An overview of the economy (including job growth by sectors, consumer spending, inflation, wages, and real estate) on the cusp of 2022, after two years of COVID impacts
An overview of the economy (including job growth by sectors, consumer spending, inflation, wages, and real estate) on the cusp of 2022, after two years of COVID impacts
2020 Regional Snapshot: 100 Metros Dashboard ARCResearch
The Research & Analytics Group recently launched a new and vastly improved version of its 100 Metros Data Dashboard. This Tableau tool incorporates data from the 2018 American Community Survey 1-year and other federal sources. It enables easy access to interactive rankings of the top 10 major metros, across data in topic areas such as demographics, economics, health, and housing.
Regional Snapshot: ARC Employment Centers: Core Locations for Jobs, not for A...ARCResearch
This month’s Regional Snapshot picks up where the July Regional Snapshot on Affordable Housing left off. In the October Regional Snapshot we take a deeper dive into affordable housing data, mapping it onto our region’s employment centers in an effort to visualize the relationship between housing affordability and concentrations of regional employment.
RS Working on the Workforce Sept 2019 To PostARCResearch
workforce data for regional plans and grant-funded projects. In this presentation, staff present summary findings from some of the data work done for the Worksource Regional Plan, Metro Atlanta Workforce Exchange (MAX), and National Workforce Fund Economic Mobility Grant (EMG) projects, as well as share plans for further future analysis.
Regional Snapshot: Metro Atlanta Rental Housing AffordabilityARCResearch
Inspired by the National Low Income Housing Coalition's (NLIHC) recently released 2018 Out of Reach report, this month's Regional Snapshot looks at rental housing affordability in the region.
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.
2020 Regional Snapshot: 100 Metros Dashboard ARCResearch
The Research & Analytics Group recently launched a new and vastly improved version of its 100 Metros Data Dashboard. This Tableau tool incorporates data from the 2018 American Community Survey 1-year and other federal sources. It enables easy access to interactive rankings of the top 10 major metros, across data in topic areas such as demographics, economics, health, and housing.
Regional Snapshot: ARC Employment Centers: Core Locations for Jobs, not for A...ARCResearch
This month’s Regional Snapshot picks up where the July Regional Snapshot on Affordable Housing left off. In the October Regional Snapshot we take a deeper dive into affordable housing data, mapping it onto our region’s employment centers in an effort to visualize the relationship between housing affordability and concentrations of regional employment.
RS Working on the Workforce Sept 2019 To PostARCResearch
workforce data for regional plans and grant-funded projects. In this presentation, staff present summary findings from some of the data work done for the Worksource Regional Plan, Metro Atlanta Workforce Exchange (MAX), and National Workforce Fund Economic Mobility Grant (EMG) projects, as well as share plans for further future analysis.
Regional Snapshot: Metro Atlanta Rental Housing AffordabilityARCResearch
Inspired by the National Low Income Housing Coalition's (NLIHC) recently released 2018 Out of Reach report, this month's Regional Snapshot looks at rental housing affordability in the region.
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.
Minneapolis–St. Employment Update | December 2015Carolyn Bates
The local unemployment rate of 2.9% has hit its lowest point since 2001. Coupled with year-over-year labor force growth of 34.2 thousand jobs, Minneapolis-St. Paul currently has one of the strongest economies of any major metro in the United States.
As is typically the case, MSP’s office-using sectors dominated hiring by taking 48.0 percent of the 12-month total employment growth, while the industrial sectors experienced a loss of 1.8 percent.
At the national level, monthly growth of 211,000 jobs over the course of November represented the second consecutive month of rebound after a slowdown in mid-2015. At the current rate of growth, a mid-to-late-2016 timeframe seems likely for the first stage of tightening.
Did you know total nonfarm payroll employment fell by 701,000 in March 2020, measuring the effects of COVID-19 and efforts to contain it? Employment in leisure and hospitality fell by 459,000, mainly in food services and drinking places. Notable declines also occurred in health care and social assistance, professional and business services, retail trade, and construction.
Minneapolis–St. Paul Employment Update | September 2016Carolyn Bates
Minneapolis-St. Paul has the second-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
Financial services has reached its largest-ever employment count in MSP. The sector has seen steady gains since 2010 and even surpassed pre-Recession highs earlier this year. And once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. Nearly 6,000 jobs have been added in the industry year-over-year.
