The University of Georgia’s Terry College of Business came to Augusta with the economic outlook for 2025 nationally, across Georgia, and in metro Augusta.
Dr. Benjamin Ayers, Dean of the Terry College of Business, called the report a good news forecast for Georgia.
“We are predicting a slowdown, but not much, and we’re expecting a growth rate that will continue to be above our long-term trend rate in the state of Georgia,” he said. “Still should be a positive year in 2025. We’re expecting Georgia’s inflation-adjusted GDP (Gross Domestic Product) to grow by 2.4%. Last year, we were at 3.1%. We’re also predicting a slowdown in the nation’s economy. This year, we’re expecting GDP growth of about 1.6% compared to two and a half percent last year.”
Ayers expects the unemployment rate will rise, but, again, not dramatically in Georgia or nationally. The state’s unemployment rate was 3.7% in 2024. He expects it to increase to 4% in 2025. Nationally, he anticipates last year’s 4.1% will climb to 4.3% this year.
He foresees Georgia’s economy continuing to grow faster than the national economy in 2025 and beyond due to its economic development strength.
“Advantages include a flexible mix of industries, supported demographic trends for people moving to our state, excellent transportation, logistics, infrastructure, a competitive tax department, and also a low cost of doing business and also living here, plus state and most local governments work well with businesses,” he detailed.
One of Georgia’s strengths is the cybersecurity industry. The state is now ranked eighth nationally, up from ninth in 2023. He said that bodes well for metro Augusta as home to the U.S. Army’s Cyber Command of Excellence and the Georgia Cyber Innovation and Training Center.
Focusing on metro Augusta, the written report highlighted several of the new manufacturing facilities making a footprint in area counties, including Aurubis Richmond, LLC and GF Casting Solutions in Richmond County, and Ritz Instrument Transformers headed for Burke County.
Angie Cox, President and CEO of the Augusta Metro Chamber of Commerce, followed Ayers to present a metro Augusta-focused outlook, beginning with the $6 billion of capital investment the region has attracted in the seven years since Cal Wray became president of the Augusta Economic Development Authority (AEDA).
“I think it’s safe to say that we predict a soft landing for Augusta’s economy in 2025,” she said. “And looking to the future, it’s believed that economic growth will be slow, but it won’t stop. It won’t come to a complete halt. And the build-out of those economic development projects I mentioned, along with the US Army Cyber Command at Fort Eisenhower, the Cyber Training and Innovation Center, and the area’s focus on clinical health care, our strong post-secondary education industries out there with Augusta Tech and AU (Augusta University) and then the commercial operation of Plant Vogel are positives for our economy.”
Both Augusta Technical College and Augusta University also present economic outlooks and forecasts throughout the year. However, Dr. Jermaine Whirl, President of both Augusta Tech and of the Augusta Chamber, told ABD hearing from the experts at UGA provides a broader view.
“UGA is the flagship university of the state of Georgia. Most of our world-renowned, ranked, accredited programs are in Terry College, and they have extraordinary researchers,” he said. “And so, I think will be a missed opportunity not to hear what they have to say and understand their projections. I think it adds value to what we can produce here locally and even on the regional scale.”
Cox agrees that the UGA research enhances what is done locally.
“I think everyone provides a little bit of a different perspective. And so, we definitely rely on the experts and the economists and the financial gurus that are at the Terry College of Business to provide the most up-to-date information for Augusta and the region,” she said.
Augusta is one of nine cities that host the economic luncheon. The series wraps up on Jan. 30 in Columbus.
