Atlanta continues to thrive thanks to a strong economy and quick rebound from recession
Georgia’s unemployment rate in construction was down to 4 percent with 163,300 workers in November, according to a report by the Atlanta Journal-Constitution. Georgia’s construction unemployment was 4.3 percent in October and is a third of the rate from five years ago. Only New Hampshire and Colorado had lower construction unemployment in November.
In November alone $405 million total was spent on residential construction in Metro Atlanta, 18 percent more than the same time period last year; the area’s strong construction sector stems from its economy, which has been strengthening throughout the year. As far back as last Dec., Atlanta ranked seventh for job growth, with a 2.6 percent year-over-year increase, and it has only grown from there.
Macro and Micro Factors Contribute to Atlanta’s Strong Economy
One of the key strengths for Atlanta’s quick rebound since the recession has been its affordable housing, which has lead to Indeed and realtor.com to call Atlanta the most affordable ‘hot job market’ in the nation. Sixty-seven percent of homes in Atlanta were considered affordable, and it had the second-highest number of clicks among job searchers looking to relocate. Those factors have helped facilitate a strong population growth in Atlanta.
Additionally, Atlanta boasts one of the nation’s best-educated workforces. More than 35 percent of adults over 25 in Atlanta have at least a bachelor’s degree, which is 6 percent higher than the national average. Additionally, one third of the population between 18 and 34 has at least a bachelor’s. Unsurprisingly, such trends have led Atlanta to its lowest unemployment rate since 2005, at just 5.4 percent in Oct. 2015.