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Example of retrospective economic data - 2005 looking back to 2003.

APPENDIX E

Economic Factors Affecting the Retrospective Appraised Value

Economic factors related to the retrospective appraisal valuation were considered from several sources including the Bureau of Labor Statistics and the Bureau of Economic Analysis from the U.S. Department of Commerce.

In 2003, private services-producing industries continued to lead the economic recovery. 2003 was a stronger year for the economy, showing a balanced and broad-based pattern of real growth. Major gains in durable-goods manufacturing and the continued strong performance of private services-producing industries led the broad-based recovery in 2003, as 8 out of 15 private sector industry groups contributed to stronger growth in real GDP.

Of particular interest, personal income increased in all but two of the nation's metropolitan statistical areas (MSAs) from 2002 to 2003. This was an improvement over the previous two years when more than twenty metropolitan areas saw their personal income decline. Per capita personal income increased in all but five MSAs from 2002 to 2003, in contrast to the previous two years when that income declined in as many as sixty MSAs. Two of the ten highest per capita personal income levels were in Bridgeport-Stamford-Norwalk, CT MSA (#1) and New York-Northern New Jersey-Long Island, NY-NJ-PA (#9). Had “the subject equine” been sold in the year 2003, the strong economy and the potential market based on his location in the #9 highest per capita MSA, and adjacent to the #1 highest, would have helped to bring the assessed value determined in this report.

And, based on current 2005 data, personal income continues to grow in these MSAs (chart)... [end sample]