Georgia's Power is On

Atlanta's labor costs tend to be some of the most competitive in the nation. In a recent survey by the U.S. Dept. of Labor, Atlanta ranked 21st among major U.S. cities. Atlanta wages continue to fall under the national average, and in an area of the country with low cost of living that may indeed be music to site selectors' ears.
        According to a recent study by consulting firm William M. Mercer, a job with a median U.S. salary of $60,000 would pay only 3 percent more in Atlanta, $61,800. The same job in New York, San Jose and San Francisco would pay 18 percent more.
        Georgia has also posted record unemployment rates, putting pressure on employers to keep wages down. State officials sense the worst is over, since the Dept. of Labor predicted the state's unemployment rate to be around 5 percent for the first part of 2002. The actual rate was 4.4 percent.
        "We may be nearing a time of growth," says John Lawrence, who follows employment for the Dept. of Labor. "There's a lot of positive news out there."
        Atlanta vacancy rates have edged up as well. Reis (www.reis.com) reports expected vacancy rates in the industrial markets to increase to 13.3 percent by the end of 2003. Reis anticipates vacancy rates to climb in the office sector to 14 percent. But there's a silver lining to this cloud. With all the available space in the Atlanta area, effective rental rates will hold steady between $18.69 per sq. ft. and $21.06 per sq. ft.
        Electricity costs in the Peach State are also some of the lowest in the nation. With multiple suppliers and a record number of new electric plants under construction, Georgia site investors can be assured of plenty of power. "The cost of electricity in the Southeast averages in the bottom third of the nation," adds Camp.

TOP OF PAGE