The document provides an economic snapshot of the US and Atlanta metro area in January 2018. It summarizes that metro Atlanta continues to be a national leader in job growth, with the strongest employment growth found in higher-paying sectors like professional/business services and information. While wages are seeing positive annual growth, it remains sluggish. The metro area still has high levels of distressed housing but home prices have surpassed pre-recession peaks. There is currently over 5 million square feet of office space and almost 2 million square feet of retail space under construction.
This month’s Regional Snapshot provides an overview of the most relevant trends in our metro economy- topics include job growth by sector, changes in wage levels, and trends in residential and commercial (by type) permit and construction activity.
Austin’s industrial market rental rates rise after nearly a decade of stagnant rates.
Since the first quarter of 2014, citywide rates have been on the rise after years of stagnation. The citywide average quoted industrial rate increased by 4.5% between quarters from $7.99 to $8.35 per SF NNN, and increased 21% on a year-to-year basis from $6.90 per SF NNN.
Though vacancy increased slightly over the quarter from 8.4% to 8.8%, likely due to the high amount of industrial product delivered last year, Austin’s citywide vacancy rate has been steadily decreasing since Q1 2010.
Only one building, totaling 199,865 square feet, delivered in the first quarter and 692,895 square feet are currently under construction. All but one of these buildings is scheduled to deliver in the second quarter of 2015.
According to the Texas Workforce Commission, the Texas economy and employment across all major industry sectors continue to grow. Austin’s unemployment rate fell to 3.4% from 4.6% over the year, lower than both the state and national average.
Austin was the third fastest growing metro area in the nation during the past year with the population expanding by 3% between July 2013 and July 2014, according to the U.S. Census Bureau’s recent data.
South Africa’s official unemployment rate is on the increase. In the past 10 years (2008–2018), the unemployment rate has increased from 21,5% to almost 28,0%. Unemployment refers to those persons who were not employed, had taken steps to look for a job or to start a business and were available to take up a job had it been offered. Now, the main hiccup lies with those persons who have been unemployed for longer periods and still do not find any form of employment.
Read more here:
http://www.statssa.gov.za/?p=11688
Dr. Lawrence Yun's Economic Update at the Charleston Realtors Commercial Market Forecast event on November 15, 2018: Economic Trends and Outlook in a Rising Interest Rate Environment.
This month’s Regional Snapshot provides an overview of the most relevant trends in our metro economy- topics include job growth by sector, changes in wage levels, and trends in residential and commercial (by type) permit and construction activity.
Austin’s industrial market rental rates rise after nearly a decade of stagnant rates.
Since the first quarter of 2014, citywide rates have been on the rise after years of stagnation. The citywide average quoted industrial rate increased by 4.5% between quarters from $7.99 to $8.35 per SF NNN, and increased 21% on a year-to-year basis from $6.90 per SF NNN.
Though vacancy increased slightly over the quarter from 8.4% to 8.8%, likely due to the high amount of industrial product delivered last year, Austin’s citywide vacancy rate has been steadily decreasing since Q1 2010.
Only one building, totaling 199,865 square feet, delivered in the first quarter and 692,895 square feet are currently under construction. All but one of these buildings is scheduled to deliver in the second quarter of 2015.
According to the Texas Workforce Commission, the Texas economy and employment across all major industry sectors continue to grow. Austin’s unemployment rate fell to 3.4% from 4.6% over the year, lower than both the state and national average.
Austin was the third fastest growing metro area in the nation during the past year with the population expanding by 3% between July 2013 and July 2014, according to the U.S. Census Bureau’s recent data.
South Africa’s official unemployment rate is on the increase. In the past 10 years (2008–2018), the unemployment rate has increased from 21,5% to almost 28,0%. Unemployment refers to those persons who were not employed, had taken steps to look for a job or to start a business and were available to take up a job had it been offered. Now, the main hiccup lies with those persons who have been unemployed for longer periods and still do not find any form of employment.
