By Gregg Weldon, Chief Analytical Officer, AnalyticsIQ, Inc.
In recent years, the United States has been hit hard by the “Great Recession”. It’s interesting to note how specific areas are being affected vs. the country overall. This report looks at Atlanta, GA, as well as Georgia itself. Comparisons will include home price changes, unemployment rates, and retail sales for the CBSA, the state, and the U.S. for July 2006 and April 2011.
In July, 2006, the recession was still yet-to-come, and most areas of the country were in good shape, economically.
In 2006, homes in Atlanta were increasing at a slower pace than the US (or Georgia overall) and the unemployment rate was dropping at a somewhat slower pace. Retail sales, however, were quite strong in comparison. The state of Georgia was closer to the U.S. averages.
Five years later, Atlanta and Georgia have lost ground when compared to the country. Home prices are dropping much faster than average, retail sales increases are half the rest of the country, and Atlanta has a faster rising unemployment rate than the U.S. (Georgia is slightly better). In addition, Atlanta and Georgia have fallen behind in home prices and unemployment rates vs. the median U.S. values from where they were 5 years ago.
Overall, home prices are down, unemployment is up, and retail sales are anemic everywhere when compared to 5 years ago. However, Atlanta and the entire state of Georgia have fared much worse than average, and continue to fall behind the rest of the nation.