Economist calls economy "uninspired" - WALB.com, South Georgia News, Weather, Sports

Economist calls economy "uninspired"

January 27, 2005

Albany-- One of Georgia's top economists says the economy is "uninspired." Interest rates are rising, consumers are finding themselves swamped in debt, and some of the state's largest employers are hurting.

We've heard the economy has been lagging for about four years. And experts say get ready for a fifth.

So, what will that mean for your finances, job, and business?

The Kennel Club Owner Billy Hodges hopes pampering pets will make him a success. "Anyone that's not nervous going into a new business is a fool." Hodges opened The Kennel Club, a full-service pet salon, last week.

"It's definitely a big investment." And a big risk. "You never know what's going to come or go or how the economy is going to be."

A bad economy could mean a quick wash-out for a luxury service like pet grooming.

But UGA economist George Benson has some good news. "We see small and medium sized businesses beginning to move. There's been an increase in demand for products and service in the last two or three years. So it's a good time to be starting a business."

But Benson told area business leaders that 2005 won't be good for the economy as a whole. "This will be the fifth year in a row of below average growth in Georgia."

The state's economy is only expected to grow about 3% in 2005. But economists expect 60,000 new jobs statewide because companies are making slightly more profit and can afford to hire more employees. "We expect them to hire aggressively this year to pump up the economy, but it still won't be strong enough to get us to above average."

What is above average is consumer debt. "We don't save very much, and we borrow."

Consumer spending remained high despite the lagging economy, mainly because people resorted to credit and loans. But now that interest rate are rising upping those credit card bills, "We expect consumer spending to slow a little this year."

Not the best news for Hodges, who's literally banking on pet lovers to spend big to help his new business get off the ground.

Dean Benson summed up the economic outlook by saying the economy won't be surging, "but it will be making progress, slow progress."

Some of the state's largest companies, like Delta and Coca-Cola, are still doing poorly, which has a huge effect on Georgia's economic growth.

posted at 4:20PM by dave.miller@walb.com

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Fishing license required on GA waters

    Fishing license required on GA waters

    Sunday, May 20 2018 11:15 PM EDT2018-05-21 03:15:25 GMT
    The Georgia Department of Natural Resources said anyone 16 and older must have a fishing license on public property. (Source: WALB)The Georgia Department of Natural Resources said anyone 16 and older must have a fishing license on public property. (Source: WALB)

    As it gets warmer fishing will likely pick up. The Georgia Department of Natural Resources (DNR) said there's a few things you need to know before heading out with your rod and reel this season.  

    More >>

    As it gets warmer fishing will likely pick up. The Georgia Department of Natural Resources (DNR) said there's a few things you need to know before heading out with your rod and reel this season.  

    More >>
  • Bacon Co. burglary suspect caught in woods

    Bacon Co. burglary suspect caught in woods

    Sunday, May 20 2018 5:44 PM EDT2018-05-20 21:44:28 GMT
    Tim Taylor arrestedTim Taylor arrested

    Wednesday afternoon, Alma Police Department assisted the Bacon County Sheriff’s Office with a ‘burglary in-progress’ call on Corinth Church Road.  

    More >>

    Wednesday afternoon, Alma Police Department assisted the Bacon County Sheriff’s Office with a ‘burglary in-progress’ call on Corinth Church Road.  

    More >>
  • Community celebrates end of school year

    Community celebrates end of school year

    Sunday, May 20 2018 5:19 PM EDT2018-05-20 21:19:27 GMT
    Tony Williams. (Source: WALB)Tony Williams. (Source: WALB)

    School is out for summer for some students in the Albany area. Sunday, parents, and kids gathered for a safe and fun event to celebrate just that. The end of school year extravaganza featured free food and fun activities for families and kids to enjoy. 

    More >>

    School is out for summer for some students in the Albany area. Sunday, parents, and kids gathered for a safe and fun event to celebrate just that. The end of school year extravaganza featured free food and fun activities for families and kids to enjoy. 

    More >>
Powered by Frankly