Econmic SnapShot Atlanta GA Economy

By
Real Estate Agent with Solid Source Realty, InFront Marketing
ECONOMIC SNAPSHOT
4Q 2009 Summary of Atlanta's Economy
   

Employment

• 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. 

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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.

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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.

   

Highlights

 

· Over the last year, unemployment rates peaked in July 2009 at 11.9 percent, declining slightly for the remainder of the year

· Overall average asking commercial rents were relatively stable at $21.32 per square foot.

• The number of one-person establishments in the city increased by 5,417 (112.1 percent) between 2005 and 2008.

 

 

 

· Cargo at the Hartsfield-Jackson Atlanta International Airport increased by 8,291 metric tons, or 5.5 percent in the fourth quarter.

· 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.

· The number of private business establishments in the city increased by 8,563 (79.5 percent) between 2005 and 2008.

 

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:

• Blindside • Real Housewives of Atlanta
• Vampire Diaries • Movie and a Makeover
• Killers • The Wronged Man
• Meet the Browns • The Crazies
• House of Payne • Get Low
• Drop Dead Diva • Ben 10: Alien Swarm
• Zombieland • Why Did I Get Married Too
• Curb Appeal • Super Psycho Sweet Sixteen

Hartsfield-Jackson Atlanta International Airport

Cargo (total metric tons)

 

2009

2008

Change

Change (%)

October

54,584

46,300

8,284

17.9%

November

50,824

49,090

1,734

3.5%

December

53,695

55,422

-1,727

-3.1%

Fourth Quarter Total

159,103

150,812

8,291

5.5%

Source: Hartsfield-Jackson Atlanta International Airport


Passengers

 

2009

2008

Change

Change (%)

October

6,929,416

7,301,386

-371,970

-5.1%

November

6,942,466

7,037,162

-94,696

-1.3%

December

7,578,697

7,661,828

-83,131

-1.1%

Fourth Quarter Total

21,450,579

22,000,376

-549,797

-2.5%

Source: Hartsfield-Jackson Atlanta International Airport

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Metropolitan Atlanta Rapid Transit Authority

Passengers (bus & rail)

 

2009

2008

Change

Change (%)

October

13,135,300

14,791,200

-1,655,900

-11.2%

November

12,044,000

12,337,100

-293,100

-2.4%

December

11,720,300

12,353,500

-633,200

-5.1%

Fourth Quarter Total

36,899,600

39,481,800

-2,582,200

-6.5%

Source: MARTA

 

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Atlanta Convention & Visitors Bureau

Hotel Occupancy (4Q Average)

 

2009

2008

Change

Atlanta Downtown

48.6%

49.3%

-0.7

Atlanta Midtown

54.4%

57.2%

-2.8

Atlanta Airport

55.2%

57.5%

-2.2

Atlanta Buckhead

58.7%

58.3%

0.4

Top 25 Markets

57.2%

58.6%

-1.4

Total U.S.

50.6%

52.9%

-2.3

Source: Smith Travel

 

City business license analysis
reveals thriving private sector activity

Key findings from an analysis of city business licenses between 2005 and 2008:

Employment

•  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.

Business Type

•  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.

Establishment Size

•  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.

Revenue

•  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

Does not include government and nonprofit jobs.

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Number of Establishments


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Number of One-Person Establishments

 

__________________________________________________Total Revenue ($Billion)

John Reinhardt

www.InFrontMarketing.com     770.475.1130 Ext. 6806

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