Atlanta’s March Unemployment Report Offers Hope for the Region

Atlanta-skyline.jpgThe unemployed in Atlanta may have finally breathed a small sigh of relief upon seeing the city’s March unemployment figures this week. With little variation over the last 12 months, the unemployment rate for Atlanta has been hovering between 9.7% and 10.4%. February’s rate sat at 10.2% and the March figure posted a marked improvement at 9.8 %. Metro Atlanta, as one of the country’s largest metropolitan areas, continues to be hard hit by the recession with more than 260,000 unemployed. In February this year, Atlanta was the only metro area among the nation’s top 12 metropolitan regions to show a year over year net loss of jobs. With a real estate market that continues to decline and an increase in gas and food prices, this week’s unemployment report provided a bit of good news that Atlanta really needs.
The improvement translates to 8,600 jobs that were added last month, many within the hospitality, leisure and health care fields. While much of this hiring is temporary, as hotels and restaurants start to staff up for the summer season, some permanent tech jobs were added. In fact, the need for computer network designers increased by over 11% over last year and wireless telecom jobs grew by over 7%. While these statistics are encouraging, despite posting improved earnings figures, some of Atlanta’s larger corporations like Coca-Cola and UPS have yet to make any hiring announcements.
Atlanta’s residential and commercial real estate values also lag behind the national average. Home prices in the metro area fell by 5.8% between February 2010 and 2011. Together with Detroit, Las Vegas and Cleveland, Atlanta’s home values are still below 2000 levels. Overbuilding in the construction industry at the beginning of the recession hurt Atlanta more than most cities around the country. The glut in commercial real estate was made worse by job losses in the financial and legal sectors. Workforce reductions at larger institutions in these sectors created less income for property owners and caused many commercial buildings to go into foreclosure. Many institutions closed their doors, but the companies that did survive found ways to augment declining revenue. Atlanta’s legal firms that survived the initial economic downturn, for example, found ways to fill vacant office space after headcount reductions. Newly freed up Atlanta law space provided an opportunity for cash strapped independent law practitioners in need of office space.
In 2010, Elaine M. Russell found a way to help law firms with open office space and solo law practitioners by creating www.LawSpaceMatch.com. This free service matches lawyers seeking to sublease law space with unoccupied office space at compatible law firms around the country. Elaine M. Russell is a corporate and business attorney representing clients throughout Georgia. Elaine’s office is located in the Buckhead section of Atlanta.
Notes:
Taken from: Jobless rate slide fuels wary optimism