Georgia's in an Economic Slump

Georgias in an Economic Slump4 min - Sep 3, to economists at Georgia State University, Georgia will not be coming out of its economic slump in the near future. However, luckily for residents located in ports, like Savannah Georgia, they might be seeing the other side of the rainbow a little bit sooner. It is reported that Savannah’s growth rate in 2008 will be around 0.8 percent and in 2009 0.7 percent. In addition, it’s also not expected to experience job cuts like the rest of the state. According to a Georgia Port Authority representative, Georgia’s ports export market is very strong; however, the industries job growth is starting to slow down. The employment rate in Savannah’s metro area was up 0.4 percent in the second quarter of 2008, as compared to a year ago. It is reported that a majority of jobs came from the transportation and utilities sectors. In addition, 400 retail jobs and 270 educational and health related jobs were added. Unfortunately, it is reported that the state will collectively lose 35,300 more jobs by the end of this year and 2,600 more jobs in 2009.