Economists say Georgia already in a recession - WALB.com, South Georgia News, Weather, Sports

Economists say Georgia already in a recession

January 14, 2008

Albany--Nationwide, economists say a recession is on the horizon.  But if you talk to some economists at the University of Georgia, they'll tell you that our state is already in one.

According to economists at UGA's business school, the state's housing, manufacturing, and agriculture sector are already in a recession.

As far as the job market goes, the state is expected to create 44,000 new jobs in 2008, however, that's actually down from Georgia's anticipated 1.3 percent growth for this year.

Economists also say economic growth in Georgia will slow in '08 and that there are several factors contributing to the state's recession.

The main one being the housing market Economists say the state's housing recession won't end until late 2008 or possibly early 2009.

Nationwide, the talk of a recession has forced many people to really limit their spending.

"I couldn't afford anything for Christmas this year," says consumer, Lisa Haythe.

"The reasons for a recession have been accumulating for some time primarily because the labor market has been deteriorating," says Ed McKelvey, senior economist for Goldman Sachs.

State economists say Georgia's drought has helped to fuel the state's recession. A UGA study recently estimated the state's losses in production agriculture to be around $800 million.

In Atlanta, the drought has already caused recessions in urban agriculture, landscaping, and garden centers.

In response to the recession, Governor Sonny Perdue says Georgia is performing "above average" compared to other states.

Georgia's economic forecast was prepared by the Terry College's Selig Center for Economic Growth at UGA.

Feedback: news@walb.com?GeorgiaRecession

 

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Spring allergies sweep Southwest GA

    Spring allergies sweep Southwest GA

    Friday, February 23 2018 7:27 AM EST2018-02-23 12:27:44 GMT
    Theck said trees blooming are the main culprit for spring pollens right now (Source: WALB)Theck said trees blooming are the main culprit for spring pollens right now (Source: WALB)

    You've no doubt noticed that green or yellow dust filling the air, and piling up on homes, cars, and almost everywhere.

    More >>

    You've no doubt noticed that green or yellow dust filling the air, and piling up on homes, cars, and almost everywhere.

    More >>
  • Americus neighborhood remembers man killed in shooting

    Americus neighborhood remembers man killed in shooting

    Thursday, February 22 2018 11:22 PM EST2018-02-23 04:22:05 GMT
    Candles were lit to honor Lynwood at the vigil. (Source: WALB)Candles were lit to honor Lynwood at the vigil. (Source: WALB)

    A community is mourning the loss of one of its own after a deadly shooting in Americus on Saturday.

    More >>

    A community is mourning the loss of one of its own after a deadly shooting in Americus on Saturday.

    More >>
  • New tennis facility coming to Lee County

    Thursday, February 22 2018 11:06 PM EST2018-02-23 04:06:04 GMT
    New Tennis Courts are being built on Starksville Avenue in Lee County. (Source: WALB)New Tennis Courts are being built on Starksville Avenue in Lee County. (Source: WALB)
    New Tennis Courts are being built on Starksville Avenue. (SourceNew Tennis Courts are being built on Starksville Avenue. (Source

    The Lee County tennis courts on Fire Tower Road will soon be a thing of the past. 

    More >>

    The Lee County tennis courts on Fire Tower Road will soon be a thing of the past. 

    More >>
Powered by Frankly