One of the most important things to consider when buying a home in a new area is the employment rate and economic statistics, as they are powerful indicators of how well the property’s value may appreciate.
Atlanta has a robust economy that continues to expand, yet offers some of the best deals on real estate of any metropolitan area in the USA. In terms of employment, according to the latest statistics from the US Department of Labor, Atlanta has seen growth every month for the last four years straight. This a very positive sign for those looking to invest in this dynamic metropolitan area.
Atlanta Vs the National Average
According to the most recent data from the Department of Labor, the Atlanta metro area ranks number 45 in the United States in employment rate with 7.3 percent of the workforce unemployed. While this is over the national average of around 6 percent, according to the real time tracking on the department’s website, it is on par with other cities with strong economies like Los Angeles and Las Vegas , which both have higher costs of living.
The Atlanta Economy and the Employment Rate
Even though Atlanta’s employment rate is below the national average, it is growing at a pace that is faster than the average. The employment rate in Atlanta has grown over 2 percent a year the last couple of years, and is predicted to continue on that path. According to the Atlanta Chamber of Commerce, over 20 million jobs will be added in the next 30 years in the city as it solidifies itself as the commerce center for the entire Southeastern region of the United States. This region is the largest economy in the United States and is forecasted to grow exponentially in both GDP and migration in the next several decades. Buying in Atlanta now is an investment that could pay off big time in the near future.
Growth Sectors of Atlanta’s Employment Market
Although Atlanta’s employment market is diverse, there are several areas where high growth is expected. According to the Atlanta Business Chronicle, the area is ranked in the top 20 nationwide for tech industry job growth, a trend that started several years ago and will only continue to accelerate. Atlanta is also experiencing a boom in construction jobs, as the low cost of living and high quality of life continue to attract newcomers to the area. When you are ready to find out more about the many advantages of moving to or investing in Atlanta, contact us as soon as possible.