On Friday, January 20, 2017, East Georgia State College hosted the 19th annual Georgia Economic Outlook Luncheon. Presented by the University of Georgia Terry College of Business and Selig Center for Economic Growth, the luncheon was a chance for local businesspeople to hear the economic projections for Georgia and our region, as well as economic trends over the past years.
“This is nineteen years in a row that the Terry College of Business has come to Swainsboro to present this luncheon, and we are deeply appreciative of what the Terry College of Business does,” said EGSC President Bob Boehmer.
Speaking during the luncheon was Dr. Benjamin C. Ayers, Dean of the UGA Terry College of Business and Earl Davis Chair in Taxation.
“The outlook for the state of Georgia this year is quite good,” said Dr. Ayers. “The base of GDP growth as well as the base of personal income growth will accelerate this year. Jobs will be plentiful. Also, on average, home prices in the state will rise to an all-time high. Once again, as we always should, the state of Georgia will outperform the nation.”
He is expecting a growth rate in the GDP of 3.2% in the state of Georgia. Last year’s rate was 2.6%. The nation as a whole is predicting a growth rate of 2.5%. In terms of personal income growth, it is expected to be up 5% in the state of Georgia. Last year’s rate was 4.6%.
“Both of these are good news for the state,” Dr. Ayers explained.
Employment is expected to rise by 2.1% in Georgia. In the nation, it is expected to rise by 1.5%. The average unemployment rate in Georgia for 2017 is expected to be 4.8%.
“That is an important number because 5% is determined to be the ‘full employment’ unemployment rate,” he explained. “The last time we were at this point was a decade ago in 2007.”
During the luncheon, door prizes were also drawn at the close of the program. Winners were Elizabeth Hodges, Jimmy Wedincamp, Kenny Griffin, Clare Ursillo, Mady Bearden and Loy D. Cowart.