Savannah’s job-growth rate next year will improve to 2.8 percent, according to the outlook released Wednesday by Georgia State University’s Economic Forecasting Center.
Savannah and Atlanta are expected to be the two most vibrant metro areas for the second year in a row. This year, both areas are slated to wind up with growth of 2.4 percent. Next year, Atlanta will register the same rate, but Savannah should enjoy the best rate in the state, according to the forecast.
Savannah gained 1,440 jobs in the July-September period, with the government sector adding 600, transportation/utilities 550 and construction/mining 320. Those compensated for losses elsewhere, including 210 in manufacturing and 110 in the professional/business-services sectors.
Statewide next year, tourism-related payrolls will swell faster than other sectors as will those in health care across Georgia, but manufacturing employment and exports will be slowed by weak global demand.
Rises in home values that boost property-tax digests are reviving local government budgets.
“Unsurprisingly, this has led to higher employment levels, where one in 10 people work for their local government in this modern era,” said Rajeev Dhawan, director of the Forecasting Center. “Furthermore, home prices are expected to continue to rise, which will result in more local spending and subsequent hiring.”