Georgia celebrates small businesses that trade internationally and Coca-Cola is discontinuing one of its drinks. – Augusta Business Daily by Mike Petchenik
Inflation and record-high gas prices are beginning to affect one of Americans’ favorite pastimes – eating out. Research by Acosta, a marketing firm in Jacksonville, found that 54 percent of Americans report dining out less. When they do go out, they are more selective in where they go and what they order. About a third of those surveyed said they’re choosing less expensive restaurants or less expensive menu items when they dine away from home. This is a blow to the restaurant industry just beginning to recover from shutdowns during
The rate of increase in the Consumer Price Index fell in April to leave the headline national inflation rate at 8.3 percent, but the inflation rate for the South was higher than the national rate at 8.8 percent. The main reason why the rate of inflation fell was a decline in gasoline prices of 6.1 percent in April. However, gas prices have been rising again in May and so the inflation rate is likely to increase again. Of growing concern for inflation is food prices, especially wheat. The war in
Georgia added 20,000 new jobs in April but still has 300,000 open jobs, and the state will partner with Canada in a trade alliance. – Augusta Business Daily by Mike Petchenik
In the coming months, you may be able to increase the value of your car simply by filling the gas tank. The average national per gallon price of gas is now at a record $4.589, but experts predict it will go higher – may be significantly higher. Georgians have enjoyed some of the lowest per-gallon prices in the country, thanks to a suspension of the state’s gas tax. But that suspension is supposed to end on May 31 and if it’s not extended, on June 1 gas will increase by
Despite inflation and supply chain issues, the economy is showing signs of bouncing back to normal from the two-year malaise of the pandemic. According to the most recent Advance Estimates of U.S. Retail and Food Services issued by the U.S. Department of Commerce, retail and food services sales increased by 0.9 percent in April from March, but were up 8.2 percent over April 2021. The biggest gains came in the areas most affected by lockdowns and the general wariness caused by covid. The generic retail stores’ category grew 4 percent
Area Development Magazine ranked Georgia as the No. 1 state for business for the eighth consecutive year in October 2021. They polled 50 private consulting firms and Georgia received top scores for the cost of doing business, government cooperation, and labor market competitiveness. CNBC, however, said Virginia was the top state for business with Georgia coming in at eighth. CNBC uses 85 metrics across 10 categories of competitiveness, including access to capital, education, and technology and innovation. When economists study choices we prefer to see revealed preferences rather than surveys
Hyundai plans an EV plant near Savannah and a former Coca-Cola chemist is going to jail for helping China. – Augusta Business Daily by Mike Petchenik
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 one of the important aspects of running a business, the first of a two-part series. The interview has been edited for clarity and impact. ABD: You’ve talked before about how a business can be divided into two parts, the front of the store and the back of the store. How do you define that? Rick: The front of the store is anywhere there
GoodHire has just released its list of the most affordable cities to live and work in 2022 (https://www.goodhire.com/resources/articles/americas-most-affordable-places). They analyzed data from 155 cities with a labor force greater than 150,000. Top of the list is Sioux Falls, S.D. and Los Angeles was bottom. Georgia cities are represented by Atlanta (11), Savannah (47), and Augusta (117). What?! Atlanta is more affordable than Augusta? Something doesn’t seem right, so I looked at their methodology and the data they used. They used data from seven factors to establish their ranking. Wage growth
