2022 economic outlook laid out for City of Savannah

Published: Jan. 20, 2022 at 4:06 PM EST
Email This Link
Share on Pinterest
Share on LinkedIn

SAVANNAH, Ga. (WTOC) - An optimistic message on the state of the economic recovery for Georgia and the Savannah area.

This following a couple of rough years due to the pandemic.

According to economists, the things that will keep the economy growing include consumer spending, the housing market, lots of open jobs and businesses making investments in upgrades.

That’s not to say there aren’t potential pit-falls, according to Dr. Benjamin Ayers, the Dean of UGA’s Terry College of Business.

Those include things like supply chain issues, inflation and stock market corrections.

Still, Dr. Ayers believes the state’s recovery from the pandemic will outpace the nation’s recovery.

“The good news is that the State of Georgia will remain on it’s above-average growth trajectory in 2022, and, that we’re going to have growth across all of our major economic sectors. And that truly is good news that we can all celebrate,” Dr. Ayers said.

Following that presentation, Michael Toma, a Professor of Economics at Georgia Southern’s Savannah’s campus gave the 2022 economic outlook for the Savannah area.

Toma told the crowd there were a few unexpected areas of growth in 2021, one being the tourism and hospitality industry, which suffered significantly because of the pandemic.

“Employment in the leisure and hospitality sector is now back at 99-percent of where it was,” Toma said.

Meaning a full employment recovery for jobs in that sector.

Toma says in 2022, he’s expecting a broad basis of growth throughout the regional economy in sectors that really propel it forward, like manufacturing, tourism, health care, the military and the port and logistics.

Copyright 2022 WTOC. All rights reserved.