AASU's Coastal Empire Economic Monitor shows gains in 3Q - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

AASU: Robust economic growth continues in 3Q

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SAVANNAH, GA (WTOC) -

The area's economy is experiencing a continued upswing and improvement, according to the Coastal Empire Economic Monitor.  

The research released Sunday was conducted by Armstrong Atlantic State University's Center for Regional Analysis.

Job and tourism growth, a boost in port activity and an upswing in the housing market improved the coincident index of economic activity and the leading economic index, according to AASU news release.

Data show 3,100 jobs were added in the third quarter; hotel room rentals increased 7 percent from last year; trolley and tour bus ridership increased 6 percent from the same time a year ago.

Jobs were added in the areas of education, health, leisure and hospitality, business and professional services and retail sales.

The number of residential building permits issued is up 5 percent from last year and on track to be the best year since 2008, according to the AASU news release. 

"Third quarter economic performance was notably strong," said Michael Toma, director of the Center for Regional Analysis and Armstrong's Fuller E. Callaway Professorial Chair, in a statement. "The October jobs report extends the momentum established in the third quarter. It is a good sign for the regional economy that employers are beginning to fill gaps in their workforce in response to increased demand."

The monitor's outlook for fourth quarter is positive, but warns that the Congressional debate could derail growth for the period.  

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