According to economists at Georgia State University, Georgia will not be coming out of its economic slump in the near future.
Luckily for residents in ports like Savannah, Georgia, they will not be hit as hard as the others. It is reported that Savannah’s growth rate in 2008 will be around 0.8%, and in 2009 around 0.7%. In addition, Savannah is not expected to experience job cuts.
According to a Georgia Port Authority representative, the port’s export market is very strong; however, the industry’s job growth is starting to slow down.
The employment rate in Savannah’s metro area was up 0.4% in the second quarter of 2008, as compared to a year ago. It is reported that a majority of jobs came from the
transportation and utilities sectors. In addition, 400 retail jobs and 270
educational and
health-related jobs were added.
Unfortunately, it is reported that the state will collectively lose 35,300 more jobs by the end of this year, and 2,600 more jobs in 2009.