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Atlanta Economy Report | January 2022

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Omicron, inflation, jobs miss keep index flat in January.

The Colliers Index will remain flat for the month of January at a 6, despite factors which suggest it should drop a notch. The next Covid-19 variant, Omicron, has caused plenty of upheaval. In addition to another “not again” moment, this latest variant has shown to be one of the most contagious, and has created many headaches to getting supply chains back to normal. Even so, the consensus seems to be it is not as deadly as previous Covid-19 infections, and this has helped ease concerns as it relates to its overall affect on the economy. More focus lately has been on inflation’s impact which reached a 40-year high in December. Although Atlanta has experienced one of the higher inflation rates in the country, overall fundamentals here are strong.

Current Market Conditions

For a second consecutive month, the jobs report showed yet another miss on expectations with non-farm payrolls growing by only 199,000 jobs in December; markedly off from the 422,000 estimate by economists. The Professional & Business Services sector continued to show gains, and the pick up in Manufacturing hiring should help with supply chain issues. The Leisure & Hospitality sector experienced the greatest increase for the month at 53,000 jobs added; however, the onset of Covid-19’s Omicron variant could greatly affect this sector going forward; in addition to the economy as a whole.

Download the full report to learn about the economic data contributing to the Atlanta economic outlook for December including:

  • Interest rates
  • Employment statistics
  • Unemployment rates
  • GDP
  • Oil
  • Real estate development

 

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January Atlanta Economy Report

Atlanta Economy Report | January 2022

Download Report