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Atlanta Economic Indicators Report | Colliers Index downgraded to a 2

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The Colliers Index has been downgraded to a 2 from a 3 in April. This score nears the bottom of our index as the U.S. experienced an all-time record number of jobs lost last month, wiping out almost all of the gains since the Great Recession. Some key indicators in Atlanta are beginning to be negatively impacted by the coronavirus pandemic as well.

Current Market Conditions

Look away! Look away! April was expected to bring a dire assessment of COVID-19's historical affect on the nation's economy. The numbers do not lie. With almost a complete shut down of economic activity last month, indicators across the board are profoundly bad; pretty much all of them reaching record territory.

GDP

GDP for Q1 came in at -4.3%; a precursor to an even uglier Q2 figure which is projected to land between -25 to -35%. The pandemic has thrust the U.S. economy into its worst economic downturn since the Great Depression. The recession is anticipated to be short-lived, however given a projected revival of GDP in Q3 & Q4. Even so, most economists predict a U-shaped recovery.

Oil

Oil had its worst month ever in history. Crude prices dropped below $0 for the first time ever due to oversupply and no demand. It has since begun to moderate thanks to global production level cuts and a slight uptick in demand as states begin reopening their economies.

Atlanta

Despite showing a slight uptick in jobs in March, the Atlanta numbers lag the nation by a month so we have yet to see the true impact to the local economy. The unemployment rate gives us a hint of what to expect though as the 4.2% rate in Atlanta has reached its highest level in 2 years and is expected to increase even higher. 


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Atlanta Economic Indicators Report | Colliers Index downgraded to a 2

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Scott Amoson

Director - Research

Atlanta

Scott is the Director of Research for Colliers International in Atlanta, Georgia.  In his role, Scott supports all of the company's brokers in the Atlanta office.  He also manages the Research Associate in the company, and mentors an intern annually during the summer.

Scott began his real estate career in 2000 as a research assistant with Richard Bowers & Co., a local brokerage firm.  He joined Colliers International in Atlanta in 2003.  Scott specializes in aiding the company's clients with geographical, informational and analytical research.  With his extensive knowledge, he provides customized research data including:  market trends, lease and sales comparables, plats/ownership information, demographics, prospect information and economic information.  In addition to supporting the company's brokers and staff, his other responsibilities include compiling and writing quarterly market and submarket newsletters, maintaining the company's internal database of over 10,000 sales and lease transactions, and tracking news/trends related to Atlanta's commercial real estate market.  He is frequently called upon by local news sources for his knowledge and expertise of real estate matters in Atlanta.

As a member of the Colliers International Research Council, he advises on quarterly conference calls and provides valuable input on matters directing the research platform for Colliers International.  Scott was recently selected as the Research Ambassador for the Southeast Region as a part of Colliers International's Centers of Excellence platform.

Scott is a native of Atlanta, and enjoys spending time with his wife Lupe and daughter Sienna.  He is an avid golfer and loves vacationing with family.

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