Nationwide, 151,000 net new jobs were created in August, falling below the 250,000+ monthly additions over the previous two months. Although still at average levels of growth, August demonstrated the continued volatility of the labor market in 2016. Unemployment remained stable at 4.9 percent as growth in the workforce has aligned with employment gains. The Federal Reserve is likely to hold off on the next rate hike due to inconsistent monthly additions and weaker-than-expected wage growth.
This is the Boyle County Employment Report for Q3 2010 compiled by the Boyle County Industrial Foundation and released publicly by the Danville/Boyle County Economic Development Partnership.
According to the most recent estimates from the Bureau of Labor Statistics, total nonfarm employment in Detroit stood at ~2.0 million payrolls, representing an annualized increase of 49,400 jobs or 2.6 percent.
The Graying Job Market in the Atlanta Region & The Economic Impact This PortendsARCResearch
Not only is the population growing older, so is the workforce. This simple fact has vast ramifications for the region as the 65 and older age cohort is increasing its economic strength by staying in the workforce longer and earning more while doing it.
Minneapolis–St. Employment Update | March 2016Carolyn Bates
Minneapolis-St. Paul’s unemployment rose to 3.9 percent, according to the most recent estimates available from the BLS. Although still 100 basis points lower than the national rate, this month is the first time since July 2015 that the metro unemployment rate is higher than the state of Minnesota’s.
Industrial sectors were responsible for 26.7 percent of the 12-month total employment growth, outperforming office-using sectors which saw 19.6 percent of total growth. Trade, transportation, and utilities added 3,200 jobs year-over-year and drove the bulk of industrial growth throughout 2015.
Although national year-to-date figures are down compared to 2015, January saw significant upward revisions to 172,000 jobs, improving the year’s initial performance. Despite global tensions and economic shifts, the U.S. economy seems to be holding its own, although certain sectors such as energy and trade could be impacted by fluctuations in domestic and international demand.
MC_forecasts_finals series 17_feb2024.pdfARCResearch
Final summary slide deck for Series 17 population, employment by sector, age group forecasts for MPO region, counties, and smaller areas...February 2024
33N Blog Housing MAS 2023 Slide DeckpdfARCResearch
Results of housing-related questions from the 2023 Metro Atlanta Speaks survey--focus on affordability locally and regionally, as well as on policy perceptions
What is the point of small housing associations.pptxPaul Smith
Given the small scale of housing associations and their relative high cost per home what is the point of them and how do we justify their continued existance
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
Understanding the Challenges of Street ChildrenSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
Many ways to support street children.pptxSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
A process server is a authorized person for delivering legal documents, such as summons, complaints, subpoenas, and other court papers, to peoples involved in legal proceedings.
2. regional
impact
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relevance
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Key Points/Executive Summary
• Atlanta’s job market recovery is one of the strongest among our peers.
• Despite this recovery, there is still a good amount of financial distress out there.
• Employment in the Food/Accommodation Sector is still down 13 percent from pre-pandemic levels.
• Inflation in metro Atlanta is highest among its peer metro areas, driven by sky-rocketing motor fuel
and personal vehicle costs.
• Wages have increased in some sectors—primarily lower-wage, consumer-focused industries. But age
growth has not kept up with inflation.
• Nationally, the ratio of unemployed workers to job openings is at historic lows (meaning there are
more job openings than job seekers), and the quit rate - workers who are voluntarily leaving their
job- is at historic highs. So expect continued disruption in the labor market.
• Home prices (driven by extremely low inventory) are at all-time highs….as are rents.
3. regional
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What Are We Worrying About?
According to data from Google
Trends, the past year saw vast
increases in searches about “labor
shortage,” “remote work,” and
“inflation.” This one simple chart
nicely sums up the state of the
economy as we head into 2022.
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Perceptions About the Economy: Financial Insecurity
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Pay with Cash, Check or
Debit
Pay with Credit Card Would Borrow Money Would Sell or Pawn
Something
Would Not Be Able to Pay
Now
DK
How Would You Handle a $400 Emergency?
