Showing posts with label savannah job growth. Show all posts
Showing posts with label savannah job growth. Show all posts

Saturday, November 20, 2021

Georgia on path for fastest job growth since 1994

 

Georgia is on the path to its fastest job growth rate since 1994. Over the first 10 months of 2021, the state has seen the addition of 155,800 jobs for a growth rate of 3.5 percent. The fast 2021 growth rate contrasts with a 5.3 percent decline over the first 10 months of 2020 when the state saw a loss of 247,700 jobs.

The year-to-date growth rate is the fastest since 1994 when the state saw a 4 percent growth with 127,400 new jobs created in the first 10 months of the year.


1994

4.0%

1995

2.5%

1996

2.5%

1997

2.5%

1998

2.6%

1999

2.6%

2000

1.3%

2001

-1.5%

2002

-0.8%

2003

-0.7%

2004

1.8%

2005

2.3%

2006

1.6%

2007

0.6%

2008

-2.3%

2009

-4.5%

2010

0.7%

2011

0.9%

2012

1.5%

2013

1.9%

2014

2.7%

2015

2.2%

2016

1.8%

2017

1.5%

2018

1.6%

2019

1.5%

2020

-5.3%

2021

3.5%


In 1994, Georgia ended the year with 159,800 new jobs and a calendar year growth rate of 5.0 percent, its highest annual rate in the series that dates back to 1990.

Job creation by sector

Private sector job creation accounts for the vast majority of new jobs in 2021 with the private sector creating 153,800 new jobs, while government (federal, state and local combined) accounted for the remaining 2,000. Like the overall jobs rate, the private sector growth rate is the fastest for the first 10 months of the year since 1994.

Among sectors, information is showing the fastest job growth, up 8 percent over the first 10 months of 2021 with the addition of 8,800 new jobs.

Professional and business services is showing the second fastest and the largest net growth in jobs, rising by 7.2 percent with the creation of 50,800 new jobs.

Financial activities posted the slowest job growth so far in 2021 with a growth rate of 0.9 percent due to the creation of only 2,200 jobs in the sector.

Georgia metro areas

All 14 metro areas in the state have shown job gains since the beginning of 2021.

Metro areas growing faster than the state include Savannah. Atlanta, and Warner Robins. For the first 10 months of 2021, the Savannah area has recorded a 4.5 percent job growth rate, adding 8,300 jobs since the start of the year.

The Atlanta area, the largest metro area in the state, recorded the second fastest growing market, showing a 4.1 percent rate as it saw a net increase of 111,000 jobs.

Those two relatively large metro areas were followed by the smaller Warner Robins area, which posted a 3.9 percent rate with the addition of 3,000 jobs since the beginning of 2021.

Areas with the slowest job growth have included the Augusta and Albany areas. The Augusta area has added 400 jobs since the start of 2021, while the Albany area added 100 jobs. Both areas are showing job growth rates of 0.2 percent over the first 10 months of the year.

 

Area

Net change in jobs December 2020 through October 2021

Percentage change in jobs December 2020 through October 2021

Statewide Georgia

155,800

3.5

 

 

 

Savannah

8,300

4.5

Atlanta

111,000

4.1

Warner Robins

3,000

3.9

Macon

3,200

3.2

Gainesville

2,800

3.0

Brunswick

1,200

2.8

Rome

900

2.2

Hinesville

400

1.9

Valdosta

1,000

1.8

Dalton

1,000

1.5

Columbus

1,600

1.4

Athens

1,100

1.2

Augusta

400

0.2

Albany

100

0.2

 

Thursday, January 26, 2017

Georgia’s job creation machine continues to slow due to job slowdown outside the Atlanta metro area

Georgia 12-month percentage change in nonfarm jobs. seasonally adjusted, 2014-2016

Despite upbeat messages from the Georgia Department of Labor, Georgia’s December 2016 nonfarm employment count only equaled its 2015 job growth and fell below the levels set in December 2013 and 2014, according to new data from the U.S. Bureau of Labor Statistics.

In December, Georgia added 5,900 jobs, seasonally adjusted, the same as in December 2015. Before seasonal adjustment, net jobs dropped by 9,700. In December 2015, the state lost only 2,100 jobs before seasonal adjustment.

As a result, Georgia’s 12-month net increase in seasonally adjusted 103,300 net new jobs with a job growth rate of 2.4 percent, still higher than the national average at 1.5 percent, but the slowest job increase recorded in the state since 2013.

Unemployment

As a result of the slowdown in new job creation, even as the state’s labor force grew, the state’s unemployment rate in December was virtually unchanged over the year.

In December 2016, the state’s seasonally adjusted unemployment rate stood at 5.4 percent compared to a 5.5 percent rate in December 2015, a statistically insignificant difference.

Over the past year, the state added 27,767 people to its labor force, and the number of unemployed grew by 10,648, not seasonally adjusted.

Atlanta Metro Area

The slowdown in job growth was concentrated outside the Atlanta metro area.

In December 2016, the Atlanta metro area added 4,500 jobs, seasonally adjusted and accounted for three-fourths of the state’s net job growth.

Over the year, the Atlanta’s area growth rate reached 2.7 percent, slightly below 2016’s rate of 2.8 percent. For the year, the Atlanta metro area added 70,500 jobs, about the same number of jobs as in 2015.

Other Metro Areas in Georgia

Unfortunately, the state continues to acknowledge the problem of slowing job growth outside the Atlanta metro area.

Three metro areas in Georgia added fewer than 300 net new jobs over the past 12 months. Dalton added 200 jobs over the year, Valdosta added 100, and Hinesville actually has lost 100 jobs since December 2015.

