Suwanee Economy: Some Improvement, Some Problems

As Suwanee copes with 2013, it continues to have an economy that has fared better than that of many municipalities in Gwinnett County, and the county as a whole.

According to City of Suwanee economic statistics, residential real estate figures showed improvement in 4Q 2012.

Unemployment? Suwanee has a rate of 5.4 percent, compared to the Gwinnett County rate of 7.6 percent. According to Matt Dickison of the city planning department, the U.S. economy grew 2.2 percent in 2012, and 1.8 percent in 2011. He said a "normal" rate is 3 percent, so the current rate is not enough to sustain a "real recovery."

Residential real estate, which suffered greatly in the recent recession, continues at an uptick in Suwanee. Dickison noted that in 2012, the city issued the most building permits (115) since 2007. The city should finish all active housing developments in the next two years.

Home values? The Atlanta area increased by 4.27 percentage points from August to November 2012, according to S&P/Case Shiller. Atlanta's increase was the fourth largest by percentage in the U.S., behind San Diego, San Francisco and Las Vegas.

In commercial real estate:

• Suwanee has a retail vacancy rate of 19 percent, compared to 9.8 percent for metro Atlanta. Most of Suwanee's empty retail space is in multi-tenant buildings, such as strip malls.
• Industrial vacancy rate is 8 percent, compared to 13.4 percent for metro Atlanta. Suwanee had an uptick of 1 percent in 4Q 2012, because of vacanies at Swiftwater Park Drive, 4103 Tench Road and 475 Old Peachtree Road.
• In the office sector, Suwanee has a rate of 40 percent, far exceeding the 19.9 percent figure for northeast Atlanta. The rate increased by 4 percent in 4Q 2012. One development -- Terraces at Suwanee Gateway, at 125,000 square feet -- accounts for 36 percent of Suwanee's overall industrial vacancy rate.

-- What's your opinion of the Suwanee economy? How do you see things faring in 2013? Share your thoughts in the comments below.

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