Economics

Look! Up in the sky! An air show will return to the skies over Augusta Regional Airport, pumping money into the economy, costing the airport nothing, and creating opportunities for vendors and sponsorships. The two-day event will be on May 13 and 14. It will feature attack helicopter demonstrations by the Army Aviation Heritage Foundation, stunt pilots, and the United States Special Operations Parachute Team. The centerpiece will be the U.S. Air Force Thunderbirds, flying F-16 Fighting Falcons and performing solo maneuvers and in formation. Members of the Aviation Commission

Last week, I reported occupancy rates and revenue per available room for the hotel industry in Richmond County. Averages, however, do not provide information on the complete distribution. Upper-tier hotels had a better year than the average. Occupancy rates were up 0.7% (the average was a decrease of 8.8%), and revenue per available room was also up 0.7% (the average was down 4.5%). Total revenue for upper-tier hotels was 7.7% higher compared to a 4% decline on average. Upper-tier hotels represent 23 percent of all hotels in Richmond County, and

Garnett Johnson serves as the City of Augusta’s 85th Mayor, but he understands the city’s success is largely dependent on the success of its surrounding counties. Johnson, who also owns Augusta Office Solutions, will be one of the speakers at the Columbia County Republican Party’s February Breakfast Meeting on Saturday, beginning at 9 a.m. at Mi Rancho Mexican Restaurant located at 4010 Gateway Blvd., #1 in Grovetown. The other speaker at the event will be Columbia County Commission Chairman and Vice President of Recruiting & Staffing for MAU Workforce Solutions,

The Bureau of Labor Statistics recently released the employment data for the Augusta Metropolitan Statistical Area for December 2022. Overall, employment increased from 239,600 in December 2021 to 244,800, a gain of 2.2 percent (see graph below). Two major industry groups saw a decline in employment over the year, education and health services and leisure and hospitality. Education and health services employment was 1.9 percent lower in December 2022 than in December 2021, or 673 jobs. Leisure and hospitality jobs were 1.5% lower in December 2022 than a year earlier.

As ABD has reported, the addition of Aurubis, one of the world’s largest state-of-the-art multi-metal recycling facilities to Augusta is a boon for the local economy. At a recent panel discussion hosted by ABD, Cal Wray, President of the Augusta Economic Development Authority, addressed the company’s investment, the largest single investment by a German company in the state, and the creation of up to 1,000 jobs with a 1 Billion dollar impact. Aurubis’ promise of sustainable development and raw material security will also play a role in expanding Georgia’s electromobility

What a difference one month makes in economic data. In my economic forecast for 2023 which I gave in December, four of the five indicators in the Augusta Leading Economic Index (LEI) saw improvements in the October data. In the November data, three indicators moved in a positive direction, but two indicators saw big adverse movements. Inflation in the south fell by 0.1 percent in the month to November but remains at 7.7% on an annual basis. The Dow Jones Industrial Average increased to the end of November at over