MOVING PAST AMAZON’S REJECTION

Going forward, area will focus on transportation, talent and more growth.

Being spurned by Amazon shouldn’t cause Atlanta to doubt itself or reverse course, but civic leaders should push to invest in transportation and other improvements to continue to attract companies to the region, say business leaders and urban experts.

In the aftermath of the decision, announced Nov. 13, that the Seattle online retail giant would be adding huge regional headquarters in New York City and metro Washington, D.C., leaders in Atlanta tried to accentuate the positive — that the metro region has been growing and should keep growing.

And they said they took solace that Atlanta was even in the running for Amazon.

The weeks that passed since Amazon’s decision have allowed time for reflection, said David Abney, chair and chief executive of UPS and incoming chair of the Metro Atlanta Chamber. But he’s not discouraged.

“I don’t look at this as Atlanta’s loss,” he said. “Of all the communities, all the cities that were in the competition, we were in the last cut.”

Atlanta was among the 20 metros that Amazon said it was examining closely. After making its choice, Amazon declined to say which regions had made it to the inner circle of finalists. But wherever Atlanta had ranked, it was out of the money.

Even the consolation prize — a 5,000 job, regional hub for various operations — went to Nashville.

So, it was something less than a validation of Atlanta’s status quo. And most observers interpreted Amazon’s decision as an endorsement of several strengths in the areas it picked, strengths that Atlanta did not match.

Going forward, Atlanta’s priority issues are clear, Abney said: Traffic, of course, but even more important, the people that need to be moved.

“It is all about the talent,” he told nearly 2,000 attendees at the chamber’s annual meeting Nov. 29. “It’s about bringing more growth.”

In an interview later, he said the region needs to move with the times: “We need to be concentrating on 21st century jobs versus trying to hang on to 20th century jobs.”

From the perspective of those making decisions about where to locate companies, that focus on talent is crucial, said Jay Garner, president of Garner Economics, an Atlanta-based economic development and site location consulting firm.

More than anything, the deep pool of tech-savvy young people — and the ability to lure many more — shaped Amazon’s decision, he said. “Talent is the new currency. They will be able to find talent of all kinds in New York and in Virginia.”

But even before losing Amazon’s auction, transportation was high on the list of topics — if not number one — whenever Atlan-

limit U.S. economic growth, hence Trump’s unhappiness.

The Fed’s action has also visited distress on emerging markets. Higher U.S. interest tans talked about problems rates have prompted investhat need addressing. And tors to abandon developing it is a key reason that Amaeconomies in favor of safer, zon didn’t put Atlanta at the more-rewarding opportuni- top of its own list, said Aaron ties in the United States. The Klein, policy director for the changing of the tide has con- Center on Regulation and tributed to crises in Turkey Markets at the Brookings and Argentina, while denting Institution. the value of currencies and Amazon chose two locaslowing growth prospects tions that were close to both from India to South Africa. trains and airports, he said.

The European Central “They both have regional Bank has also been with- transit systems. Atlanta does drawing the cheap money it not.” unleashed to attack the criAtlanta needs to exploit sis, phasing out purchases of technology to get the bigbonds. This has made credit gest impact for its dollars, he more expensive across the said. “Amazon didn’t want continent, depriving busi- a transit system made for nesses of capital needed to ‘Leave it to Beaver’ Amerfinance expansions. And that ica. I’ll give you infrastruchas muted once-hopeful talk ture in three words: Invest that Europe had finally tran- more wisely.” scended the torpor of the One thing Atlanta canlast decade. not afford to do is nothing,

A populist government in said Margery Austin Turner, Italy is engaged in a stand- senior vice president at the off with European authoriUrban Institute. “Atlanta has ties over its spending plans, problems, and Atlanta needs which breach the union’s limto get out ahead of those its on deficit spending. That problems.” has prompted investors to Besides transportation, demand higher returns for she said Atlanta needs to Italian debt, further squeez- focus on affordable housing credit. Trump’s tariffs ing, especially for working on steel and aluminum also people, while it strives to appear to be cooling growth keep up economic growth. in Europe. Ditto, Britain’s exit. Turner argues that Atlanta

Only last year, Spain had cannot effectively solve one emerged from a veritable of those problems withdepression to become a out solv ing all of them. leading example of Europe “All these challenges are regaining vigor. But Spain inter-related.” is expected to expand by Atlanta has to avoid the only 2.2 percent next year, extreme polarization of down from nearly 2.6 per- wealth and poverty seen in cent in 2018, according to cities like San Francisco and the OECD. The rest of the New York, she said. “There 19 countries that share the is a conventional wisdom euro currency are expected that growth and equity run to dip from an already weak counter to each other, but 1.9 percent rate of expansion growth and equity can reinto 1.8 percent. force each other.”

AJC STAFF David Abney, chair and chief executive of UPS and incoming chair of the Metro Atlanta Chamber, said: “We need to be concentrating on 21st century jobs versus trying to hang on to 20th century jobs.”