Atlanta - Market Intelligence
Atlanta is thought of as the capital of the Southeast and has been one of the model cities in terms of its economy. With expanding ports and airports and robust job growth, Atlanta is now a top destination for investors, businesses, and job seekers.
ECONOMIC GROWTH LANDSCAPE
- Atlanta was named the number two Metro Area for Economic Growth Potential by Business Facilities Magazine.
- In a population of 5,898,600, Atlanta has a gross metro product of $355 billion. Its major industries, include financial services, technology, and telecommunications. In 2017, its job growth was 2.3%.
- Atlanta's unemployment rate is expected to average 3.9% by the end of 2019. Year-over-year Atlanta has added between 70,000 and 80,000 jobs.
- In 2017, job seekers reported an increase in hiring on Linkedin by 23.9%. The top jobs were in the computer and business industries, including IT infrastructure, network administration, management consulting, and accounting.
- Atlanta is the economic engine of the state of Georgia and of the Southeast United States. It has one of the busiest airports in the world, the Hartsfield-Jackson International Airport, and is one of the main reasons global companies like Mercedes-Benz and Porsche have moved their US headquarters to Atlanta.
- The income per capita is $40,595, which is higher than the US average of $31,177. Recent job growth was at 2.9%, which is higher than the 1.6% average for the United States.
- Many major hubs such as the Hartsfield-Jackson International Airport and the Port of Savannah are undergoing major expansions. There is a currently a $5 billion plan for development in the downtown area.
- Moving businesses to Atlanta has been optimal for many, especially for small businesses and young people. Young people will find it optimal because the cost of living is lower than the national average, and the median price for an Atlanta home is $226,370.
- Atlanta businesses are buying up office space at a high rate. In 2018, the net absorption of office space was 21.3 million square feet.
- Atlanta startups have raised $626.5 million from 35 venture capital deals, and in total, all Atlanta startups have raised $1.15 billion in venture funding. The city is home to many prominent startup accelerators and incubators such as Startup Atlanta, Atlanta Tech Village, and TechStars Atlanta.
- The city's major airport and seaport are undergoing major expansions, which means more jobs and business opportunities for small and large corporations.
- There is a sustained demand for homes and office space in Atlanta, so real estate companies and homebuilders are set to have a great year. Mortgage rates are set to be higher than in recent years, along with rents, which will motivate people to invest in real estate.
- Atlanta continues to produce a well-rounded and well-educated workforce. The state of Georgia has one of the largest university systems in the country which produces more than 60,000 graduates a year.
INDUSTRIES AND COMPANIES
- Industries that seem to be growing the most are professional and technical services, educational services, healthcare, and social assistance, and accommodation and food services.
- Even with the trade war with China that has forced corporations that do business overseas to pause some hiring, growth in many industries have been above the national average.
- In FY2018, 26 Fortune 500/1000 companies have generated aggregate revenues of $315 billion. Some of these companies include Coca-Cola, Home Depot, Delta Airlines, Turner Broadcasting, and UPS.
EMPLOYERS WITH MOST JOB OPPORTUNITIES
- Job growth in Georgia should remain the same as in 2018, and unemployment should remain low. Employers are set to expand by 68,900 jobs by the end of 2019. Atlanta will account for 70% of that job growth.
- The world's largest passenger airport, the Hartsfield Jackson International Airport, is now undergoing a $6 billion renovation, which means more business opportunities coming in. The Port of Savannah is undergoing a $1 billion expansion. This port has had one of its most successful years recently, with a record of 4.2 million TEUs in FY2018.
- The top employer in Atlanta is Delta Airlines, which has its home at the Hartsfield-Jackson Atlanta International Airport. Since 1998, it has been the busiest airport in the world, with service to 150 US destinations and more than 75 international destinations in 50 countries. Delta employs more than 34,500 people in the city.
- The next top employer in Atlanta is Emory University & Emory Healthcare, which employs 32,091 people. Rounding out the top five are Home Depot with 16,510 people, Northside Hospital with over 16,000 people, and Piedmont Healthcare with over 15,900 people.
- The rest of the top ten employers, including Publix, Super Markets, WellStar Health System, Kroger, and AT&T, all employ over 15,000 people. The one exception is UPS at number 10, with 14,594 employees.