Armstrong Atlantic State University forecasts the economic activity for the Savannah area, which includes Chatham, Bryan and Effingham counties.
Armstrong’s Center for Regional Analysis has published the economic forecast in the Coastal Empire Economic Monitor which states the region remains strong and momentum will continue growing. “The local economy demonstrated resiliency in the face of flagging consumer confidence in the opening quarter of the year,” said Michael Toma, Fuller E. Callaway Professor of Economics and the Director of Armstrong’s Center for Regional Analysis. “Despite the headwind, the bedrock foundation of the economy remains strong, recording growth in employment, tourism and port activity.
Further, the housing market appears to be gathering greater strength while the labor market continues its slow heal.”
Economic highlights, as reported in the Coastal Empire Economic Monitor, include:
• Growth in employment, electricity sales and port activity buoyed the economy in the first quarter.
• The region’s employment level is only 2 percentage points shy of the pre-recession peak of 2007.
• 800 workers were added in the first quarter, leading to a five-year-high of 158,000 jobs (seasonally adjusted).
• The forecasting index has been on an upward swing for five consecutive quarters.
• The housing market is poised for its best year since 2008.