4Q 2009 Summary of Atlanta's Economy
• Unemployment rates in the city averaged 11.1 percent in the fourth quarter of 2009, up from 8.1 percent in the fourth quarter of 2008.
• Fourth quarter unemployment rates in the city held above the statewide rate of 10 percent and national rate of 9.5 percent.
• Over the last year, unemployment rates peaked in July 2009 at 11.9 percent, declining slightly for the remainder of the year.
• The city's civilian labor force averaged 211,711 in the fourth quarter of 2009, down 6,026, or 2.8 percent, from one year earlier.
Residential Building Permits
• There were 304 additional residential units permitted in the fourth quarter, down 64 units or 17.4 percent from one year earlier.
• The value of new residential building permits in the city equaled $22.1 million in the fourth quarter, down $5.8 million or 20.1 percent from one year earlier.
Commercial Real Estate
• Although new office supply is outpacing demand, overall average asking rents were relatively stable at $21.32 per square foot.
• Job losses resulted in 2.3 million square feet of negative overall absorption in the Atlanta office market in 2009.
• Commercial office leasing activity decreased by 20 percent in 2009.
Tourism, Travel and Transit
• Cargo at the Hartsfield-Jackson Atlanta International Airport increased by 8,291 metric tons, or 5.5 percent in the fourth quarter from one year earlier to a total of 159,103 metric tons.
• Total airport passengers equaled 21.4 million in the fourth quarter, down by about one-half million or 2.5 percent from one-year earlier.
• Rental car transactions at the airport totaled 333,951 in the fourth quarter.
• Retail sales at airport concessions equaled $22,907,716 in the fourth quarter.
• MARTA total passenger boardings equaled 36.8 million in the fourth quarter, down 2.5 million or 6.5 percent from one year earlier.
• Hotel occupancy dropped in three of the four areas covering the Atlanta City region. Occupancy increased 0.4 percent in Buckhead.
• Atlanta citywide hotel room nights booked for 2010 equals 1,063,869, up 314,425 room nights or 42 percent from 2009, a record number for the city.
• 2010 Atlanta bookings:
• 19 citywide groups with more than 5,000 hotel rooms occupied on any given night, the highest number in the city's history.
• Hosting 11 of the top 200 tradeshows.
• More than 50 meetings that will fill 1,500 or more hotel rooms, equating to more than one million room nights.
Film & TV Production
• $700 million in film and TV production shot in Atlanta in 2009.
• Film and TV productions include:
Hartsfield-Jackson Atlanta International AirportCargo (total metric tons)
Metropolitan Atlanta Rapid Transit Authority
Passengers (bus & rail)
Atlanta Convention & Visitors Bureau
Hotel Occupancy (4Q Average)
City business license analysis
Key findings from an analysis of city business licenses between 2005 and 2008:
• In 2008, there were 189,946 persons working at 344 different types of private establishments.
• The total number of workers increased by 43,281 (29 percent) between 2005 and 2008.
• Restaurants, Misc Business Service, Hotel/Motels, and Consultant/Management/Business Counselors account for 31.9 percent of all private jobs in 2008.
• In 2008, there were 19,329 firms at 344 different types of private establishments. The total number of establishments increased by 8,563 (79.5 percent) between 2005 and 2008.
• Misc. Business Services, Restaurants, Real Estate Agents, Consultant/Management/Business Counselors, and Retail-Apparel/Accessories firms account for 36.9 percent of all private establishments in 2008.
• In 2008, 10,250 private business establishments (53 percent of the total) employed only one person. 77.7 percent of all establishments have five or less employees. The number of one-person private business establishments increased by 5,417 (112.1 percent) between 2005 and 2008.
• Misc Business Services, Real Estate Agents, Consultant/Management/Business Counselors, and Retail-Apparel/Accessories firms account for 36.2 percent of all one-person private business establishments in 2008, and 40.4 percent of the growth of one-person firms between 2005 and 2008.
• In 2008, total revenue for all 19,329 private establishments equaled $23.2 billion.
• Total revenue increased by $6.2 billion (36.7 percent), unadjusted for inflation, between 2005 and 2008.
• Restaurants, Misc Business Services, Real Estate Agents, Hotel/Motels and Consultant/Management/Business Counselors account for 27.4 percent of total revenue in 2008.
Number of Jobs
Number of Establishments
__________________________________________________Total Revenue ($Billion)
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