Georgia’s Economy Forecasted to Outpace National Economy

UGA’s Terry College of Business announced encouraging numbers at it’s annual Economic Outlook Series Luncheon in Atlanta yesterday. Georgia’s economy is expected to grow by 3 percent in 2014, outpacing the anticipated national economic growth rate of 2.3 percent.

A 3 percent growth rate for Georgia’s economy would also outperform 2013’s 2.3 percent economic growth. UGA credits the housing recovery, economic-development incentives and increased population relocation to the state as reasons for the improving economic forecast for Georgia.

Chief economist for Wells Fargo John Silvia cautioned, however, that it even as businesses grow they will add fewer jobs than in past years. “This is a significant challenge for our society,” he said. “We just have to recognize it’s a different world than 10 or 20 years ago.”

Employers from all sectors are anticipated to add 1.8 percent more jobs in 2014. The only area that is expected to shrink is the government sector. And good news for our members, the construction industry is forecasted to add the most jobs.