Economics

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

Augusta University (AU) continued a longtime tradition of putting a spotlight on the area economy over the past year and predictions for the coming year. Dr. Simon Medcalfe led the university’s annual Economic Forecast breakfast on Thursday. Medcalfe, a professor of economics at AU and contributor for the Augusta Business Daily, began with an overview of changes in types of business, percentage of employment, and population growth. Between 2004 and 2023, Medcalfe said the mixture of industries, including hospitality, healthcare, education, and manufacturing, while looking different on the surface, remain