As a business owner in Atlanta, you have witnessed your city develop and thrive in recent years to become one of the most lucrative locations for business activity. Its reputation as a prosperous metro area both at present and as one to watch for the future makes the city a highly attractive area for expanding companies – and, therefore, profitable for those selling a business in Atlanta.
Atlanta’s advantageous business environment extends to companies both large and small, and across all industries. The city hosts the headquarters of 12 Fortune 500 companies, including widely recognized names like Home Depot, UPS, Coca-Cola and Delta Airlines. Concurrently, Atlanta is also in the top ten metros in the Small Business Jobs Index, and is the home of 107 of the fastest-growing private companies in the nation according to the Inc. 5000. With its accommodating business environment, Atlanta really is a hotbed for small, expanding and large businesses alike.
Success in Atlanta’s Business Growth
Atlanta’s reputation as a destination for commerce has been growing since the end of the Great Recession. The Atlanta MSA is the 10th largest economy in U.S., and was the second fastest-growing entering 2017. The city’s very healthy GDP of $320 billion shows no signs of a downturn, with the first quarter of 2018 growth at over 5%.
Atlanta is the economic engine that has powered Georgia to be named the number one state to do business in by Site Selection magazine for four consecutive years. The metro’s 170,000 organizations all play a role in making Atlanta the heartbeat of the Southeast economy, and has attracted the interest of world-leading companies like Amazon, Apple and Mercedes-Benz which set up headquarters in the area.
This outstanding economy is a great incentive for professional buyers, which is encouraging news for those selling a business in Atlanta.
The People That Make Atlanta Prosper
The continued success of Atlanta is bolstered by its growing population. WalletHub has ranked it as one of the top fifteen fastest-growing large cities in the country, and the metro’s current 5.8 million populous is expected to expand to around 8 million by 2040. Penske has ranked Atlanta as the top moving destination in the United States for seven consecutive years, and it easy to see why.
Atlanta’s job market is flourishing across all industries, with WalletHub listing it as the third best city for job opportunities in 2017. Demonstrating 2.7 million nonfarm jobs, a number that has been consistently increasing by over 70,000 per year in recent times, Atlanta’s economic strength and comparatively low cost of living attracts an influx of new workers. In this environment, Atlanta’s business owners can rely on a deep, increasingly skilled talent pool.
This workforce is supported by Atlanta’s impressive universities. Ranked the fourth-best University City in the world and home to two of the world’s top 100 universities, these continue to cultivate the next generation of skilled employers and employees. In 2015, the Georgia Institute of Technology was named the top university for producing startup talent, and it remains a powerful source of business enterprise.
Atlanta: A City for the Present, and the Future
A significant drawing factor for business owners and investors globally is Atlanta’s reputation as a leading city for the future. Atlanta was among A. T. Kearney’s top 25 cities of the future list, and it doesn’t take long to figure out why. Site Selection Group, ExpertMarket and Mayflower have ranked Atlanta in the top ten best cities for millennial and minority entrepreneurs, showing the city’s readiness for a new, increasingly diverse generation.
Atlanta is also being heralded by many as the next Silicon Valley. While the city is a leader in a range of industries, including business services, logistics and manufacturing, technology is experiencing an unprecedented boom in the area. It holds a prominent place in America’s Tech 25, and the information technology sector contributed almost a full percentage point to the city’s overall GDP growth in 2017. This reputation is encouraging significant investment, to the benefit of those selling a business in Atlanta.
In addition, Atlanta is an encouraging environment for startup activity. The relatively low costs of doing business and statewide incentives are supported by the backing of 26 distinct incubators and business accelerators, including the Women’s Entrepreneurship Initiative, the only city-supported program for women entrepreneurs in the country. This focus continues to reap results – from 2017 to March 2018, 154 deals including startups raised over $1 billion in venture capital.
Atlanta Location, Infrastructure and Transport
Atlanta’s success is not contained in the Southeast – it is renowned as a connection point for the entire globe. This is no doubt supported by it being home to the world’s busiest airport - Hartsfield-Jackson Atlanta International Airport handled nearly 104 million passengers in 2017, and is currently undergoing a $6 billion expansion and modernization. This frequency of visitors is a powerful incentive for business owners in the area.
Expansion is also in store for Atlanta’s commercial real estate. The city is expected to complete 7.3 million square feet of office space by 2019, the ninth most for any city nationwide, opening up considerable space for new business and expansion from companies further afield. Approximately 61,000 jobs will be generated through this growth, continuing the support of Atlanta’s already thriving economy.