The Atlanta Downtown Improvement District, Midtown Alliance and the Buckhead Community Improvement District have released a new report about the economic impact of the Peachtree Corridor.
The report by the Bleakly Advisory Group examines the 8.4 mile area and the collective economic impact of the Downtown, Midtown and Buckhead Community Improvement Districts within this corridor.
“The importance of this corridor, Atlanta’s “Main Street”, can now be clearly understood, and as Atlanta continues to urbanize, our three CIDs must work together with city and state government to ensure the high quality of place necessary to sustain healthy economic growth,” said Jim Durrett, Executive Director of the Buckhead Community Improvement District.
The report found that the Peachtree Corridor’s impact is both substantial and multi-dimensional – as a job center, destination for visitors, revenue generator and home to the Millennial and Generation X demographic.
“The Peachtree Corridor is the embodiment of the national trends we’re seeing with 21st century employers, Millennials and Generation X-ers seeking walkable urban places with great access to transportation and amenities,” said A.J. Robinson, President of Central Atlanta Progress and the Atlanta Downtown Improvement District.
Among the key findings:
The Peachtree Corridor contains just 3.7% of the total land area of the City of Atlanta. Within this area:
Jobs: The Peachtree Corridor contains 58% of the City of Atlanta’s jobs
• In addition to the 241,200 direct jobs in the corridor, this economic activity also supports another 338,900 indirect jobs
• The Peachtree Corridor also contains 70% of the City of Atlanta’s professional, science and technical jobs
Residents: Almost 49,000 residents call the Peachtree Corridor home, and new residents are growing at a rate of 5 times the growth rate of the City as a whole.
• 68% of these residents are Millennials and Gen Xers.
Visitors: The Peachtree Corridor attracts more than 28M visitors annually to more than 50 attractions.
Economic Impact: With more than $87B in annual economic activity, the Peachtree Corridor is an economic engine for the City, the region and the State of Georgia. This includes:
• 7% of the State of Georgia’s annual revenue from income, sales and gas taxes.
• 29% of the City of Atlanta’s General Fund budget
• 27% of the Atlanta Public Schools annual revenue from property taxes
“This study allows us to better understand the economic activity in this corridor today as we work to accommodate the growth that’s coming to ensure continued success,” said Kevin Green, President of the Midtown Alliance. “At less than 4% of the City’s land area, the Peachtree Corridor has an outsized economic impact on our city, our region and our state.”
To learn more about the economic and fiscal impacts of the Peachtree Corridor, visit PeachtreeCorridorStudy.com.
