According to the most recent data released from the Bureau of Labor Statistics, the city of Atlanta’s job growth is sustaining momentum, which spells more good news for the Atlanta real estate market. With the addition of 10,000 new jobs during the month of June, Atlanta has added 51,600 new jobs throughout the past year and reached an employment level of 2.4 million, a number the city hasn’t seen since September 2008.
The month of June marked only the fourth time since 2010 that the metro Atlanta area has added at least 10,000 jobs in one month. In terms of job creation, business and professional services led the way in job growth with 4,400 new jobs, and the leisure and hospitality industries were close behind, adding 2,600 jobs.These numbers could indicate a continued strengthening for both the commercial real estate sector and the construction industry. Historically, real estate has been one of the city’s economic drivers, and job growth is essential to the rebound of the Atlanta real estate market.
For developers, the increase in jobs means more financing will be available for new projects in Atlanta’s retail and office sectors as investors lenders grow more confident that the recovery will sustain itself. More jobs means more demand for townhomes and single-family homes for the construction industry, as new workers move to the city or decide to buy instead of rent. In addition to increasing the demand for new homes, the job growth will also help to counter the high vacancy rates in the city.
With new jobs being created daily and interest rates on the rise, it has never been a better time to make Atlanta your permanent home. If you’re moving to or relocating within the area for a new job, be sure to check out all of the Atlanta new homes for sale on our site.