(ST. TAMMANY)---Quarterly economic figures for St. Tammany Parish show a mixed trend in the basic economy, but indicate an overall upward movement in the growth index for the first quarter of 2008, according to the St. Tammany Economic Development Foundation.

On the positive side, the unemployment rate in this year's first quarter dropped to 2.9 percent, down from 3.1 percent in the fourth quarter of 2007 and the overall 2007 rate of 3.7 percent.

STEDF officials also report that retail sales were down by 3.2 percent compared with the first quarter of 2007, showing sales dropping from $49.6 million to $48.06 million. Sales tax revenue also dropped slightly, from $1.041 million to $1.007 million.

Following the national trends, housing permits and home sale prices also fell in this year's first quarter. STEDF officials add that the average sales price, however, grew slightly from $234,925 to $243,182 in quarterly comparisons.

As for new businesses, the foundation reports that 379 new businesses started in the first quarter of this year, down slightly from 386 the same time last year. On the plus side, STEDF figures indicate that more than $1 billion in new projects have been announced in this year's first quarter, promising a $6.14 million payroll with 179 new, permanent jobs and some 2,720 construction jobs.

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