Economics

Last week, I reported that the Gross Domestic Product (GDP) in the metro area increased by 0.5% in 2022, however, that growth is not spread evenly across the seven counties. The economy of four counties grew, while three counties shrank. The fastest growth was seen in Edgefield County at 4.6 percent. Lincoln, Richmond, and Aiken counties also grew. The economies of Burke, Columbia, and McDuffie counties shrank. Edgefield’s growth was most pronounced in manufacturing, which increased by 25 percent from 2021. In durable goods, manufacturing output increased by 51.6 percent.

The latest figures from the U.S. Bureau of Labor Statistics (BLS) report a healthy jump in Edgefield County’s Gross Domestic Product. Dr. Simon Medcalfe, economics professor at Augusta University and contributor to Augusta Business Daily, reviewed the data and found that Edgefield County is leading the Augusta Metropolitan Statistical Area (MSA). Overall, Medcalfe said the GDP in the seven-county metro area grew by 0.5% in 2022. The economies of Burke, Columbia, and McDuffie counties shrank, while Richmond, Lincoln, Aiken, and Edgefield counties grew. “The fastest growth was seen in Edgefield

The Augusta Metropolitan Statistical Area (MSA) grew by 0.5 percent in 2022 from 2021, according to a recent news release from the Bureau of Economic Analysis. Real Gross Domestic Product (GDP), which is the market value of all final goods and services produced in the MSA in 2022 was $28.4 billion. The fastest growth was seen in arts, entertainment, recreation, accommodation, and food services, growing at 12.9 percent. The arts, entertainment, and recreation sector, which makes up about 25 percent of the overall industry, grew at a stellar 30.8 percent.

Augusta Business Daily’s Dana Lynn McIntyre asked a question relating to county-level data at my Economic Forecast Breakfast on December 7th. I mentioned that county-level data is often released with a long lag. It just so happened that later that day, the Bureau of Labor Statistics released their county employment and wages data for the second quarter of 2023 – better six months late than never! Here is what it said. Two counties saw declines in employment since the second quarter of 2022. Burke County employment fell by 20 percent