Atlanta Economic Outlook

Atlanta's economy grew by 5.2 percent during the fourth quarter of 2003, beating the national growth rate for the second time in the past year, and the city led the nation in the creation of jobs.

The local economy continued to recover throughout the year, doubling its rate of growth from the first quarter to the fourth quarter and ending the year at an annual growth rate of 4.2 percent, matching the national rate for the first time since 1999. "We have the wind to our back for the first time in four years," said Gregory Miller, chief economist for SunTrust Banks Inc. "We have restored the natural order of things."

Spending by businesses will drive economic growth in 2004, replacing the consumer spending that had propped up the economy.

Some of Atlanta's largest publicly traded companies benefited from the improved economy. The stock price of Georgia-Pacific Corp. (NYSE: GP) increased 87.4 percent during 2003, closing at $30.67 a share Dec. 31, up from $16.37 at the beginning of the year. The Home Depot Inc. (NYSE: HD) was up 67.4 percent to $35.49 on Dec. 31. The Coca-Cola Co. (NYSE: KO) had a 15.8 percent increase in its stock price while United Parcel Service Inc.'s (NYSE: UPS) stock rose by 18.5 percent during the year. But the stock price of Delta Air Lines Inc. (NYSE: DAL) dropped by 6.6 percent.

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