The University of Georgia’s Terry College of Business recently released its annual economic outlook, which predicts another strong year for the economy in the Peach State, especially when compared to other states.
Terry Dean Benjamin C. Ayers told an audience of about 700 in Atlanta that there were several reasons to be optimistic about the new year. The state has strong economic development opportunities in its pipeline that will come to fruition next year. A recovery in the housing market will be stronger here than nationally, and the state’s manufacturers will do better than their counterparts nationwide. The state’s rapid population growth will be a boon as well.
All of this adds up to an expected growth rate of 3.2 percent, compared to a projected 2.6 percent growth rate nationwide. Personal income is expected to increase 5 percent, and non-farm employment will climb 2.1 percent, according to the Terry forecast.
“The main takeaway is that it’s not too late to take advantage of Georgia’s economic expansion,” Ayers said. “When it comes to landing economic development projects our success reflects cost, logistical and tax advantages that make us very competitive with other states. Georgia also fields a very competitive team of economic development professionals and is viewed as a place where there’s a good working relationship between government and other major players.”
There are, of course, caveats. The fed raising interest rates, weak foreign currencies, and a 35 percent risk of slipping into a recession are factors, as is the new Trump presidency.