Economist: Area economy holding steady | savannahnow.com

While the Savannah-area economy did not grow as expected in the first quarter of 2013, neither did it falter — instead holding steady despite falling consumer confidence, according to Armstrong Atlantic State University’s latest Coastal Empire Economic Monitor, which was released today.

“The fundamentals — employment, port activity, manufacturing and tourism — continue to look sound,” said Michael Toma, Fuller E. Callaway Professor of Economics and the Director of Armstrong’s Center for Regional Analysis.

“Consumer confidence took a hit in the first quarter — most likely due to concerns over sequestration,” he said, adding that the forecasting index for the region remains strong, boosted by gains in the housing and labor markets.

“The housing market appears to be gathering greater strength while the labor market continues its slow heal,” Toma said. “That suggests the economy will regain its footing and reset into a growth pattern through the remainder of the year.”

via Economist: Area economy holding steady | savannahnow.com.