Read more here:
http://www.statssa.gov.za/?p=11688
Dr. Lawrence Yun's Economic Update at the Charleston Realtors Commercial Market Forecast event on November 15, 2018: Economic Trends and Outlook in a Rising Interest Rate Environment.
2014 Economic Forecast: Leadership's Role in a Changing EconomyMeg Weber
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The U.S. housing market is becoming a tale of regions. Consumers in highpriced
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2014 Economic Forecast: Leadership's Role in a Changing EconomyMeg Weber
Dr. Hart Hodges presented economic data of trends in professional technical services at a national, state and loval level, including trends of what is and is not working. These trends highlight demographic, economic and other changes affecting the way communities recognize their leaders and how leaders communicate.
Hart Hodges is a professor of economics at WWU and the director of Western’s Center for Economic and Business Research. He is also a partner at Waycross Investment Management Company. In the classroom Hart teaches health economics and environmental economics, as well as the traditional core courses. At the Center, he focuses on applied business economics and connecting the university to the business community in the region. He also enjoys being active in the private sector as a registered investment advisor and fiduciary. He received his PhD from the University of Washington, masters in environmental management from Duke University, and his BA from Williams College. Hart is active in the community, currently serving on the boards of the NW Workforce Development Council and NW Economic Development Council.
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The U.S. housing market is becoming a tale of regions. Consumers in highpriced
markets in the West are pushing back with fewer showings and sales. The
Midwest is marked mostly by stability of new listings and sales with gently
improving inventory. Many Northeast markets have routinely struggled to keep
pace with the overall U.S. economic recovery. And the South is enjoying more
showings and sales than the rest of the nation. Here's what's happening in the
local market.
This presentation will provide, for the start of 2020, an overview of some of the most relevant trends in our metro economy- topics will include trends in gross domestic product for peer metros, job growth by sector, changes in wage levels, trends in residential permitting, and current forecasts.
Hiring in St. Louis continues to outpace the U.S. as non-farm payrolls grew by 2.6 percent from the previous year. Find out more in our November Employment Update
During ICCI's May Business Lunch, keynote speaker Antony Kelly shared with our business community key insights on end of the financial year main figures.
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For people who have money and are philanthropic, there are infinite opportunities to gift a needy person or child a Merry Christmas. Even if you are living on a shoestring budget, you will be surprised at how much you can do.
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https://www.youtube.com/@jenniferschaus/videos
1. January 2018 Economic Snapshot
US and Atlanta Metro Economic Environment--
What’s in the Air for the Economy?
What’s Being Built on the Ground?
Atlanta Regional Commission, January 2018
For more information, contact:
mcarnathan@atlantaregional.com
2. Key Points
Metro Atlanta continues to be a national leader in job growth
Wages are finally seeing positive annual growth, but growth is still sluggish
Strongest employment growth found in higher-paying sectors
Home prices finally above pre-recession peak
Metro Atlanta still has high levels of distressed housing
There are roughly five million square feet of office space and almost two million square feet of retail space
currently under construction in metro Atlanta
3. The Very Big Picture: USA Job Trends
1950 to “Now”
The national
economy has seen
seven years of job
gains since the Great
Recession officially
ended in 2010. The
recovery was not as
dramatic/ rapid as
that seen in previous
Recessions, but has
been “sustained”.
