Economics

  Dr. Rick Franza, Dean of the Hull College of Business, discusses a different, timely business topic each Monday in this column. This week, he talks about Fort Gordon and its effect on the CSRA’s economy. The interview has been edited for clarity and impact. ABD: How does having Fort Gordon in Augusta affect our economy? Rick: It’s a two-fold impact – there’s the direct spending, like with all the construction that’s going on out there now, and the other things that support the mission, like computers. But also obviously,

Like many businesses, the city of Augusta has plenty of unfilled job openings. But it has taken a step to help ensure it won’t have even more. The Augusta Commissioners recently approved a pay raise and incentive bonuses to help the city with employee retention. Employees who didn’t receive a raise last year will get a 3 percent boost this year. In addition, employees can receive bonuses of $1,000 to $2,500 if they reach certain incentives. The pay raises are expected to cost the city an additional $500,000 this year

If you watch TV, you’ve probably seen the likes of Joe Namath, William Shatner, and Jimmie Walker pitching Medicare supplement plans. The companies who hire them know they’ll hit home for the age group who watched them win football championships, conquer space, and make you laugh in the 1970’s. Trying to sort through the avalanche of commercials, direct mail and social media advertisements for Medicare can be more complicated than driving through Atlanta during rush hour traffic. It’s enough to make you pull out your gray hair. That is why

There was a great debate last week over whether the U.S. economy was in a recession. Gross Domestic Product (GDP), or the total final value of all goods and services produced in the economy, fell by 0.9%. This was the second consecutive quarter of declining GDP after the first quarter contraction of 1.6%. However, the United States does not define a recession as two consecutive quarters of declining GDP. Instead, a private group of economists at the National Bureau for Economic Research (NBER) determines recessions in the United States based

Diversity is a strength when it comes to the economy of the Augusta area. Cal Wray, President of the Augusta Economic Development Authority, recently had the opportunity to tell the rest of the country about the area’s economy on a podcast of Consultant Connect, a company that works with economic development directors. “People think of just the Masters, but Augusta and the region are so much more than that,” Wray said on the podcast. “What people don’t know is the diversity within the economy here in Augusta. We’re one of

A major Augusta milestone was achieved with May’s employment data published by the Bureau of Labor Statistics: Leisure and hospitality employment surpassed the pre-pandemic peak. There were 29,600 people employed in the leisure and hospitality sector in May. The previous peak was 28,000 in May 2019. The sector lost 11,000 jobs in the depths of the stay-at-home orders in spring 2020. Moreover, the leisure and hospitality industry now employs more workers than retail, a position it lost during the pandemic. The retail sector lost about 1,000 jobs in May. As