google-site-verification: google5ae98130f18ad244.html

Wednesday, September 26, 2018
   
Text Size

Economic Development

April 9 - Georgia Southern's Economic Monitor reports continued growth despite hurricane

Category: Economic Development

Savannah Business Journal Staff Report

April 9, 2018 - Georgia Southern University’s latest Coastal Empire Economic Monitor, which analyzes data and identifies trends affecting the regional economy, reports that the Savannah metro economy closed out 2017 with moderate growth, while still feeling some of the effects of Hurricane Irma on employment and energy use (electricity sales). Exceptional strength in port activity, along with increased retail sales activity and tourism, lifted the regional economy.

“The regional economy continued to power along but at a slightly slower pace than during the previous quarter,” said Michael Toma, Ph.D., Fuller E. Callaway Professor of Economics and director of the Center for Business Analytics and Economic Research. “The lingering effects of Hurricane Irma on the forecasting index are dissipating, and signs are pointing to continued economic vitality in the second half of 2018.”
 
Overall, the Savannah metro economy remains on an upward trajectory of healthy, sustainable growth. With the passing of Hurricane Irma in September adversely affecting some economic indicators, sufficient forward momentum propelled the economy through the lag and kept the economy on its 12-month trend of 3.5 percent annual growth in regional output.
 
Additional highlights from the latest Economic Monitor include:
 
TOURISM
Regional tourism rebounded after the September hurricane even though boardings at the airport were flat. However, the year ended with a 16 percent increase in boardings from 2016. Hotel room sales increased 10 percent from the third quarter, closing out the year at 4.6 percent over 2016. Additionally, auto rentals increased eight percent, while alcohol sales and the number of visitors on guided tours in the city saw gains of 11 percent and 18 percent, respectively.
 
PORT ACTIVITY
Activity at Savannah’s port facilities soared by 13 percent compared to the previous quarter and is up 15 percent from the same time the previous year. The total number of containers handled exceeded four million in 2017, which is a record high and a gain of 10.6 percent over 2016.
 
EMPLOYMENT TRENDS
Fourth quarter employment bounced back to offset the September decline of 1,200 jobs caused by Hurricane Irma. The Coastal Empire’s metro area employers added 4,600 jobs, an increase of 2.7 percent, equaling the average pace of expansion since 2010, and an improvement (up from 2.4 percent) from 2016. The fastest growing sector was construction with an increase of 200 jobs to 7,600 workers, adding 2,200 jobs since the post-recession low set in mid-2013, followed by leisure and hospitality, wholesale trade and business and professional services.
 
REGIONAL UNEMPLOYMENT
The regional unemployment rate saw a slight increase to 4.2 percent; however, this remains one full percentage point below the 5.2 percent recorded in the fourth quarter of 2016.
 
RESIDENTIAL CONSTRUCTION
Residential construction in the region improved over last quarter’s performance. Seasonally adjusted building permit issuance for single-family homes rebounded 7.4 percent after plummeting 23 percent during the second quarter of 2017.
 
Building permits issued in the Savannah metro area for single-family homes increased to 443 during the quarter, compared to 413 units in the previous quarter. The average valuation of building permits for single-family homes increased 6.6 percent, rising from $223,500 to $238,400.
 
ECONOMIC INDEX/FORECASTING INDEX
The Coastal Empire coincident economic index increased 0.61 percent from the previous quarter. The forecasting economic index increased slightly during the fourth quarter, with softness therein reflecting the passage of Hurricane Irma. Most leading indicators moved favorably during the quarter, but the dip in residential construction caused by the hurricane was not completely offset during the fourth quarter.
 
The Coastal Empire Economic Monitor presents quarterly economic trends and short-term economic forecasts for Savannah’s Metropolitan Statistical Area (MSA). The quarterly report measures the heartbeat of the local economy, based on the analysis of economic data from the U.S. Census Bureau, the U.S. Department of Labor’s Bureau of Labor Statistics, the City of Savannah, Georgia Power and the three counties in the MSA—Chatham, Bryan and Effingham.
 
