New Study Shows Economic Growth in Cumberland
According to a new economic impact study commissioned by Cobb’s Competitive EDGE, SunTrust Park and The Battery Atlanta have been key drivers in tremendous economic growth for the Cumberland Improvement District. Over the past five years, the economic boom amounted to more than $2 billion in cumulative new projects for the Cumberland area.
SunTrust Park is the new home of the Atlanta Braves, and the team’s move to the Cumberland area is believed to be a major driver in the increased economic activity of the area. The Battery Atlanta, as an adjoining mixed-use development, also contributes to the boom.
The benefits of the growth and new projects will account for more than $140 million in additional property tax revenue, $20 million in new sales tax revenue and over $30 million in additional hotel/motel tax revenue within their first 10 years, according to an updated economic benefit study from Atlanta-based Brailsford and Dunlavy.
According to a press release, the projects are expected to contribute an estimated $120 million for the Cobb County School District through the next decade.
Since the time the new developments were announced, multiple new offices, hotel space and retail areas have begun construction. Over the past two years, more than 7,000 jobs have been created and retained in Cobb County. Corporations such as Aaron’s, Vonage and Atlanta United FC have since chosen to move their operations to the county while Cobb retains other local headquarters such as RaceTrac Petroleum, Genuine Auto Parts and The Home Depot.
To learn more about the economic growth and the new developments in the Cumberland Improvement District, visit cobbedge.com.