off in employment during the July and August period as there was in 2003.  Employment numbers for the third quarter 2004 remained near the 90,000-employment level.  Parish labor force in 2004 moved slowly towards and beyond the 93,000 levels during the year.  Unemployment in the Parish has moved downward and rests at 3.9% in the fourth quarter.  Unemployment insurance claims by Parish residents have slipped downward also where fourth quarter claims were 18.4% lower than claims in the fourth quarter in 2003.  Annually, 2004 unemployment insurance claims were 7.0% lower than for all of 2003.

Construction of single-family dwellings and commercial facilities continues at a brisk pace.  Fourth quarter building permits issued for single-family construction in the unincorporated portion of the parish soared to a 34.5% increase compared to the same quarter in 2003.  October and December single family permits spiked during the quarter.  For the year, single-family permits issued for this same geography were 18.9% higher than for 2003.  Single-family permits issued in the fourth quarter spiked in Mandeville and Slidell as well.  Commercial building permits issued in the fourth quarter for the unincorporated portion of the Parish were 23.5% higher than for the fourth quarter in 2003.  For the year, commercial permits issued edged higher than for all of 2003 (1.8%).

Not to be outdone, fourth quarter housing dollar sales volume in the Parish was 11.5% higher than for the fourth quarter in 2003.  For the year, housing dollar sales volume in the Parish was 10.2% higher than for all of 2003.  The number of houses sold in the fourth quarter eked out a 1.1% increase and for the year, the number of houses sold was up 4.0% over those sold in 2003.  The disparity between the growth rates in dollar sales volume and number of houses sold shows up in the growth of the average price of the houses sold.  In the fourth quarter the average price of a house sold was $188,748, 10.4% higher than in the fourth quarter in 2003.  In the 2004 over 2003 average house price comparison, the 2004 average house price was $183,227 compared to the 2003 average house price of $173,416 or a 5.7% increase.

Retail trade in St. Tammany Parish during 2004 was lively with regard to sales tax/total numbers.  Fourth quarter sales were 6.3% ahead of fourth quarter 2003 sales.  For the entire 2004-year, total sales were up 7.4% over 2003 sales.  Three months of 2004 had 10%+ sales increases over corresponding months in 2003 including March (14.0%), June (12.8%) and May (10.7%).  November was close behind with a 9.9% sales increase over November 2003 sales.  December 2004 sales were 6.8% higher than the previous December.  Estimated total sales in St. Tammany Parish for 2004 was $3,170,180,000, up from estimated sales in 2003 of $2,952,862,000 for an increase of 7.4%.

Fourth quarter new businesses started in the Parish numbered 311 businesses.  This was a decline in new businesses (-28.8%) compared to the fourth quarter in 2003.  For the year, the number of new businesses started in the Parish was 1,890 businesses or an increase of 42.0% compared to 2003 even though the fourth quarter was sluggish.  Although the fourth quarter experienced a dip in new business licenses, the pace of new licenses remains high.

The total investment from announced projects in the fourth quarter, in St. Tammany Parish, amounted to $20,150,000 or 150.1% higher than the announced investment in the fourth quarter in 2003.  For all of 2004 announced investment was 37.5% lower than for all of 2003.  The estimated permanent jobs as a result of the announced projects in the fourth quarter were 220 or 124.5% higher than in the fourth quarter in 2003.  Total 2004 announced project permanent job expectation numbered 906 jobs as compared to 1,135 jobs expected from all 2003 announced projects.   Of the 33 announced projects in the Parish in 2004, 23 were new projects while 10 were expansion of existing Parish companies.

St. Tammany Parish electric customer growth rate has been steadily increasing through the year.  Earlier in the year the twelve-month electric customer growth was around 3.3% - 3.4%.  Fourth quarter electric customer level growth was 3.9% higher than the electric customer level in the fourth quarter in 2003.   This accelerated growth rate of electric customers is driven by the accelerated growth in residential and commercial building permits.

Fourth quarter parish hotel receipts were 14.0& higher than hotel receipts in the fourth quarter in 2003.  Annually, hotel receipts were 3.4% higher than in all of 2003.  Fourth quarter monthly growth increases were some of  the highest monthly growth rates during 2004 compared to respective months in 2003.  The highest monthly growth was October with a  22.6% increase over October 2003.  January followed with month over month increase of 18.9%, December (10.6%) and March (10.4%).  November month over month increase was 8.2%.

Third quarter 2004 cost of living index for St. Tammany Parish was 96.1.  Based on a 100 scale, St. Tammany Parish composite cost of living for middle management households was 3.9% below the national average.  St. Tammany Parish third quarter ranking was 10th among a group of twelve selected metropolitan areas nearest to St. Tammany Parish with composite indices ranging from 88.3 for Mobile to 101.4 for Tallahassee.  Other metropolitan indices were Houston, 90.3;  Memphis, 90.7;   Shreveport, 91.2;  Little Rock, 92.1;  Jacksonville, 92.2;  Jackson, 92.8;  Dallas, 93.9;  Nashville, 94.55;  and Atlanta, 98.2.

National consumer confidence edged up in January after it had improved in December as reported by The Conference Board.  As the Present Situation Index increased the Expectations Index declined in January from December.   "Despite the slight retreat in expectation, consumers' short-term outlook remains favorable and suggests the economy will continue to expand throughout the first half of this year," says Lynn Franco, Director of the Conference Board's Consumer Research Center.  "And, recent advances in the Present Situation Index, now at its highest level since May 2002, suggests consumers will not dramatically alter their spending in the months ahead."   Consumers' assessment of current conditions improved in January and also saw the employment picture in a more favorable light.  Consumers' view of the short-term conditions remains positive but not as optimistic as in prior periods.

The Conference Board indicated the U.S. leading index increased 0.2 percent, the coincident index increased 0.3 percent and the lagging index remained unchanged in December.  "The leading index increased again in December and November's increase was revised up slightly.  These consecutive increases follow five consecutive declines, and the weakness in the leading indicators has become somewhat less widespread.  It is more likely the five-month decline in the leading index was only a pause in the rising trend that has been underway since March 2003.  The coincident index, an index of current activity, increased again in December, and the strength in the coincident index continues to be widespread.  At the same time, real GDP growth in the third quarter was revised up slightly to a 4.0 percent annual rate, up from 3.3% percent growth in the second quarter.  Growth rate of the leading index slowed below its long-term trend in the second half of 2004, but not to a rate that has historically been associated with a recession.  Behavior of the leading index since the middle of the 2004 is consistent with the economy continuing to expand in the near term, but more slowly than its long-term trend rate."   The St. Tammany economy continues to churn along as the fourth quarter growth was 3.2% and the 2004 growth rate was a low 3.1%.  All five sectors of the measured economy showed growth in the quarter including sales, signal family building permits, employment, electric customers, and hotel receipts.

ECONOMIC INDICATORS