Georgia's 2024 Economic Forecast
Dean Ben Ayers of the Terry College of Business assured the crowd gathered at the 2024 Georgia Economic Outlook series that Georgia is "well-equipped to navigate an economic slowdown" and is expected to outperform the U.S. economy due to several factors.
The University of Georgia Selig Center for Economic Growth forecasts Georgia's post-COVID economic expansion will continue in 2024, albeit at a reduced rate. Predictions indicate a slight decline from the 3% growth we experienced in 2023, a relatively low forecasted unemployment rate, and a stable rate of consumer spending.
Job growth is expected to rise by 0.7% in 2024, slower than in 2023 but surpassing the national rate of 0.3%. This is thanks in part to ongoing large development projects and demographics that position Georgia favorably against national economic trends. According to Ayers, this equates to a 33% chance of recession in Georgia compared to a 50% chance in the U.S.
Ayers mentions continued risks such as global conflicts, market disruptions, or commercial real estate value declines, but says they may not be enough to trigger a full recession in Georgia. The UGA Selig Center for Economic Growth forecasts a slowdown in growth rather than a recession, citing the strength of the labor market and consumer spending in Georgia as factors that will continue to support post-pandemic economic expansion.
Original article can be found at https://www.terry.uga.edu/georgias-economy-is-headed-for-a-soft-landing-in-2024/
