Atlanta's economy and the Colliers Index finished the year in the red, remaining at a 3 for the month of December.
Just as last month's drop back in the red, COVID-19's influence is to blame for Atlanta's economy remaining there in December. The continuous surge of virus infections and deaths in the latter half of the fall season is thwarting efforts to keep economies open in areas most affected.
For one aspect affecting the Colliers Index economic score in Atlanta, preliminary data for the metro area's office market shows occupancy losses totaling almost 1 million square feet in the fourth quarter of 2020. Atlanta's office market is one property sector that was hindered by the economy's shutdown earlier this year.
Current Economic Conditions
It's a rough end to the year, but 2021 is right around the corner. With it, the roll-out of the first COVID-19 vaccines could play a vital role in returning economic indicators to where they were at the end of last year.
For now, getting through the winter months will be vital to continuing the recovery that has taken place since April. However, November's job numbers show a sharp slowing of employment gains from previous months.
Jobs increased by 245,000 for November. This shows continued gains; however, this is the lowest increase since the start of May's economic recovery. Additionally, jobless claims for the week of December 5 jumped to 853,000, which shows a loss of momentum as the pandemic's effects persist.
It is worth mentioning oil has risen to its highest level since February, a result of scarcity in the market and inflation resulting from a weaker dollar.
Atlanta continues to see gains, with almost 29,000 jobs added in October. This has brought the Atlanta metro's unemployment rate to 4.7%, its lowest since the start of the pandemic.