Augusta-Area Economy Continues in a Strong Recovery Mode

December 30, 2013|

COURTESY: AUGUSTA CHRONICLE

By Jenna Martin and Tim Rausch, Augusta Chronicle

2013 brought job growth and a housing recovery, and economists expect 2014 to continue to be a rebound year for the local and state economies.

A 148,000-square-foot Walmart Supercenter is under construction near the intersection of Wrightsboro and North Leg roads.

“This year has generally been better than last year. And I see next year being better still,” said Simon Medcalfe, finance professor at Georgia Regents University and caretaker of the Augusta university’s economic index.

From January to November, the Augusta metro area had job growth of 1.5 percent, according to Georgia Labor Department data, which exceeded the employment predictions made a year ago by the University of Georgia and Georgia State University.

“We’ve seen a lot of relocations and expansions in the last year that have produced solid – although not necessarily spectacular – gain in job growth,” said Mark Vitner, a Wells Fargo senior economist in Charlotte, N.C.

Medcalfe said housing is also going in the right direction, with more sales, fewer foreclosures and better home prices. According to data from the Greater Augusta Association of Realtors, the average sales price of homes in the Augusta area is up 2 percent compared to last year. Foreclosures are on pace to be down by about 900 filings compared to 2012.

For more about the area economy, read the entire article at www.augustachronicle.com

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