The Savannah region economy continued to recover COVID in the first quarter of 2022, but growth has slowed since last year, according to the Economic Monitor, a quarterly report from Georgia Southern University Professor Michael Toma.
Mr Toma analyzed most of the data to see if it showed a return to the long-term economic downturn, which shows the resilience of the local economy after several years of instability.
“Overall, the incentive is good. It’s declining. It’s one of the few things that happens as a result of the fluctuations in the manufacturing and tourism industries,” Toma said.
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Tax receipts for tourism-related services such as hotels, motels and rental vehicles have declined from 2021. In the manufacturing industry, shipping rates fell by 8% from the last quarter of 2021 to Q1 2022, according to the report. Retail sales also declined slightly, which could be a sign of rising inflation.
But, Toma said he doubts that the industry experienced a “slowdown” in the first quarter, and will continue to grow rapidly throughout the year.
The Savannah region’s economy is not growing at 2% this year, another sign of a return to normalcy after the epidemic. Mr. Toma assured that the economic downturn, which is expected to begin next year, will be minimal and will not halt the increase due to the growing population and the growth of the industry.
Thousands of jobs were added to the market in early 2022, including tourism, the service sector, construction and business and professionals. The labor market has pushed for a significant increase in wages, with average wages rising more than 5% – up to $ 25.48 hourly wages – from the first quarter of 2021.
“We had a steady income while in the general economy, nationwide, inflation was 5% or 6% and we were at zero or 1%,” said Toma. “So, I think we’re just like we used to be.”
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The housing industry has not been slow, with new single-family homes building 10% from the previous segment. And although home prices have dropped to $ 259,000 from $ 263,000 in the two divisions, Toma said it is not a sign that the market is declining.
“With the rise in house prices, you are starting to see some of the lowest prices in the market,” he said.
Zoe affects growth and how it affects Savannah areas. Find her at znicholson@gannett.com, @zoenicholson_ on Twitter, and @zoenicholsonreporter on Instagram.
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