(CUMBERLAND) – The Cumberland Community Improvement District (CID) released its 2021 Economic Impact Analysis today. Since the CID’s last economic impact analysis in 2019, the Cumberland District has continued to show spectacular growth in all sectors including annual economic impact, jobs, residents, real estate, multifamily development, retail, and more. A marquee finding of the analysis revealed that the CID has a $23.6 billion annual economic impact on Georgia and an $18 billion annual economic impact on Cobb County.
“The impact of Cumberland continues to grow,” said Executive Director Kim Menefee. “This analysis validates a thriving, vibrant, and bustling Cumberland community. Traditionally, Cumberland was known as a major employment center. Today, we are so much more with younger, more diverse residents moving into the District and visitors being attracted to our cultural and natural amenities like the Atlanta Braves, The Battery Atlanta, Cobb Energy Performing Arts Centre, the Chattahoochee River, 38 miles of trails, and over 840 acres of national parkland.”
“When the CID was established 34 years ago, no one dreamed we would be seeing these kinds of figures today,” said John Shern, Chairman of the Board of Directors for the Cumberland CID. “We are in a new wave of development for Cumberland, and I’m proud of the strategic investments and partnerships the CID has made to help make Cumberland a place where people want business and entertainment destination.”
The analysis showed the Cumberland District is more diverse with Blacks/African Americans and Whites/Caucasians each making up 40% of the population. Asians now represent 13% of the population. Real estate development continues in the District. Nearly four and a half million square feet of new real estate development is in pipeline over the next five years. This includes all sectors such as office, multifamily, hospitality, and retail. Overall, the Cumberland District provides a net benefit to Cobb County generating nearly $140 million to Cobb County and Cobb County Schools.
Key Economic Impact Analysis Findings:
The Cumberland CID Economic Impact Analysis was conducted by the KB Advisory Group. Some of the key findings include:
- The Cumberland CID has a total annual economic impact of $23.6 billion on Georgia, up from $20 billion in 2019.
- The Cumberland CID has a total annual economic impact of $18 billion on Cobb County, up from $15 billion in 2019.
- The Cumberland CID currently has an estimated 3,304 businesses that support 83,840 employees.
- Retail is the top job sector with 17,000 jobs.
- 30,000 residents now live in Cumberland. 40% of those residents are Millennials.
- Almost 40% of the CID’s residents are Millennials, the largest demographic in Cumberland CID.
- Racial diversity breakdown: 40% White/Caucasian, 40% Black/African American, 13% Asian.
- Nearly 4.5 million commercial and residential space is under construction, planned, or proposed over the next five years.
- The CID generates nearly $140 million for Cobb County and Cobb County Schools.
About Cumberland CID
The Cumberland Community Improvement District (CID), Georgia’s first CID, is one of the nation’s premier models of public-private collaboration. More than 190 Commercial property owners pay additional property taxes, and the CID leverages these funds to advance key projects for increased access, better connectivity, and a more vibrant character throughout the Cumberland area. Each year, the CID creates more value for the community by initiating and leading enhancements to make Cumberland a more attractive place to operate a business, to work, and to live. Today, Cumberland has a $23.6 billion annual impact on Georgia’s economy. Cumberland is home to industry leaders and Fortune 500 companies including The Home Depot, HD Supply, Comcast, Genuine Parts Company, and more.
About KB Advisory
For twenty years, KB Advisory Group has focused on helping clients understand how market and economic forces impact their real estate development aspirations. Our advice is grounded in our teams’ deep experience in consulting and implementing for hundreds of satisfied clients. KB understands what it takes to create a feasible development project and turn it into reality. KBA provides advice to developers, landowners, investors, corporations, non-profits, public authorities, and governments dealing with a wide range of real estate-related issues. We take pride in providing our clients insightful, objective analyses based on a thorough understanding of market trends and their financial implications. We are a trusted advisor and determined to go the extra mile in helping our clients achieve their objectives; more than 50% of our assignments are from returning clients who recognize the value of our expertise. WWW.KBAgroup.com