While expert prognostications seem mixed as to whether or not we are headed for a recession, economic uncertainty is in the air. As such, we take a moment early in the year to look at the trends and indicators of note in the local economy by way of a Regional Snapshot. Last year’s snapshot pointed to a strong recovery in the labor market but high inflation. What has changed from last year, and what remains the same? We also have included comparisons of Atlanta to competing metros. Here are some highlights of what we found in our economic snapshot:
- Atlanta’s employment recovery from the “pandemic plunge” has been one of the strongest in the nation, with nearly 6% job growth since before the pandemic.
- Registered Nurses tops the list of jobs most in demand, according to unique postings data from February 2022 to January 2023.
- The biggest change in jobs demanded since the start of the pandemic are low-wage in nature and are for workers in freight, food service, and retail.
- Inflation has risen faster in metro Atlanta than in most places, having increased just over 8% over the past year.
- According to The Conference Board, a recession is likely sometime in 2023, although plenty of experts are weighing in to offer insights and/or other opinions.
- National home prices have increased four times faster than have wages since 2014.
For the full findings of the economic snapshot, click through the slideshare below or check out the full snapshot PDF found here.