All respondents
~28%
Since this Snapshot is about the economy, let’s first take the pulse of our residents. Our Metro Atlanta Speaks
(MAS) survey asked them in August last year about how they'd handle an unexpected emergency that cost $400
– a standard question in both MAS and national surveys to assess levels of overall financial distress. As the chart
shows, roughly 28 percent of respondents would struggle to pay.
Source: 2021 Metro Atlanta Speaks
1 in 4 Atlanta Residents Would Struggle with a $400 Emergency
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Housing Insecurity
17.3%
69.7%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Slightly or Not At All Very or Moderately
Confidence in ability to make next mortgage/rent payment
When asked in Metro Atlanta Speaks how confident they were in their ability to pay next
month’s rent or mortgage, 17 percent of respondents indicated that they were only “slightly” or
“not at all” confident.
Source: 2021 Metro Atlanta Speaks
NOTE: Additional 13 percent of respondents either had no answer or did have a housing payment
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Remote Work
21.0%
37.2%
41.7%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
Occassionally Most or all of the time (or always have) Not at all
Extent to which you are working at home because of Covid-19 pandemic
(for those who are employed full or part time)
And since Google Trends revealed that remote work was top-of-mind for many, here is how
MAS respondents answered about their ability to work from home. “Not at all” was in the
minority, with just 42 percent of respondents indicating that they had not worked from
home during the pandemic. This share is down from two-thirds as of the August, 2020 survey.
Source: 2021 Metro Atlanta Speaks
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Metro Atlanta’s Employment Growth Mostly In-line With Nation’s
-15
-10
-5
0
5
10
15
Jan-00
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Sep-21
Year Over Year Percent Change in Total Employment
Metro Atlanta US
As the above chart shows, metro Atlanta year-over-year change has mostly tracked with that of the nation’s change
since the beginning of the pandemic. For most of the 2010s, however, metro Atlanta’s employment growth had been
stronger than that of the nation’s. It should be noted though that since the summer of 2021, metro Atlanta’s
employment growth has slightly out-performed the nation.
Source: Bureau of Labor Statistics
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Metro Atlanta Ranks Relatively High In Job Market Recovery
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Austin Dallas Denver Atlanta Seattle Washington DC Houston Boston Minneapolis Los Angeles New York
Percent Change, Feb 2020 to Nov 2021
Source: Bureau of Labor Statistics
Although metro Atlanta still hasn’t recovered all the job losses experienced during the pandemic, our job recovery
ranks fairly well compared to that of some of our peer metros.
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Most Major Job Sectors Are Up Since Pandemic
-14.0%
-12.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Manufacturing Construction Trade,
Transportation,
Utilities
Information Finance Professional,
Business
Education, Health Leisure, Hospitality Other Services
Metro Atlanta: % Change, Pre-Pandemic (February 2020)
Source: Bureau of Labor Statistics
All of the major job sectors in metro Atlanta are now trending above their February 2020 levels, except for “Other
Services.” Put another way, ALL of the job losses since February 2020 are concentrated in “Other Services,” which is a
"high-touch" job sector that includes businesses that typically require proximity to other people (such as hair and nail
salons, religious services, and laundry services).
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Comparing Metro Atlanta Across Sectors
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Atlanta Austin Dallas Denver Houston Las Vegas Los Angeles Minneapolis Orlando
Percent Change in Employees, February 2020 – November 2021
Manufacturing Wholesale Trade Retail Transport, Warehousing, Util Information
Finance Professional/Business Education/Health Accommodation/Food Food Service/Drinking
Source: Bureau of Labor Statistics
Metro areas were selected based on whether they had comparable data for the 10
chosen sectors, so there are obvious metro areas that weren’t included because BLS
didn’t report comparable data.
There is a lot to unpack in this chart, but the headline is that when looking at some of the major job sectors across peer metros, growth in metro Atlanta
compares favorably to almost all other metros shown above. As with those metros, the heaviest job losses in metro Atlanta were concentrated in the
Accommodation/Food Sector, which includes Food Service/Drinking Establishments (also shown above, separately). But, out of the 10 sectors charted,
metro Atlanta has experienced losses in only three. Austin is the only other selected metro with job losses in so few sectors.
