New study identifies the top growing industries in the largest U.S. cities, including Atlanta.
LeadMD recently conducted a study using Census data that analyzes multiple aspects of the top 50 cities’ industries. From the number of employees, the average salary, and the growth rates of each industry, they were able to find insights such as the cumulative payroll for each industry, the top industries by payroll, and more.
As one of the top 50 metropolitan statistical areas in the country, Atlanta was included in this study. As Atlanta solidifies itself as major hubs for industries such as the tech industry, it’s valuable to see how much other industries are paying their employees and experiencing growth in Atlanta as well. To see what the study found about Atlanta, keep reading.
Atlanta’s Top Industries by Payroll Earnings
In the context of this study, “payroll earnings” refers to the number of employees in each industry multiplied by the average salary, resulting in a “cumulative” payroll for the entire industry in Atlanta.
The top industry based on payroll earnings in Atlanta is the tech industry. Atlanta’s tech industry has been predicted to become a mecca, so this comes as no surprise. People employed in the tech industry in Atlanta make a cumulative $18.2 million. This number becomes even more impressive as the study also found that this is a 373% increase from the cumulative payroll since 2013, meaning that Atlanta’s tech employees are either getting paid more or there are more of them. Additionally, the tech industry’s payroll alone accounts for nearly 5% of the Atlanta metropolitan statistical area’s GDP.
Other industries with high cumulative payrolls in Atlanta include the health care, manufacturing, education, and transportation industries. This seems to be standard of many large cities — however, despite the large numbers, they may not boast the most growth over time.
Atlanta’s Top Growing Industries by Payroll Industries
Besides the industries with the most money going out to their employees, which industries payrolls are growing (and declining) the most?
While the tech industry is the largest industry by cumulative payroll, the transportation industry takes first place for the most growth. Since 2013, the transportation industry’s cumulative payroll has more than quadrupled in size. The tech industry takes second place in growth, while the finance industry has doubled its growth as well.
With growth also comes decline. The real estate industry is the industry with the largest decline in cumulative payroll since 2013 with a 46.81% decrease over the timespan. The only other industry with a negative decline is the agriculture and forestry industry, which has had a smaller decline of about 16%.
Atlanta’s growth is no joke, and it’s likely that these numbers will change more as new Census data is published. While the top industries based on payroll will probably stay the same (it’s hard to beat tech and health care), it certainly is interesting to see which industries’ payrolls are growing the most. Hopefully, Atlanta’s infrastructure can keep up with the massive growth, and we can continue to see innovation and opportunity throughout our workforce.
By Rebecca Stevens, Neighbor