As a contributor of $300 million to the annual gross domestic product of the U.S., Atlanta is a powerful economic force in the nation. Business owners in the area can expect a mix of growth, change and challenges throughout 2019.
With lots of jobs, low inflation rates and increasing incomes, the economy is looking good in Atlanta this year. Tax cuts and higher wages are putting more money into the local economy, and Georgia has been ranked as the top state in which to do business for the sixth year in a row. The corporate sector is likely to benefit from surges in the stock market and lower taxes, and a $5 billion plan to develop downtown has the potential to revitalize the heart of the city.
An estimated 68,900 jobs are expected to be added by Atlanta business owners, giving job seekers many opportunities to establish new careers. Atlanta is known for housing plenty of top talent, the kinds of employees big companies from elsewhere in the country are willing to move into the city to recruit, and some may take the opportunity to do so in the coming year.
Employment is expected to rise 1.5 percent across the state of Georgia in 2019, with the biggest growth in the following industries:
• Business services
The real estate market is also expected to be very active, with new home construction increasing as much as 9 percent and home sales following suit.
Several new building projects are already underway in the midtown area, and more are in the planning stages. Promising to bring millions of square feet of office space and numerous business opportunities to Atlanta, the new construction provides opportunities for businesses seeking to relocate and opens the doors for other companies to move into the city. Prospective tenants are already eyeing the real estate, including WeWork, a popular provider of co-working spaces.
Despite the positive outlook, Atlanta’s economy is slowing down a bit compared to recent years. The rates of job growth and the addition of new homes are both expected to increase but at a slower pace. Experts don’t feel business owners should expect a recession any time soon but do point out the changing value of the dollar and potential complications with trade could have an effect on Georgia’s ability to sustain an already lengthy streak of steady growth.
Economic trends go in cycles, but the atmosphere in Atlanta currently shows no signs of a coming recession. Atlanta business owners should take advantage of the continuing upswing in the state’s economy to invest in growth opportunities, take on fresh talent and find new space to relocate or expand. With positive predictions for job growth and several building projects on the horizon, 2019 is expected to be a good year for businesses in this bustling Georgia city.
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