4. The Very Big Picture: National Labor Force
Participation Rate Steadying After Years of Decline
5. Source: Bureau of Economic Analysis
Metro Atlanta’s GDP Up Nearly 19 Percent Since 2010
(In millions of Chained Dollars $2009)
2010 2011 2012 2013 2014 2015 2016
GDP Change: 2010-
2016
GDP Change: 2015-
2016
New York 1,321,890 1,325,597 1,364,250 1,367,357 1,391,582 1,413,281 1,426,027 7.9% 0.9%
Los Angeles 754,535 760,055 782,013 796,785 827,992 866,578 884,836 17.3% 2.1%
Chicago 522,484 529,860 545,392 543,676 552,758 563,789 568,969 8.9% 0.9%
Dallas 359,152 372,206 391,232 412,265 432,289 457,409 471,278 31.2% 3.0%
Washington 426,285 432,811 435,149 431,879 434,050 444,442 449,293 5.4% 1.1%
Houston 372,614 385,028 408,515 425,043 434,848 456,245 442,458 18.7% -3.0%
San Francisco 321,982 321,282 337,958 350,660 367,608 385,619 406,294 26.2% 5.4%
Philadelphia 344,835 346,289 352,056 363,869 366,687 375,200 381,332 10.6% 1.6%
Boston 325,698 332,700 340,681 342,706 350,209 364,136 371,577 14.1% 2.0%
Atlanta 269,939 274,621 278,537 288,509 299,881 308,761 320,171 18.6% 3.7%
Seattle 240,771 245,216 256,930 264,336 273,702 281,373 293,551 21.9% 4.3%
Miami 247,557 247,940 254,161 251,037 267,639 280,390 287,775 16.2% 2.6%
San Jose 161,534 172,532 178,834 188,663 202,592 223,759 236,855 46.6% 5.9%
Detroit 196,263 203,896 208,204 209,372 213,402 219,200 223,835 14.0% 2.1%
Minneapolis 195,810 201,598 202,891 206,171 212,880 215,881 217,566 11.1% 0.8%
Phoenix 178,640 182,413 187,477 188,076 193,190 198,049 203,253 13.8% 2.6%
San Diego 173,446 179,174 181,381 186,894 189,206 189,998 190,656 9.9% 0.3%
Denver 151,224 153,031 157,916 159,987 169,519 176,148 180,446 19.3% 2.4%
Baltimore 150,990 154,141 155,582 156,911 158,780 160,687 164,545 9.0% 2.4%
Portland 141,374 148,621 142,586 138,916 141,338 147,412 151,817 7.4% 3.0%
6. Source: Bureau of Labor Statistics, State and Area Employment, Earnings, and Hours
Year-over-year, metro Atlanta’s employment growth rate has been stronger than that of the nation’s for the last five
years. Note, however, that the growth rate has slowed since the middle of 2017.
Metro Atlanta Outperforming Nation Last 5 Years
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Year-Over-Year Percent Change in Total Employment
ATL US
8. Source: Bureau of Labor Statistics, State and Area Employment, Earnings, and Hours
Metro Atlanta #2 in job growth, year-over-year
2.7
2.5
2.2
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3
Dallas Atlanta Boston Phoenix Washington Philadelphia San Francisco U.S. New York Los Angeles Miami Houston Chicago
Year-Over-Year Percent Change in Nonfarm Employment
September 2016 – September 2017
Metro Atlanta ranks second among the 12 largest metro areas in year- over- year job growth for the
September 2016 to September 2017 period.
9. Source: Bureau of Labor Statistics, State and Area Employment, Earnings, and Hours
Metro Atlanta Strong in Higher-Paying Sectors
In metro Atlanta, year-over-year September 2016 to September 2017, the
Professional/Business Services and Information sectors experienced the strongest growth,
significantly outpacing national growth in these sectors.
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Year-Over-Year Percent Change in Employment, By Super Sector
September 2016- September 2017
Metro ATL U.S.
10. Source: Bureau of Labor Statistics, State and Area Employment, Earnings, and Hours
A Look at Sector-by-Sector Employment Growth
(not seasonally adjusted)
While both Construction and Manufacturing employment rebounded from the Great Recession, both sectors struggled
in the second half of 2017, with employment declining in the Manufacturing sector.
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May-17
Sep-17
Construction
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0.0
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10.0
15.0
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May-07
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Manufacturing
11. Source: Bureau of Labor Statistics, State and Area Employment, Earnings, and Hours
Growth in the Wholesale Trade has been strongly positive for about four years, while employment in the retail sector
has trended down since late 2014, and declined late in 2017.
