For the first time since 2008 Georgia’s economy is expected to grow faster than the overall U.S. economy.
University of Georgia Economics professor Jeffrey Humphreys predicts 2.5% state GDP growth as compared to just 2% GDP growth for the U.S. economy overall.
According to a report in the Atlanta Business Chronicle, Jeffreys credited the trend in part on the first stages of recovery in what was a moribund housing industry. “The prolonged freefall is over,” he said. “This traditional driver in Georgia’s economy will gain momentum in 2013.”
Humphreys said Georgia’s economic rebound also stems from the large number of corporate relocations and expansions that started in 2011 and the resulting growth in population.