SAVANNAH, GA (WTOC) – One study suggests that Savannah may be creeping out of a period of severe and sustained economic recession that the city, and the United States, has been mired in.
The Coastal Empire Economic Monitor, published by Armstrong Atlantic State University's Center for Regional Analysis, indicates that the Savannah Metro economy entered a period of recovery in early 2010 that continued throughout the year's second quarter.
According to the study, the Coastal Empire leading economic index increased for a fourth consecutive quarter, suggesting sustained economic growth.
"This does not mean that the economy has returned to pre-recession levels, but that the period of economic decay, or recession, has ended," said Michael Toma, director of Armstrong's Center for Regional Analyses, in a press release. "While this may seem to be contradictory given continued budgetary shortfalls, shrinking government budgets, and lasting unemployment, it is helpful to keep in mind that those are economic indicators that lag behind the most current trends. As the general economy continues to improve, the pressure on municipal finances, along with unemployment, will slowly dissipate."
The study attributes port activity, tourism, and employment growth to the increase in the economic index – Consumer confidence and electricity sales also played a role in the boost.
The growth coincides with economic growth at the national level.
The Armstrong Economic Monitor report will be made available online at www.econ.armstrong.edu/cra/monitor.htm.