Savannah Chamber

16 5 headquarters of the American Cancer Society. New high tech industries (e.g., healthcare IT, cyber security, and mobile apps) are growing rapidly in Atlanta. The innovation district that's developing around Tech Square has achieved the critical mass needed to attract high-tech companies to Midtown. Compared to other large metropolitan areas with strong links to global markets, the costs of living and doing business in the Atlanta MSA are low, and these aspects lure companies to the area. The pool of talent is large and deep for occupations that require a college degree as well as for those that do not. Traffic congestion is another story. On an annual average basis, the 28-county Atlanta MSA will add 69,600 jobs in 2016, a year-over-year increase of 2.7 percent. Atlanta therefore will account for 75 percent of the state's net job growth. The area's high concentration of services-producing industries, IT companies, distribution companies, universities, health care providers, life sciences companies, and headquarters operations will keep the job numbers growing. Many of the headquarters and other large projects recently announced by the Georgia Department of Economic Development were located in the metro area. 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 to operate corporate headquarters due to its large number of direct domestic and international flights. Production sites near Hartsfield-Jackson International Airport and/or near cold storage facilities appeal to manufacturers of perishable biomedical products that require cold storage and cold shipping. Lightweight, highly perishable, or time-sensitive products are well suited to air transportation, and therefore many high- tech production companies consider the extensive air cargo facilities at Hartsfield-Jackson to be essential to their operations. Cyclical improvements in the national and regional economies will boost Georgia's hospitality industry. Hotel occupancy rates will be at or near record levels. Airport improvements also will help Atlanta to become even more popular as a destination for tourists, business travelers, and sports fans. New attractions such as the Porsche Customer and Driver Experience Center, the College Football Hall of Fame, and the Delta Flight Museum will boost Atlanta's appeal to travelers. One major plus for Atlanta in this new era of federal fiscal austerity is that the metro area is not too dependent on federal jobs. Only 4 percent of the Atlanta'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 for Atlanta's growth than for growth elsewhere in Georgia or for the nation as a whole. Albany On an annual average basis, the 2016 forecast indicates that the Albany area will see little change in overall employment. A high proportion of government jobs makes Albany vulnerable to government restructuring, and Albany has lost government jobs since 2011. Another problem is that the area's population and labor force have been declining and will continue to decline in 2016. Also, compared to the Georgia average, Albany has relative fewer people between the ages of 25 to 49, typically the most productive years, professionally. Because this MSA is small, the actions for the better or for the worse 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 is geared towards basic consumer staples, which households continue to buy whether or not the economy is expanding. Miller Brewing, Proctor and Gamble, Tara Foods, Mars Chocolate North America are good examples. Indeed, manufacturing employment is holding steady. As economic conditions improve, Albany will capitalize on its assets, including a low cost of doing business, an excellent telecommunications infrastructure, good four-lane highway access, two universities, an excellent technical college, and a reputation as a good place to live and raise a family. The Albany area's traditional role as a major retail hub for Southwest Georgia will face more competition from e-commerce, but WebstaurantStore —an e-commerce company—announced in early 2015 that will build a new distribution and fulfillment center in Dougherty County, creating 150 jobs. Albany will continue to fare well in its traditional role as a support center for agriculture. Of course, dependence on agriculture does expose the regional economy to the ups and downs of commodity markets as well as shifts in federal farm policies. As consumer spending recovers, Albany will benefit from its role as a regional retail-wholesale distribution center and from spillover from Florida. Redevelopment along the Flint River adds to Albany's charm, and adds to the area's potential to benefit

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