Wells Fargo Calls out Georgia for Strong Economy
According to Wells Fargo, Georgia’s economy appears to be in a stronger position than the national economy. Projections indicate a 2.5% growth in Georgia's real GDP for 2023. This growth is largely driven by population expansion that has been fueled by a lower cost of living and job opportunities in the state.
Georgia has consistently outperformed the national economy in terms of GDP growth, employment, and population growth for years. In the wake of the pandemic, the state remarkably managed to recover and exhibit a stronger rebound compared to the national average.
Georgia’s upward trajectory is significantly influenced by investments across various industries, including technology, manufacturing, and tourism. Additionally, investments in air and seaports are supporting expansion in trade and travel. While Atlanta has been the primary driver of this growth, cities like Savannah and Augusta are also seeing economic expansion partly due to the limited housing supply in Atlanta. However, there are some challenges anticipated in 2024 from the commercial real estate market.
You can read the Wells Fargo article here, which includes a deep dive into performance indicators, including graphs.
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Shupe Carboni & Associates