Wilkes leaders hear economic outlook for Georgia, CSRA at Augusta meeting

With an eye on how the local, regional, and state economies will perform in 2007, Wilkes County leaders attended the Augusta Regional Economic Outlook luncheon last Friday in Augusta.

Hosted by the University of Georgia's Terry College of Business, the luncheon drew many of the area's top businessmen, civic leaders, and elected officials for a detailed look at the coming year's economic prospects. Wilkes County Commission Chairman Sam Moore, Washington Mayor Willie Burns, City Councilman Ed Pope Jr., County Commissioner John Howard, City Administrator Mike Eskew, PDA Director David Jenkins, and Chamber of Commerce Vice-President Kip Burke attended the forecast luncheon hosted by MEAG's Stuart Jones.

After a welcome and opening remarks from Augusta Mayor Deke Copenhaver, P. George Benson, dean of the Terry College, delivered the Georgia and CSRA economic forecasts covering employment, income, population and real estate, and also gave the outlook for specific economic sectors, such as retailing, manufacturing, and hospitality.

In his extensive and detailed report, Benson pointed out that growth in the Georgia economy would slow in 2007, but it would still out-perform the U.S. economy. The growth in Georgia's gross domestic product would move up into the nation's top 10 this year.

The gross state product, he said, should increase 3.3 percent this year, one percentage point lower than 2006, but that's higher than the predicted 2.3 percent increase for the nation.

Benson said that manufacturing would continue its downturn, losing about two percent of manufacturing jobs statewide. The Georgia housing market, though it never went through the bubble-and-burst cycle, will decline slightly, since consumer concerns may have lowered confidence in home buying and caused slightly depressed prices.

Georgia's positives, he said, were systemic. Georgia was centrally located, had good weather, had a diverse pool of people, and had moderate taxes.

Mark Vitner, senior economist for Wachovia Corporation, followed the statewide forecast with his forecast for the Augusta area. Although the national and Georgia economies are expected to slow this year, he said the metro Augusta area may see increased job growth in 2007.

Vitner said the CSRA could gain 4,000 new jobs this year, mostly in the health care, transportation, retail, and manufacturing sectors.

Areas of the state with higher unemployment and lower costs of living are attractive to companies wanting to flee high-cost states like California, he said.

Georgia's cost advantage is one of the state's greatest selling points, Vitner said, making the state more attractive to both relocating companies and to growing numbers of retirees.

The Georgia Economic Outlook series annually draws several thousand influential business and governmental leaders to luncheons around the state. Directed by the Terry College of Business at the University of Georgia, the program has become the most comprehensive and detailed look at the future economy in Georgia.

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