Metro Atlanta’s Macro Economic State
“The big picture is looking good for metro Atlanta,” stated Ian Wyatt, Vice President and Principal Economist for the Metro Atlanta Chamber. Wyatt, who was named the Chamber’s Principal Economist exactly one year ago this month, brought the facts and figures to support a strong macro-economic forecast for greater Gwinnett and the Atlanta region at the Gwinnett Chamber On Topic luncheon presented by Rocket IT. Remember, however, that a forecast is just that, an educated projection of a thing based on current trends and data. Wyatt would want everyone to know this before reading any further.
With disclaimers out of the way, Wyatt shared some good news on the unemployment front highlighting that metro Atlanta’s rate was currently 3.2%, better than most major metro cities. To add, the market and talent pool in Atlanta is growing as population increases. And according to the Atlanta Regional Commission’s (ARC) latest population report, Gwinnett is leading the way. What Wyatt added to that picture is that Gwinnett is not just leading the region in this area but is also outpacing the national average by two-and-a-half times the rate of growth.
Though labor force is clearly growing by leaps and bounds, other aspects of the region’s economy are not keeping pace. Wages, for example, have fallen behind national averages. Inflation over the last year has increased but remained flat in this last month. And supply chain issues and disruptions continue to abound in a post-covid economy.
On a national scale, the GDP reported negative growth over the last two quarters, but Wyatt shared that he doesn’t believe that we are in a recession. Warehousing construction paves the way in the Southeast with 10% of all industrial construction in the U.S. being done in thirty-three counties along I-85 in Georgia, South Carolina, and North Carolina. Our ports remain strong, and the Atlanta region continues to maintain its powerhouse economic position for being centrally located to reach more than three-fourths of the nation’s population.
With each economic pivot, downturn or boom, the ability to identify and harness innovative opportunities has driven economic solution. Recent billion-dollar investments like Hyundai, Rivian, and SK Battery, suggest that the electric transportation industry is that next innovative opportunity for Georgia. From supply chain, warehousing, manufacturing, and distribution, Waytt shared that the market is on our doorstep. The labor force and cost-of-living are ample and attractive. And the macro picture for metro Atlanta is, indeed, very bright.
