The Atlanta economy moves to 4 on the Colliers Index for the month of March.
The Atlanta economy and Colliers Index moved out of the red and rose to a 4 in March thanks in part to continued growth in the national job outlook.
Successful vaccine rollout has resulted in several states living COVID-19 restrictions, which has directly impacted job growth. 355,000 jobs were added nationally in leisure and hospitality. Food services and drinking places accounted for much of that number, adding 286,000 jobs.
The United States is averaging over 2.4 million vaccine doses per day, having administered over 110 million doses so far. This results in 11.8% of the population fully vaccinated and 21.7% of the population having gotten at least one dose.
Atlanta economic outlook.
The Atlanta economic outlook and forecast continued to improve in March thanks to positive economic data both nationally and locally. The national unemployment rate of 6.2% changed very little in February.
The number of people on temporary layoff fell by 517,000, an indication that companies are bringing employees back to the workforce. There are still 2.2 million Americans in this category.
Some job sectors previously stalled have begun to spring life. Leisure and hospitality, retail trade and healthcare all saw big February jumps. While these gains are good, it’s a long road to reach pre-COVID-19 levels. Leisure and hospitality is still down 20.4% (3.5 million jobs) from this time last year.
Atlanta’s unemployment rate of 5.4% decreased only slightly month over month. Atlanta lost 44,300 jobs in January, but no need for alarm; this is a very normal dip due to temporary hires around the December holidays leaving the workforce. In a much healthier economy, Atlanta’s employment statistics showed a similar number of job losses in January of 2019 (47,200) and January of 2020 (43,600).
While this does snap an 8-month streak of job growth, all signs point towards another positive streak starting in February. Job losses for April and May of 2020, the height of pandemic layoffs, were revised downwards by about 50,000 each.
The monthly job growth seen throughout 2020 was relatively unchanged, resulting in a much lower year-over-year jobs number of -161,100 compared to the -70,500 number reported last month.
Download the full report to learn about the economic data contributing to the Atlanta economic outlook for March including:
Real estate development