Georgia to show strong job growth in 2022, University of Georgia forecasters


Georgia’s economy will also exceed the pace of the country’s recovery in the coming year, Ayers said. “We have less economic debris to pick up. “

UGA forecasters predict Georgia’s economy will grow 4.3 percent in 2022, nearly twice as fast as its pre-pandemic rate. They expect the US economy to grow 4.0%.

Georgia’s economy has grown at an estimated 5.8% this year, but has yet to make up for lost ground in 2020.

As the state’s leisure, hospitality and travel jobs have suffered a pandemic, Georgia’s tech and white-collar jobs grew up. Additionally, hires have been strong in logistics and warehousing after consumer spending on many properties increased during the pandemic while many people stayed at home.

Assuming a resurgent virus isn’t hampering consumer spending, hiring in hospitality and personal services is expected to increase next year. Public health officials are closely monitoring the latest variant of COVID-19, omicron, which again sends higher cases to parts of the United States

Georgia’s unemployment rate remains close to the all-time low of 3.1% it reached in October, but that doesn’t mean include the many potential workers who are not looking for work. Many employers said they did not have enough applicants to fill vacancies.

The state’s workforce – those working or looking for work – is still lower than it was in February 2020. Although pensions account for a large part, many women in working age are on the sidelines, Mark Vitner, senior economist for Wells Fargo, told attendees at Monday’s event. “It is still very difficult to find a daycare. “

Vitner said inflation remains a concern. While grunts in supply chains will be much less of a problem, other costs have become entrenched in the economy, he said.

Vitner said the price hike had prompted investors to buy homes, especially in Atlanta, pushing up prices and hurting first-time buyers. “Inflation is going to create more long-term problems for the economy than anyone currently predicts.”

In the Atlanta metro area, house prices and rents are rising at double-digit rates.

Housing is the most important component in calculating inflation, and Atlanta recorded the largest annual increase in consumer prices in a government survey of more than a dozen major metropolitan areas in October. “It’s just not sustainable. The revenues don’t increase that much, ”said Vitner.


THE ECONOMY OF GEORGIA

Change in gross domestic product

2017: 3.7%

2018: 3.7%

2019: 1.6%

2020: -2.5%

2021: 5.8%

2022 *: 4.3%

Evolution of the number of jobs

2017: 1.9%

2018: 1.9%

2019: 1.9%

2020: -4.6%

2021: 2.8%

2022 *: 3.2%

Average unemployment rate

2017: 4.8%

2018: 4.0%

2019: 3.5%

2020: 6.5%

2021: 3.7%

2022 *: 3.2%

Evolution of the number of permits for single-family homes

2017: 0.5%

2018: 4.8%

2019: 1.5%

2020: 7.1%

2021: 39.2%

2022 *: 7.8%

*Provide

Source: Selig Center for Growth, Terry College of Business, University of Georgia


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