Atlanta's economy will post moderate growth this year after losing ground in each of the past two years. While job creation resumed in early 2010, hiring has been cautious and employment remains on pace to rise just 1 % this year, only slightly outpacing the national forecast of 0.8%.
Year to date through the third quarter, local employers added 16,900 positions, representing a 0.8% increase in total employment, in the corresponding nine-month period last year, 112,000 jobs were eliminated.
Housing continues to weigh on the local economy and will remain a drag on growth through the remainder of2010. Despite an estimated 5.5% increase in home sales over those 12 months, the number of closed transactions slipped 10% in the third quarter following the expiration of a government homebuyer tax credit. While sales velocity rose over the past year, the median home price still fell 3% to $120,000 due to distressed sales. Looking ahead, however, housing will stabilize and job growth will ultimately return to above average levels, as Atlanta's relatively low costs of living and doing business will remain strong lures for expanding businesses in the years to come.
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