As the second largest metro area in Georgia with more than 600,000 residents, Augusta continues to grow. In fact, Augusta has experienced a notable 26% population growth over the past two decades. There are several business trends and economic factors attracting more and more people to the area.
One of the largest economic drivers in Augusta is the government. Fort Eisenhower has long played a significant role in spurring local growth as it brings military families, contractors, and other skilled workers to the area. Fort Eisenhower’s population has doubled over the last 12 years. This growth is not likely to let up with more than $4 billion in approved projects slated for the next 15 years. Additionally, the Savannah River Site is located in the Augusta MSA. As a Department of Energy facility focused on environmental cleanup, nuclear materials management, and research and development activities, the Savannah River Site is increasing production at its Salt Waste Processing Facility. This, too, is expected to play a part in local growth.
Another driver of the Augusta economy is the healthcare sector, which has recent developments fueling local growth and change. In the last few years, Piedmont acquired the University Health Care System, and the Augusta University Health System entered a partnership with Wellstar Health System. As a result, a new hospital is under construction in Columbia County and the hospital systems are moving non-urgent care options closer to the population and away from centralized locations. Additionally, private practices continue to grow and expand through new locations and services offered. In 2023, South Carolina overhauled its certificate of need requirement for some healthcare facilities, and as a result, select private medical practices are eyeing a potential move to the other side of the Savannah River to avoid costly and timely hurdles associated with the opening of an ambulatory surgery center. This is something to watch in the coming years.
Other industries to watch in Augusta include manufacturing, logistics, and technical services such as cybersecurity. In manufacturing, companies like Georgia Iron Works, Arubis, and others continue to expand. Additionally, with the evolution of electric vehicles and batteries, there is a lot of room for expansion, which is seen locally with battery manufacturer Stryten Energy. As the technology industry continues to evolve and boom, cybersecurity will undoubtedly expand and create high-demand jobs in the area as referenced by project Sabal in Graniteville, an $800 million economic development proposal.
It’s also important to mention the impact the golf industry – particularly the Masters Tournament – has on the local economy. Each April, golfers and fans flock to Augusta for this national sporting event. With the tournament serving as a boon for the local economy, the Augusta National Golf Club has several projects in the works, including an underground parking deck for the players and the next phase of its Map & Flag hospitality venue.
From government and healthcare to manufacturing, cybersecurity, and even golf, Augusta has a diverse economy fostering ongoing growth in the area. As these industries expand, they will be key sectors to watch, particularly as Augusta can expect steady growth in the years to come.
Kevin Glass is the Augusta Market President at Synovus Bank. Kevin has over 25 years of experience in commercial, private wealth, and retail banking.
