The pandemic seemed to come on in a flash and impacted the world economy in ways that no one could truly predict. Since the major disruption in 2020, the U.S. economy has seen steady recovery, almost returning to pre-pandemic norms. Of the Southeastern U.S. cities, Atlanta has most notably bounced back faster than the nation overall. Over the last year, the Southeast region saw $1 billion invested, and Atlanta businesses are largely driving this surge with growth in the tech industry that could position the city to be a new tech hub rivaling Silicon Valley.
Atlanta is thriving and certain industries’ growth stands out. Here we’ll go over which sectors have catapulted forward amidst the pandemic.
Atlanta has become a budding technology center that's seeing plenty of success stories among tech startups. For instance, video streaming tech developer ClearLeap was valued at more than $110 million since IBM acquired the company in 2015. Another company worth noting is Cardlytics, a service supporting customer rewards programs for multiple major banks. A couple of other recent entrepreneurs to excel in Atlanta include the $3 billion business Calendly, and Kabbage, which was bought for $850 million.
The region’s universities have become a haven for Atlanta-based technology companies. Schools such as Georgia Tech and the University of Georgia have pushed for entrepreneurialism and innovation, which have flourished into a thriving industry.
Atlanta's healthcare and medical technology category is also experiencing rapid growth, and despite being a mature industry, it’s expanding with the help of recent medical innovations.
As home to the U.S. Centers for Disease Control and Prevention (CDC), Atlanta has a unique opportunity to develop into the go-to place for global health. In addition to the CDC, the city is seeing a growing number of non-governmental agencies and businesses responsible for responding to humanitarian crises.
Atlanta's evolution into an international health center will be firmly established with the proposed physical complex outlined by Global Health ATL leaders. Final construction would provide resources for the healthcare industry. Specifically, it would include labs, offices, a crisis center, and a meeting space, bringing a broad array of health care services to the area.
Building Equipment Contracting
Early on in the pandemic, construction jobs in Atlanta took a huge hit, but the industry has recovered remarkably fast. Over the course of the last year, the building equipment contracting industry has bounced back with no sign of slowing down. The industry is instead expected to surpass its pre-pandemic levels in 2022.
With so many construction projects planned in the future, building equipment contractors will likely find no shortage of business. For example, one large project in the works is The Gulch, a $5 billion investment project including an office of nine million square feet and 1,000 residences. Another one in the planning stages is GM Doraville, which developers intend to turn into a small city along I-285 in DeKalb County.
These and many other projects are likely to enable building equipment contractors of all types to continue offering their services long after the pandemic.
Hard-Hit Industries are Bouncing Back
In addition to the above, various other industries hit hard by the pandemic continue to recover. The hospitality, retail, and non-residential construction sectors took massive blows amid the pandemic. The ensuing lockdowns and subsequent customer, staff, and supply shortages set them back even further. However, these industries and many others bounced back, recovering significantly through 2021, and will expand through 2022. Americans have developed new habits to continue their lives, even amidst the pandemic. Customers will continue to patronize these businesses and shortages will also fade over time as production capacities catch up on their backlogs.
Atlanta Is Set for Post-Pandemic Success Across Many Industries
Atlanta is outperforming many cities throughout the nation, largely due to the quality of its business development and workforce. As a result, the city is set to see the rate of job growth increase by 1.7%, almost double the national average of 0.9% growth. The growth of the technology, healthcare, business equipment contracting industries, among others, is leading the city's recovery. Based on the numbers, this trend is only going to continue in the years ahead. Atlanta is a great place to be to experience success with your business in a post-pandemic world.