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May-17
Sep-17
Wholesale Trade
-10.0
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-4.0
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0.0
2.0
4.0
6.0
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Sep-17
Retail
A Look at Sector-by-Sector Employment Growth
(not seasonally adjusted)
12. Source: Bureau of Labor Statistics, State and Area Employment, Earnings, and Hours
The Information and Finance sectors, two sectors that have relatively high overall wages, have experienced strong
growth since the great recession, consistently adding jobs over the time period.
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Information
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Finance
A Look at Sector-by-Sector Employment Growth
(not seasonally adjusted)
13. Source: Bureau of Labor Statistics, State and Area Employment, Earnings, and Hours
Like the Information and Finance Sectors, employment growth in the Professional/Business sector has been positive
each month since February of 2010. Employment growth in Education/Health have also remained steadily positive.
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Professional/Business
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4.0
6.0
8.0
10.0
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May-07
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Education/Health
A Look at Sector-by-Sector Employment Growth
(not seasonally adjusted)
14. Source: Bureau of Labor Statistics, State and Area Employment, Earnings, and Hours
Employment growth in the
Leisure/Hospitality sector has been strong as
well, although it experienced significant dips
since fall of 2016.
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Leisure
A Look at Sector-by-Sector Employment Growth
(not seasonally adjusted)
15. Jobs Earnings Falling Behind in Metro Atlanta
Source: Bureau of Economic Analysis; (CPI from
Bureau of Labor Statistics)
$35,000
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2016
Earnings per Job ($2016)
U.S. Metro Average Metro Atlanta Average
While the average earnings per job in metro
Atlanta still lags the nation, local earnings have
accelerated during the last couple of years,
narrowing the gap with the nation.
16. $40,000
$45,000
$50,000
$55,000
$60,000
$65,000
$70,000
Earnings per Job – Metro Atlanta ($2016)
Jobs Earnings the Same Today As in 1998
Source: Bureau of Economic Analysis; (CPI from
Bureau of Labor Statistics)
Still, on an inflation-adjusted basis, job earnings
today are roughly the same as they were in 1998.
17. Average Hourly Wage by Selected Occupation
Occupation Atlanta Area United States
Total, All Occupations $24.38 $23.86
Financial Managers 71.48 67.17
General/Operations Managers 59.90 58.70
Computer Systems Analysts 45.89 44.05
Management Analysts 45.65 44.19
Accountants/Auditors 38.02 36.89
Registered Nurses 32.63 34.70
Customer Service Reps 17.46 16.91
Construction Laborers 17.00 18.22
Retail Salespersons 12.25 13.07
Cashiers 9.63 10.43
Waiters/Waitresses 9.25 11.73
Cooks, Fast Food 8.99 9.89
Overall, the average
pay in metro Atlanta is
higher. But in exploring
wages by selected
occupations, wages for
lower-wage
occupations pay less in
metro Atlanta than
they do in the nation
as a whole.
18. Home Prices Exceed Pre-Recession Peak
Sources: Case-Shiller Home Price Index
Home prices in metro Atlanta are higher today than during they were at the pre-recession peak; they have been for the last
four months (per Case-Shiller). Home prices in Atlanta are still lower than the 20 largest city composite prices, however.
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May-16
Sep-16
Jan-17
May-17
Sep-17
Case-Shiller Home Price Index
ATL 20 City Composite
19. Still Struggles With Housing Costs, Though
Sources: Zillow
While home prices have finally eclipsed their pre-recession peak, Atlanta ranks fourth out of the 20 largest markets in the
percentage of homes that have negative equity (owners owe more than what the house is worth)
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
% of Homes, with mortgage, with Negative Equity
20. Total Residential Units Authorized by Building Permit
Sources: State Of the Cities Database; ARC R&A
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Jan-03
May-03
Sep-03
Jan-04
May-04
Sep-04
Jan-05
May-05
Sep-05
Jan-06
May-06
Sep-06
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Metro Atlanta Residential Units Permitted, 2003 - Current
Switching to the housing market –the number of units permitted are still significantly lower when
compared to pre-recession levels.
