As we look ahead to the rest of 2016 and beyond, it is important to take stock of the business environment in Atlanta and the rest of Georgia. For its part, Atlanta still sees a strong revival in their population. Not only are people moving to the Atlanta area from other parts of the state, but they are also moving from other states to find work or education in Atlanta.
There are many college-educated workers in the city area, along with new businesses, entrepreneurs, and research facilities. This amalgam of talented individuals ensures that companies will continue to pour their money into Atlanta as they take advantage of this talent pool to its fullest extent. This is not limited to one type of industry either.
For example, life sciences companies are attracted to the Atlanta area because the CDC is in this region. Also, there are nonprofits such as the American Cancer Society that carry a lot of weight in these industries. Technology companies are also starting to take Atlanta more seriously, given the number of college-educated workers they can find from Georgia Tech and other universities.
One of the reasons Atlanta has a leg-up on other metropolitan areas in the United States is the fact that the cost of living and doing business in the region is still fairly low. While you are seeing population growth, new property developments, and further expansions, you still see low rent and house prices, along with lower commercial property prices. The cost of living, coupled with a booming economy, makes Atlanta a no-brainer for individuals and businesses looking for a fresh start.
It is expected that the Atlanta area will see around 70,000 new jobs pop up in 2016, which is a year to year percentage gain of three percent from the 2015 figures. This is not only exceeding the expectations of analysts, but it is around twice as high as the estimated job increases in the United States. This number stands at around 1.5 percent. While there is job growth in the entire state, Atlanta will make up around 75 percent of Georgia’s job growth in 2016.
While the percentage gains are very good and exceeding expectations, the raw numbers for jobs added are slightly lower than 2014 and 2015. But the positive fact is that most of these jobs being added are full-time positions, which was not necessarily the case in the past two years.
Most new businesses and enterprises that are entering the Atlanta area are heading for the city’s metropolitan areas. Midtown is a particularly attractive destination for technology companies. News recently broke of General Electric’s plans to open a major center in Atlanta, which will add more than 300 new jobs in the coming two years. This is only one example of major companies from the United States choosing Atlanta for their new offices or regional centers.