While BLS does not publish a number for nonmetro nonfarm jobs in the state, with the Atlanta and Savannah metro areas accounting for three-fourths of the state’s new jobs and the smaller metros suffering, it is fair to say that the rural parts of the state are suffering at least to the same degree as the small metro areas.

Unless conditions change by an influx of new jobs into the rural and small metro areas, the Atlanta area will continue to be a mecca for state residents looking to escape dead-end careers, and the state will be steadily transformed as economic power (leading to political power) continues to concentrate in the Atlanta area.

Nonfarm Employment December 2016  /  12-months ending in December 2016
(Seasonally Adjusted. Preliminary data from the U.S. Bureau of Labor Statistics.)

Statewide Georgia   5,900      /   103,300
Albany                          -200  /    1,000
Athens                       -1,400  /    1,700
Atlanta                        4,500  /  70,500
Augusta                             0  /   4,800
Brunswick                     200  /      500
Columbus                      800  /    1,900
Dalton                             0    /      200
Gainesville                    600  /     2,100
Hinesville                     -100  /     -100
Macon                          -200  /      700
Rome                            -100  /      400
Savannah                    1,100  /    6,800
Valdosta                       -400  /       100


Friday, July 29, 2016

Georgia’s job growth not consistent across the state

Georgia added 29,800 net new nonfarm jobs for an increase of 0.7% in the first half of 2016 and rising by 2.8% over the year, but much of that growth was concentrated in five metro areas – Atlanta, Savannah, Brunswick, Augusta, and Gainesville, Ga.


The Savannah area continues its hot streak on jobs, adding 3,900 since December for a total of 7,100 over the past 12 months, an increase of 4.1%.

Savannah’s continued job growth is propelling it towards competition with the Augusta area as the state’s second largest metro area. In June 2012, the Augusta area had 58,700 more jobs than the Savannah area. By June 2016, this difference had shrunk by 12%.

Brunswick posted the largest percentage increase for the first half of 2016, rising by 3.1%, or 1,4,00 jobs, for annual increase of 3.3%.

Meanwhile, the state’s largest metro area, Atlanta, is showing some slowdown. While the area added 15,100 jobs since December, this is slower than the numbers it posted for the first half of 2014 (30,700) and the first half of 2015 (15,400).

For the first half of 2016, the Atlanta area posted a job growth rate of 0.6%, the same rate as for the first half of 2015. Over the past 12 months, the Atlanta area added 69,400 jobs for a growth rate of 2.7%, slightly below the state’s overall rate.

Home to 60% of all nonfarm jobs in the state, any slowdown in the Atlanta area is bound to affect statewide numbers.

Hinesville and Columbus areas lagging in jobs

While Georgia continues to experience faster job growth than the nation, not all metro areas in the state are participating in this boom to the same extent. Areas of the state not feeling the effects of the enlarging economy include Hinesville and Columbus.

The Hinesville area recorded a loss of 300 jobs for the first six months of 2016 and has shown no net increase in new jobs since June 2015. The area’s job market continues to stagnate with no net increase in jobs over the past eight years.

The Columbus metro area lost 400 jobs since December partially offsetting a gain of 900 jobs from July through December for a net addition of only 500 jobs since last June. The Columbus area has seen very slow job growth since the recession, rising by only 4,600 net new jobs since June 2010, a net growth rate averaging less than 0.7% per year over the six year period.

Athens lost 100 jobs in the first six months of 2016, although a strong second half of 2015 propelled it to one of the strongest job gains among metro areas in the state for the 12 months ending in June, adding a net of 3,600 jobs for an increase of 4% since June 2015.


The Macon and Valdosta areas showed no net change in jobs since December but both areas showed good growth in the second half of 2015, resulting in 12-month job gains of 2.1% and 2.2% respectively.

Friday, October 23, 2015

Atlanta ranks 2nd in percentage job growth among largest metro areas in September

The Atlanta metro area added 71,500 net new jobs over the past 12 months, according to newly released seasonally adjusted data from the U.S. Bureau of Labor Statistics.

The area’s job growth translated into an annual increase of 2.8 percent, falling second only to Dallas among the largest metro areas in the nation. The Dallas area reported a 3.2 percent annual growth rate.

The growth translated into more new jobs added over the year for all but three other metro areas in the U.S. in September. Other metro areas with large over-the-year job increases included Los Angeles (+133,300), Dallas (+107,000), and New York (+104,500). The District of Columbia-Maryland-Virginia metro area came in below Atlanta, posting annual job growth of 62,800.

Atlanta Metro Area

The Atlanta area’s 2.8 percent growth compares to Georgia’s overall 2.0 percent growth rate. For the 12 months ending in September, the nation as a whole saw job growth at 2.0 percent.

While the Atlanta area added only 2,700 new jobs in September, BLS revised the area’s job growth in August upwards from a preliminary report of 600 jobs to a revised addition of 4,100 jobs.

Over the three months ending in September, the Atlanta area added 22,800 new nonfarm jobs while the rest of the state lost 1,000 jobs resulting in a net state gain of 21,800 jobs.

As a comparison, for the same three months in 2014, the Atlanta area created 24,800 jobs while the state posted 37,200 new nonfarm jobs.

Other Metro Areas in Georgia

Outside Atlanta, the Augusta area posted the fastest growing job market over the past year, rising by 2.5 percent, an increase of 5,600 nonfarm jobs over the year. Savannah showed a 2.4 percent increase, adding 4,100 jobs since last September.

The Hinesville area posted the largest job loss among Georgia metro area, losing 2.0 percent (-400 jobs). Albany lost a total of 1.8 percent (-1,100) jobs, while Valdosta reported a loss of 1.6 percent (-900 jobs).