H/T to Baker at That’s Just Peachy for bringing this article on Atlanta’s Lost Decade to my attention. It’s Saturday, so here’s a seemingly un-political post. Although…doesn’t every drop of water always flow back to the political well?
In Thursday’s MRs, I noted I would be attending a discussion on the Economic Outlook for 2013. It was my first time hearing Economist Dr. Marci Rossell, and it was a fantastic talk. Here’s a pic of her outline. She started with a global perspective, then national, then Atlanta specifically.
The article recaps the following from her talk:
Cities such as Houston and Miami have found success targeting business opportunities with Latin America. As China’s population continues to grow wealthier, it also becomes an even better target for more U.S. export-related business, she said.
In Atlanta, job sectors rebounding the fastest have included professional business services and health care, Rossell said.
In fact, by the third quarter of last year, professional and business services had gained back the thousands of jobs it lost since the recession began. Atlanta’s rapidly growing technology companies had ignited much of the sector’s recovery. That’s important because professional and business services is the region’s second-largest employment sector.
I’ll be the first to admit I don’t grasp all economic concepts – but I try. From personal experience, I’ve been seeing more RFPs to sell products to Latin America by way of Miami management companies. I also know multiple friends mentioning they are being recruited to Miami companies across all industries. It’s neat to see a bunch of different personal bits of info fold into what an economist is seeing from high level trends and statistics.
What struck me the most about her talk (and that the article doesn’t mention) is a point on China’s imports and exports. Yes, we get a lot of devices, clothing, and “stuff” from China. It’s important to note that China imports…food. Their food imports have grown from $2B to $20B. Her message was essentially “who needs who here?” She then went on to talk about how commercial real estate and the housing market are coming back but farmland prices have grown at a disproportionally high rate. Let’s hope a bubble isn’t forming, but I can see why Georgia’s Agribusiness will be more and more of a hot topic.