12. regional
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Quick Look At Inflation (Yikes)
6.2%
7.9%
6.3%
5.3%
5.5%
6.1%
5.4%
5.7%
4.3%
5.6%
7.1%
3.8%
6.5%
7.5%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
United States Atlanta Baltimore Chicago Detroit Houston Los Angeles Miam New York Philadelphia Phoenix San Francisco Seattle St. Louis
Year-Over-Year Change in Inflation (October to October)
2018-2019 2019-2020 2020-2021
Source: Bureau of Labor Statistics
Along with labor shortages, rising inflation has been one of the biggest economic headlines of the past year. And, as the
chart shows, metro Atlanta’s inflation rate was the highest last year across selected metro areas with comparable data.
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Inflationary Increase Driven By Transportation
0
10
20
30
40
50
60
All Items Food Alcoholic
Beverages
Shelter Fuels and
utilities
(Housing)
Household
Furnishings
Apparel Private
Transportation
Motor Fuel Vehicle
Insurance
Medical Care Recreation Education and
Communication
Other Goods
and Services
Metro Atlanta: Components of Inflation
(Year-Over-Year Change, Oct 2020- Oct 2021)
Source: Bureau of Labor Statistics
As can be seen, motor fuel experienced the largest price increase, by far, of all the major components of inflation in
Metro Atlanta.
14. regional
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Quick Look At Labor Shortages (Yikes)
The other major headline of the national
economy over the past year is the sheer
intensity of labor shortages. While we
don’t have separate comparable data for
metro Atlanta, you can see that the number
of unemployed persons per job opening is
at all-time lows.
Source: Bureau of Labor Statistics
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Quick Look At Labor Shortages (Yikes)
At the same time that we have a
historically low ratio of the unemployed
persons to job openings, we also have a
historically high rate of “quits”, or workers
voluntarily leaving their jobs. A high rate
of quits usually means that workers feel
confident in their ability to find a better job
and suggest that this labor market is the
most worker-friendly one seen in decades.
So, it is these two factors combined that
have caused the high levels of labor
disruption.
Source: Bureau of Labor Statistics
16. regional
impact
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relevance
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(Almost) Everybody is Making More Money
7.9%
6.4% 6.0%
13.3%
6.9%
7.8% 7.9%
8.7%
6.2%
9.0% 8.9%
5.8%
6.3%
1.6% 2.0%
3.1%
10.6%
0.9%
6.2%
10.0%
8.6%
6.1%
6.8% 6.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
National
Wages
Atlanta, GA Austin, TX Dallas, TX Denver, CO Houston, TX Las Vegas, NV Los Angeles,
CA
Minneapolis,
MN
Orlando, FL Boston, MA Washington
DC
Percent
Change
in
Wages Metro Area Wage Growth Comparison Pre-Pandemic and Pandemic
Percent Change Pandemic (Feb 2020 to Nov 2021) % Change Pre-Pandemic (Jul 2018 to Feb 2020)
National wage growth has grown marginally from 6.3 percent in a 19-month pre-pandemic period to almost 8 percent in the past 19
months. Atlanta lagged the nation in pre-pandemic wage increases with only a 1.6 percent increase. Atlanta wages increased 6.4
percent during the pandemic yet this growth rate is notably lower than the national average and below the current inflation rate.
While the percentage point difference in wage growth between the two 19-month periods in metro Atlanta is among the highest among
the metros analyzed, wage growth in both periods are still on the lower end.
Source: Bureau of Labor Statistics – Current Employment Statistics
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Service Industry Driving Increases in Wage Growth
7.4%
7.9%
6.5%
8.4%
6.8%
5.6%
6.8% 6.9%
5.2%
11.0% 11.3%
9.0%
3.2%
6.4%
6.3%
6.1%
6.4%
5.5%
7.7%
7.1%
2.3%
8.7%
8.0%
5.0%
8.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
%
Change
in
Wages
Wage Growth Comparison Pandemic vs. Pre-Pandemic by
Industry
% Change Pandemic (Feb 2020 to Nov 2021) % Change Pre-Pandemic (Jul 2018 to Feb 2020)
Most increases in wage growth are coming
from services industries such as education,
health, leisure, and hospitality. And yet
wages as a whole aren’t keeping up with the
high rate of inflation which means most real
wages are on the decline. Service industries
seem to be an exception rather than the rule.
Information and business services
sectors experienced significant slowdowns
in wage growth during the pandemic. These
sectors did however have highest average
hourly wages among sectors.
