News

Addition of 13,300 New Jobs Helps Boosts Atlanta Investment Property
26/01/2012

Gemma Stephenson

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New figures released by the Georgia Department of Labor have stated that unemployment in Atlanta dropped by 0.7% between October and November 2011, helping to boost the demand for Atlanta investment property in areas where jobs are plentiful.

With unemployment previously recorded at 9.9%, the new numbers have dropped to 9.2%, indicating a significant recovery for Atlanta’s economy.

When compared figures from 2010 – when unemployment stood at 10.3% - the jobless rate has declined over one full percentage.

Speaking about the company’s finding, State Labor Commissioner Mark Butler commented that the addition of 13,300 jobs in private service-related industries like trade and transportation, professional and business services, education, health care and financial services, contributed to the decrease in joblessness.

This combined with a decrease in redundancies and layoffs within the construction, manufacturing, wholesale trade, administrative and support services, and accommodation and food services, helped reduce Atlanta’s unemployment level.

Within the state of Georgia, Metro Athens displayed the lowest rate of unemployment in November at 6.9%, whereas Metro Dalton had the greatest level of unemployment standing at 11.8%.

It is thought that seasonal jobs helped adjust Georgia’s rate of unemployment, with unemployment levels displaying their largest one-month decline since 1977. Since the recession, the largest drop was seen between October – November where figures dropped from 10.2% to 9.9%.

Figures from 2010 showed that unemployment in Georgia as a whole reached 10.4%.

Alongside seasonal retail jobs, Atlanta also saw new jobs created in the financial, business, education and healthcare sectors in November.

The growing draw of employment prospects has had an impact on Atlanta investment property, with a number of people relocating to areas where there are new jobs. Opting to lease rather than buy property, Atlanta’s rental market has become one to watch, with Bloomberg Businessweek forecasting that property prices will increase 19.5% in the next 2 years alone.

With foreclosures still common and mortgages hard to obtain, a number of international investors are taking advantage of the slump in the USA property market, purchasing below market property and renting it to tenants.

With yields in excess of 15% and average property prices around $50,000, many investors are entering Atlanta property investments as a medium to long term investment due to the high capital appreciation prospects.

For more information about Atlanta investment property, contact Experience International today on 0207 321 5858 or email enquiries@experience-international.co.uk.