21. Sources: State Of the Cities Database; ARC R&A
Total Residential Units Authorized by Building Permit,
by Jurisdiction
0
1,000
2,000
3,000
4,000
5,000
6,000
ATLANTA Cherokee County Clayton County Cobb County DeKalb County Douglas County Fayette County Fulton County
(minus ATL)
Gwinnett County Henry County Rockdale County
Number of Residential Units Permitted, 2017 (Through November)
Multi-Family Units Single-Family Units
22. Landscape of Multifamily Activity—Atlanta Focus Sources: CoStar
Database; ARC R&A
Properties (46) of 200 Units+ Under Construction as of 1/18 Properties (65) of 200 Units+ Proposed as of 1/18
23. The Nation –Office Space Over Time
(Net New Space and Rent Changes)
Sources: CoStar; ARC R&A
MillionsofNetNew
SquareFeet
$ChangeinAverageRent
PerSquareFoot
116.8
89.8
42.0
22.4
19.9
28.9
35.0
53.6
29.0
53.0
-$2.00
-$1.50
-$1.00
-$0.50
$0.00
$0.50
$1.00
$1.50
0
20
40
60
80
100
120
140
2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017
Net New Square Feet Built Annual Change in Ave Rent ($) PSF
Nationally, little new office space has been added in recent years, which is a result of the overbuilding of the sector
prior to and during early part of the recession, and minimal (or negative) rent growth.
24. Atlanta & Peer MSAs- Current Office
Conditions 2017 (3Q)
Sources: CoStar; ARC R&A
MillionsofSquareFeetUnder
Construction
VacancyRateortheMarket
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
0
2
4
6
8
10
12
Washington Dallas/Ft
Worth
San Francisco Denver Seattle/Puget
S.
Atlanta Chicago Boston Houston Charlotte Phoenix Minneapolis
Square Feet Under Construction Vacancy Rate
A little more than five million square feet of office space is currently under construction in metro Atlanta with an
11.9 percent vacancy rate. Both of these values rank metro Atlanta in the middle of the pack of these peer metros.
25. Landscape of Office Activity—Atlanta Focus Source: CoStar
Database; ARC R&A
Properties (25) of 100K+ SF Under Construction as of 1/18 Properties (94) of 100K+ SF Proposed as of 1/18
26. Retail Over Time (Net New Space and Rent Changes)—The Nation
Sources: CoStar; ARC R&A
193.8
101.6
48.8
42.2 42.5 42.5
49.4
57.9
33.1
55.0
(1.50)
(1.00)
(0.50)
0.00
0.50
1.00
1.50
0
50
100
150
200
250
2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017
Net New Square Feet Built Annual Change in Ave Rent ($) PSF
MillionsofNetNew
SquareFeet
$ChangeinAverageRent
PerSquareFoot
Nationally, and similar to new office space built, new retail construction has lagged in recent years, with a bump-up
last year. After years of negative or flat rent growth, average rents increased between 2016 and 2017.
27. Current Retail Conditions 3q2017—Atlanta & Peer MSAs
Sources: CoStar; ARC R&A
5.36
3.94
2.77
2.39 2.32
2.01
1.87
1.48 1.41
0.74 0.68
0.11
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
0
1
2
3
4
5
6
Dallas/Ft
Worth
Houston Chicago Boston Washington Denver Atlanta Charlotte Phoenix Seattle/Puget
S.
Minneapolis San Francisco
Square Feet Under Construction Vacancy Rate
MillionsofSquareFeetUnder
Construction
VacancyRateortheMarket
Across metro Atlanta, a little less than two million square feet of retail space is currently under construction with
an 5.6 percent vacancy rate. Both of these values rank metro Atlanta in the middle of the pack of peer metros.
28. Landscape of Retail Activity—Atlanta Focus Sources: CoStar
Database; ARC R&A
Properties (15) of 25K+ SF Under Construction as of 1/18 Properties (17) of 100K+ SF Proposed as of 1/18