The Atlanta economy remains at 4 on the Colliers Index for the month of April.
The Atlanta economy and Colliers Index remains at a 4 amid mixed news this month. Nationally, the labor market saw huge improvements thanks to continued resumption of economic activity put on hold due to the COVID-19 pandemic.
916,000 jobs were added, and the national unemployment rate fell to 6.0%. Locally, Atlanta added 8,700 jobs, a modest gain but a positive month nonetheless.
Atlanta office absorption took a tumble in Q1, losing over 2.8 million square feet. Meanwhile, the industrial market had a reversal of fortune, adding over 10.8 million square feet in Q1. Continued job growth and economic stability will see the Colliers Index soon rise to a 5.
Atlanta economic outlook.
The Atlanta economic outlook and forecast continued to improve as the United States non-farm unemployment rate fell to 6.0% after 916,000 jobs were added in March. While this is a great step towards economic recovery, employment is still down by 8.4 million jobs from a pre-pandemic peak in February of 2020.
Once again, one of the biggest drivers of the national employment situation is continued vaccine rollout and the easing of pandemic-related restrictions.
The United States is now averaging over 3.3 million vaccine doses per day and has administered over 194 million doses so far. This results in 23.1% of the population fully vaccinated and 37.3% of the population having gotten at least one dose.
The ease of COVID-19 restrictions has had a positive effect on the Leisure and Hospitality industry, with 280,000 jobs added in March. The majority of this increase was in Food Services and Drinking Places, which added 176,000 jobs. Indicators point to a similar rise in the April data as more states begin to relax restrictions.
After a normal downturn to start the year in January, Atlanta got back on track by adding 8,700 jobs in February. This dropped the local unemployment rate to 4.5%, which is the lowest since February of 2020 (3.3%) before the COVID-19 pandemic.
Atlanta is still down over 160,000 jobs from this time last year, so there is still room for job growth.
Download the full report to learn about the economic data contributing to the Atlanta economic outlook for April including:
Real estate development
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