The Atlanta economy in July 2020 showed no change month-over-month with the Colliers Index remaining at 3 for July; albeit a high 3.
Update: A new version of this report is now available.
The Colliers Index showed no change month-over-month remaining at a 3 for July; albeit a high 3. The reopening of the Atlanta economy has resulted in record monthly employment gains in May and June as more people get back to work. The same can be said for the U.S.; however recent spikes in coronavirus infections throughout the country have put local economies on edge. The possibility, and reality in some areas, of more lockdowns puts the Atlanta economic outlook in somewhat of a holding pattern for now despite the good news otherwise.
Current Market Conditions
Is anyone ready to get off the roller coaster? Right when it looked as if COVID-19 was under control, it quickly reminded us how active the pandemic remains. Reopening the economy has been both a positive and negative over the past month. Job growth in June reached yet another record level, but it comes at the cost of rising infection rates. People have become both complacent to recommended guidelines and tired of the ongoing disruptions to normal life. This has created unease in the economy.
The end of the month brings the mot anticipated GDP figures of the year. Q2 projections as of late have ranged between -30% and -35%; still dreadful, but much better than earlier estimates.
Stocks posted their largest quarterly gain since 1998. The tech sector dominated the quarter with the major tech companies outperforming the market.
Following its worst month ever of job losses, the Atlanta economy rebounded considerably in both May and June. May witnessed record monthly job growth of 52,800 only to be followed up by June figures of 87,800 jobs added.