May 3--One hundred-plus days into the Obama administration, stimulus money has started flowing, most consumers have gotten tax cuts and mortgage rates are enticingly low. Now, millions of Georgians are waiting anxiously to see how soon, and how fast, the state's key industries show signs of recovery.

Late last year the AJC profiled several industries crucial to the metro area: retail, real estate, airlines, shipping and logistics, health care, beverages and hospitality. Now we check in on these sectors, as well as banking, to see how developments this year are moving the needle.

--Real estate

The Federal Reserve has cut the Fed funds rate and bought Treasury notes to spur lending, and first-time homebuyers can get an $8,000 federal tax credit.

Yet, home sales continue to languish.

Lenders remain cautious and potential buyers are worried about their jobs or believe home prices could fall even more. President Barack Obama's policies "haven't turned the corner on consumer confidence," Prudential Georgia Realty owner Dan Forsman said.

A wave of refinancings offer hope because borrowers are left with more discretionary income. "The single most important thing they've done is help worthy borrowers refinance," said Jim Grissett, a founder of the Parthenon Group real estate company and an adjunct professor at Emory University.

Lenders are increasingly willing to modify loans to stem costly foreclosures. In April, more than 3,200 homeowners met with loan servicers at a two-day workshop at the Georgia World Congress Center to negotiate better terms.

The latest widely-watched Case-Shiller Index of home values showed metro Atlanta dropping in February to levels last seen in early 2001. But some local-market watchers say they believe values have bottomed.

The commercial side is suffering from tenant cutbacks and overbuilding, especially in Buckhead and Midtown. The Obama administration is trying to help the banking system so developers can refinance, but the outlook remains murky. "Everybody is looking for the lending sections to heal up," said Julian Diaz, chairman of the real estate department at Georgia State University.

The Treasury's new program to relieve banks of toxic assets, is generating "a lot of enthusiasm," Diaz said.

--Retail

Retail vacancies in metro Atlanta stood at 9.9 percent on March 31 -- sixth highest in the nation.

Unless the economy and consumer confidence improves, the rate will continue to climb, according to a report on the first quarter from CoStar Group.

Retailers are cutting new stores or pruning existing locations. That's boosting vacancies and pushing down lease rates.

Atlanta-based Home Depot, the nation's second largest retailer, this year closed its Home Depot Expo division and laid off 7,000 employees in January. The company will open a mere five stores in the United States this year, compared to over 100 stores annually during the boom years.

New shopping center projects are harder to start, existing ones harder to fill. Projects like 12th & Midtown, 1010 Peachtree and Town: Brookhaven have yet to disclose anchor tenants.

There are signs of hope, however. The Conference Board last week said its Consumer Confidence Index rose to 39.2, the highest it's been since November. And three shopping centers opened this year filled with tenants: Canton Marketplace, in Cherokee County; Barrow Crossing, near Winder; and North Logan Commons in Loganville.

--Banks

For Georgia banks, early 2009 has looked suspiciously like late 2008.

Banks continue to wobble and fail, while many are bleeding red ink amid a tide of bad loans.

Since Obama took office, five Georgia banks have failed, equalling the total for 2008.