Coastal Georgia Economic Outlook 2016 – UGA
University of Georgia experts predict a better Georgia economy in 2016, but slower job growth
While Georgia’s economy will grow faster than the nation’s next year, the pace of job growth in the Peach State will slow, according to the Georgia Economic Outlook report by the University of Georgia Terry College of Business.
Speaking at the Georgia Economic Outlook series event, Terry College Dean Benjamin C. Ayers said Georgians can look forward to a rise in personal income of 5.7 percent and a state GDP increase of 3.3. percent.
“What accounts for our optimism? First, Georgia has a large number of major projects in its development pipeline,” he said. “Second, Georgia’s economy will get more leverage from the housing recovery than the national economy. Third, Georgia will see much faster population growth than the nation. Finally, continued low oil and gas prices are much better for Georgia’s economy than for the US economy.”
Coastal Georgia Area
The MSA’s multiple personality: that of a major tourist attraction, an aerospace manufacturing center, an extraordinarily successful deep water port, and a regional hub for health and educational services constitute the grounds for continuing success.
Due to the presence of its ports at Savannah and Brunswick, Georgia is the nation’s seventh largest importing state and eleventh largest exporting state. Port operations support manufacturing and foster growth of Savannah’s logistic, distribution, and warehousing industries, and provide almost 36,000 jobs. The statewide economic impact of Georgia’s ports is over 369,000 jobs.
The Economic Outlook series is the state’s premier forecasting event. Using economic modeling from Terry’s Selig Center for Economic Growth, the series will travel to nine other cities across the state this season, sharing economic predictions with business and government leaders. To see a full calendar of events, visit www.terry.uga.edu/eo.
