Economics

Labor shortages continue to be a concern for many local businesses. The Augusta Metropolitan Statistical Area (MSA) labor force (those in work or looking for work) is about 5,000 below pre-pandemic levels, although it has been rising recently (see below). Other areas of the state have seen labor force levels surpass pre-pandemic levels. The Georgia labor force has remained above pre-pandemic levels since early 2022 and is now 150,000 higher. Some parts of the state are doing better than others and one explanation may be the health of the population.

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.