Goods- producing sectors such as
manufacturing saw stagnant wage growth.
One thing to note: Since wages
are measured for current jobholders, any
observed change in wages will be
influenced by job losses, i.e. if more low-
earning jobs were lost (and they were),
average wages will be higher.
Source: Bureau of Labor Statistics – Current Employment Statistics
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Building Permit Activity Holding Steady… but at HALF the
Pre Great Recession Levels
Source: Census, Accessed Via FRED
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4/1/2021
Metro Atlanta: Private Housing Structures Authorized By Building Permits
While permitting activity remained stable during the pandemic, we as a metro area are only authorizing roughly half of the residential units
annually than we did each year prior to the Great Recession.
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For-Sale Inventory at All-Time Lows…
Source: Redfin; Viz here: https://datastudio.google.com/s/tRyrqgzMfV0
Homebuilding activity has been sluggish, at best, for the last decade or so, which is contributing to all-time lows of for-sale inventory in the
metro area. Further, existing home inventory has been constrained by reduced desire of homeowners to move during the pandemic, as well
as by the price run-ups that limit those homeowners' ability to find comparable product if they did sell.
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… So Metro Home Prices Keep Rising
Source: Case-Shiller, Accessed Via FRED
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Case-Shiller Home Price Index
So, the basic laws of supply (not enough inventory being introduced) and demand (metro Atlanta is still one of the fastest growing places in
the country) dictate that home price should rise. And they have and do, with this rise accelerating during the pandemic.
22. regional
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Oh, And Metro Rents Keep Rising Too!
Source: Co-Star
Daily Asking Rent Per Square Foot
Those priced out of the homebuying market are not likely to find much relief in the rental market. Asking rents in Atlanta over the last year,
according to Co-Star, are among the highest we’ve ever seen.
23. regional
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$1,787
$2,498 $2,483
$1,689 $1,587 $1,674
$1,446
$2,016
$2,186
$1,747
$2,465
$2,890
$1,605
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
United States New York, NY Los Angeles,
CA
Chicago, IL Dallas, TX Philadelphia,
PA
Houston, TX Washington,
DC
Miami,FL Atlanta, GA Boston, MA San Francisco,
CA
Austin, TX
Rent Index + Rent Growth, Last Five Years
United States New York, NY Los Angeles, CA Chicago, IL Dallas, TX Philadelphia, PA Houston, TX
Washington, DC Miami,FL Atlanta, GA Boston, MA San Francisco, CA Austin, TX
Atlanta Experienced Largest Rent Growth Among Major Metros
Source: Zillow Observed Rent Index
Rent Index
August 2021
% Change, 5-
Year
20.5% 1.1% 20.0% 8.9% 25.2% 16.5% 13.1% 8.1% 25.7% 41.3% 9.2% 4.1% 23.65
According to Zillow’s Observed Rent Index, metro Atlanta has experienced the largest rent growth, by far, over the last five years among
our peer metros. While metro Atlanta’s overall rent index ($1,747 in August) is still relatively low when compared to expensive coastal
markets, the 41.3 percent increase dwarfs all other increases, even among metros with similar rents. Said more succinctly, we are separating
from the pack in terms of overall rents.
27. regional
impact
+
local
relevance
+
Whatever Is To Come, We’ll Need Software Developers...and Nurses
Source: Labor Insights/Burning Glass
0 2,000 4,000 6,000 8,000 10,000 12,000
Software Developers, Applications
Registered Nurses
Sales Representatives, Wholesale and Manu, not Tech, Science
Retail Salespersons
Heavy and Tractor-Trailer Truck Drivers
Managers, All Other
Laborers and Freight, Stock, and Material Movers, Hand
Customer Service Representatives
First-Line Supervisors of Retail Sales Workers
General and Operations Managers
Combined Food Preparation and Serving Workers, Including Fast Food
Human Resources Specialists
Marketing Managers
Maintenance and Repair Workers, General
Medical and Health Services Managers
Food Service Managers
Management Analysts
Sales Managers
Secretaries and Administrative Assistants, not Legal, Medical, Exec
Computer Systems Engineers/Architects
Information Technology Project Managers
Computer User Support Specialists
Metro Atlanta Job Postings: Last 90 Days