Savannah Chamber

2015 Economic Trends

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18 5 the Atlanta MSA are low. The pool of talent also is extensive for occupations that do not require college degrees. Businesses also are attracted by Atlanta's vast multi-modal transportation and distribution system. On an annual average basis, the 28-county Atlanta MSA will add 69,100 jobs in 2015, a year-over-year increase of 2.8 percent. Atlanta therefore will account for 72 percent of the state's net job growth. The area's high concentration of service producing industries, IT companies, distribution companies, universities, health care providers, life sciences companies, and headquarters operations will keep the job picture bright. Major improvements at Hartsfield-Jackson International Airport bode well for Atlanta's growth, especially the completion of the new international terminal. The airport makes the Atlanta area an ideal location for corporate headquarters or facilities that produce highly perishable biomedical products. Airport improvements also will help Atlanta's popularity as a business and tourist destination. In this new era of federal fiscal austerity, one major plus is that the metro area is not too dependent on federal jobs. Only 4 percent of the Atlanta area's nonfarm earnings come from federal employment versus 7.7 percent for the state as a whole. Atlanta is not the home of a major military base. State and local government accounts for only 8.9 percent of earnings in metro Atlanta versus 11.4 percent for the state, so public restructuring will be less problematic. Albany On an annual average basis, the Albany area will see employment rise by 1 percent, or by about 600 jobs. High numbers of government jobs make Albany vulnerable to government restructuring, however. Another problem is that the area's population and labor force have been declining and will continue to decline in 2015. Also, compared to the Georgia average, Albany has relatively fewer people between ages 25 to 49, typically the most productive working years. Because Albany is a small MSA, the good or bad actions by one major company probably will determine the area's actual economic performance. One economic stabilizer is that much of the area's manufacturing base, including Miller Brewing, Proctor and Gamble, Tara Foods, and Mars Chocolate North America, is geared towards basic consumer staples, which people continue to buy no matter what. As economic conditions improve, Albany will capitalize on its assets, including a low cost of doing business, an excellent telecommunications infrastructure and a reputation as a good place to live and raise a family. Its economy also is moving away from traditional manufacturing and government towards becoming a regional health care and transportation hub. Albany will continue to fare well in its traditional role as a support center for agriculture, too. Athens In 2015, employment in Athens will increase by 1.9 percent or 1,700 jobs, which exceeds the gains estimated for 2014. Athens will benefit not only from Caterpillar's new plant but also from Athens' role as a medical center for northeast Georgia. The establishment of a medical school campus at UGA in partnership with Georgia Regents University will encourage further development of the clinical healthcare and biomedical industries. The university's new College of Engineering not only contributes directly to the region's growth, but also helps recruit high tech companies and venture capital. Its outsized government sector, which will remain under severe pressure due to continuing budget difficulties, could be a drawback. State and local government jobs account for about 29 percent of the area's nonfarm earnings compared to only 11 percent of the state's nonfarm earnings. In fact, Athens is six times more dependent on state government jobs than the state as a whole.

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