The report presents a short-term forecast of the region’s economic activity in the next six to nine months and is available for free by email. To subscribe, email This email address is being protected from spambots. You need JavaScript enabled to view it..
 
The Georgia Southern Center for Business Analytics and Economic Research, housed in the College of Business’s Business Innovation Group, meets the applied research needs of Savannah’s business and community organizations. Areas of concentrated research include regional economic forecasting, economic impact analysis, economic development and business expansion, tourism development, survey-based research and specialty reports on topics of state, regional and local interest.

Overall Rating (0)

0 out of 5 stars

Leave your comments

Post comment as a guest

0 / 300 Character restriction
Your text should be in between 10-300 characters
Your comments are subjected to administrator's moderation.
terms and condition.
    • No comments found
    CLICK to SUBSCRIBE and Support Great Journalism!

    Follow Us!

    TwitterFacebook

    Komento Activities

    Guest - Lisa Porter-Grenn, M.D. - Commented on Jan. 8 – Judge Edenfield denie... in Joomla Article
    This is a qui tam law suit without sufficient merit. If Schaengold is so worried about hospital cost...
    Guest - Jack - Commented on Aug. 23 - Phelps on Politics -... in Joomla Article
    "Goose that laid the golden EYE? You're right, that is hard to argue with.
    Guest - JR Lee - Commented on MPC approves plan for new Walm... in Joomla Article
    Great, another complex to attract Savannah's finest entitlement minded individuals. Another complex ...
    Guest - Robin Sherman - Commented on Jan. 4 – COMMENTARY: New Year... in Joomla Article
    Excellent post, Ms. Phelps. Effective government can only occur when the public is informed. Transpa...
    Guest - Tao of Me - Commented on Why is Memorial Hospital Being... in Joomla Article
    They aren't telling Memorial employees anything about this. A recent survey of the facilities by Nic...
    Guest - Genie Brazzeal - Commented on Feb. 24 – Lawyer and former Al... in Joomla Article
    Thank you, Mr. Bordeaux! Bring some honesty to this court. No more winking like I experienced.
    Guest - Karl - Commented on Feb. 25 - Memorial Hospital’s ... in Joomla Article
    Good article. Has a lot of information that is very difficult for "team members"(employees) to find....
    Guest - Susan Worthington - Commented on May 13 – UPDATED 11:39 a.m. HC... in Joomla Article
    In 1953 there was not such a thing as a trauma or neonatal program. The need for Neonatal Services ...
    Guest - Linda Dominy - Commented on June 8 – EDITORIAL: Immediate ... in Joomla Article
    As a clinical team member this makes me sad and it would never happen. We can argue politics all day...
    Guest - Judy - Commented on Savannah’s Title Max Bankruptc... in Joomla Article
    How Tracy Young was allowed to file for bankruptcy or chapter 11 is amazing. Title Max should be ch...
    Guest - Samantha Claar - Commented on Aug. 7 - COMMENTARY: Je suis “... in Joomla Article
    Pertinent questions that deserve real answers. If upper management - appointed and elected - can't ...
    Guest - Lisa Grant - Commented on Aug. 11 - Jonathan Christy, MD... in Joomla Article
    I have seen this guys work for my own eyes through an associates who received a revision of TKR by D...
    Guest - Jason - Commented on Aug 9 - Lyndy Brannen Retires ... in Joomla Article
    Just a clarification - WRHQ (Quality Rock Q105.3) is owned by Thoroughbred Communications.
    Guest - Drew - Commented on Apr. 21 - WaterWays Township N... in Joomla Article
    Rewarding a gated community is for community development is about as stuck in the past as it gets.
    Guest - Felton - Commented on June 17 – Ameris Bancorp acqui... in Joomla Article
    If "This acquisition increases Ameris Bank’s total assets to approximately $5.4 billion," then the a...
    MY ACCOUNT
    CONTACT
    SOCIAL
    MORE
    ADVERTISE
    Coastal Empire News
    Headquarters: 35 Barnard St., Suite 300, Savannah, GA. 31401.
    Tel: 912-388-4692 | Hours: 8:30 a.m. to 5:00 p.m.