Atlanta Economy Report | November 2020

Download Report
EconomicIndicatorsHero

Atlanta’s economy and the Colliers Index fell back into the red for the month of November, moving to 3 for the first time in four months.

As much as we would have liked to keep the index in the yellow zone, the ongoing COVID-19 pandemic is putting serious strains on an economy trying to recover.

The latest surge in coronavirus infections, including a record 184,000 cases in one day, threatens to push the country into another period of economic shutdowns which would be very detrimental to the progress being made.

Current Economic Conditions

In spite of the bad news, there are some positives to take away from the month of November. First, the election season has come to a close... well, almost. It is likely the country will have a new President come January; however, the fate of U.S. Senate control is up for grabs with runoff races TBD in our very own state of Georgia.

Second, the nation's GDP for Q3 came in at a record 33.1%, beating expectations and signaling the positive affects of both reopening the economy and stimulus.

Lastly, there is positive news regarding multiple COVID-19 vaccines which signals a possible return to normal in the year to come.

U.S. Employment

Jobs rose by a better-than-expected 638,000 in the month of October; the sixth consecutive month of gains for the country. As a result, the U.S. unemployment rate is now down to 6.9%.

Weekly jobless claims continue to average around 740,000 as of the latest report.

GDP

U.S. GDP hit a record 33.1% last quarter, recovering from the -31.4% record low in Q2. Projections for Q4 show GDP at 3.5% with some estimates pointing lower due to the lack of a new stimulus plan.

Atlanta Economy

For the most part, Atlanta's economy continues to strengthen; however, further pressures on the city's hospitality and air travel industries could be unfavorable without more support.

 


Nov2020_EconomicIndicators

Atlanta Economy Report | November 2020

Download Report
Related Experts

Scott Amoson

Director - Research

Atlanta

Scott is the Director of Research for Colliers International in Atlanta, Georgia.  In his role, Scott supports all of the company's brokers in the Atlanta office.  He also manages the Research Associate in the company, and mentors an intern annually during the summer.

Scott began his real estate career in 2000 as a research assistant with Richard Bowers & Co., a local brokerage firm.  He joined Colliers International in Atlanta in 2003.  Scott specializes in aiding the company's clients with geographical, informational and analytical research.  With his extensive knowledge, he provides customized research data including:  market trends, lease and sales comparables, plats/ownership information, demographics, prospect information and economic information.  In addition to supporting the company's brokers and staff, his other responsibilities include compiling and writing quarterly market and submarket newsletters, maintaining the company's internal database of over 10,000 sales and lease transactions, and tracking news/trends related to Atlanta's commercial real estate market.  He is frequently called upon by local news sources for his knowledge and expertise of real estate matters in Atlanta.

As a member of the Colliers International Research Council, he advises on quarterly conference calls and provides valuable input on matters directing the research platform for Colliers International.  Scott was recently selected as the Research Ambassador for the Southeast Region as a part of Colliers International's Centers of Excellence platform.

Scott is a native of Atlanta, and enjoys spending time with his wife Lupe and daughter Sienna.  He is an avid golfer and loves vacationing with family.

View expert