Augusta remains one of Georgia’s economic success stories, having steady population growth, strong employment numbers, and a sturdy real estate market. Alongside this, a robust private sector and a prominent government presence in Fort Eisenhower contribute to the area’s success.
The local business scene continues to thrive post-pandemic thanks to growth in private industry, government, and healthcare. While there is much to be optimistic about in and around Augusta, business owners are keeping an eye on a few trends that might impact their businesses in the coming months.
Based on our daily interactions with Augusta business owners, there are a few issues that continue to arise as key factors to watch:
Staffing – Recruiting and retaining qualified employees remain one of the biggest concerns Augusta businesses are facing right now. The pandemic caused a long-term disruption to the labor pool in most industries, especially tourism and hospitality. Years later, we are still feeling the impact of a systemic transformation in how and when people work. This has affected staffing in all areas for companies in and beyond Augusta. On top of this, wage inflation has accompanied a general rise in prices in recent years, which makes getting and keeping employees more expensive.
Fed & Inflation – The stimulus impact of federal Paycheck Protection Program loans to Augusta businesses provided a pandemic-era boost to our local economy, but did little to curb rising inflation. Fed rate hikes further exacerbated the situation. With rates holding steady for the past several cycles, there is speculation (and hope) among business owners that rate cuts will begin soon. This will reduce borrowing costs for business owners and provide an indication of near-term inflation concerns. The most recent data shows that inflation appears well contained, with July CPI numbers below 3% for the first time since 2021.
Politics – The upcoming election will undoubtedly dominate headlines, but Augusta business owners are paying close attention to the issues that most affect them. Taxes, economic policy, and compliance demands are just a few of the many areas a change in leadership could impact — along with the various state and local policies a new administration could influence. While there are many uncertainties ahead, Augusta remains one of the best places in the country to live and do business. Like the many business owners we serve, we are optimistic about the economic future of our city and look forward to collaborating with local entrepreneurs to facilitate long-term growth.
Kevin Glass is the Augusta Market President at Synovus Bank. Kevin has over 25 years of experience in commercial, private wealth, and retail banking.
