Metro Atlanta Job Growth Headed for Biggest Year Yet
This year, Metro Atlanta may see its biggest year for job growth since hosting the Olympics in 1996.
Propelled by the return of consumer confidence, a fall in gasoline prices, and the likelihood of low interest rates, the metro region is projected to add a potential 140,000 jobs this year. That’s up from 60,000 new jobs in 2013, and almost 100,000 in 2014 through November.
If the prediction proves accurate, leasing activity across the metro Atlanta office districts could hit a stronger spike and further boost the landlord market for at least another year, in addition to the general boost to the local economy.
An annual job growth of 140,000 for Atlanta would have unprecedented impact. According to the Bureau of Labor Statistics, the last time Atlanta saw year-over-year employment growth at a rate greater than 100,000 jobs per year was 1999. The year Atlanta hosted the Olympics, 1996, saw a spike to 147,00 jobs.
The prediction comes as Metro Atlanta’s unemployment rate continues to fall, down one-tenth of a percentage point in March from 6.9 in February to 6.8, according to the Georgia Department of Labor. Some of the areas with the strongest employment growth have been business services and construction. Several upcoming developments could continue this trend, such as the construction of SunTrust Park, a mixed-used new development for the Atlanta Braves, which could employ up to 5,000 in construction. The new downtown stadium slated for construction for the Atlanta Falcons is likely to have a similar impact.
Though the final numbers won’t be in for a while, these projections point to a fruitful year for Atlanta Metro real estate.