lanta punching above its weight, but pace is slowing

Report cites benefits of solid job market, corporate interests.

When it comes to growth and productivity, metro Atlanta punches above its weight but is still being out- done by some other South- ern cities, according to an analysis posted online Tues- day by Fifth Third Bank and the Kenan Institute at the University of North Car- olina.

For many years, the Atlanta region has been growing faster than the national average, said Jef- ey Korzenik, chief econ- omist for Fifth Third.

“Atlanta has consistently outperformed what the data says it should do,” he said.

While stronger than average, Atlanta was behind Charlotte and Dallas, according to the analysis.

Drawn from data col- lected for 30 areas across the country, the online snap- shots are provided as part of a partnership between the bank and Kenan. The data and analysis are meant to be “a tool” for small busi- nesses and communities in making investment decisions, according to the Cin- cinnati-based bank, which has 27 branches in Atlanta.

While timely data is plen- tiful for the U.S. economy a company can have a harder time getting details about its own economic environ- ment.

And while it’s useful to know something about the big picture, the local scene typically differs in ways that can be crucialtoa business, Korzenik said.

“We are not one econ- omy; we are a nation of local economies,” he said.

Metro Atlanta, for exam- ple, has some sectors, such as finance, real estate and technology, that have been much more productive than their national counterparts. Metro Atlanta has 25% more jobs than a decade ago, compared with the 14.3% growth of the nation over- all, according to the Bureau of Labor Statistics.

Much of the Atlanta region’s strength has been because the metro area has continued to draw transplants from other parts of the country, as well as immigrants. Other factors not only attract new workers but also help maximize their impact, Korzenik said.

“It has something to do with having a great airport, that Atlanta is such a transportation center, and with the educational attainment of people who live there,” he said.

Atlanta also has more than its share of corporate headquarters, Korzenik said.

Themetro area has headquarters for 18 of the 500 largest publicly traded companies and 32 of the top 1,000, including Home Depot, Mohawk Industries, NCR, Southern Co., UPS and Delta Air Lines, according to the state Department of Economic Development.

Atlanta’s region also is more economically entwined than most, Korzenik said.

“The biggest thing that stuck out at us from the database is just how many counties are tied into the Atlanta economy ” he said. “Atlanta has 42 counties that are tied together.”

Jeff Korzenik is the chief economist for Fifth Third Bank.