In the first week of 2023, we now know how the Augusta economy did in 2021. The Augusta Metropolitan Statistical Area’s real Gross Domestic Product (GDP) grew by 3.1 percent. Real GDP is the final value of all goods and services produced in the economy in a year, adjusted for inflation.
Some sectors of the economy enjoyed strong growth, admittedly from a covid-depleted 2020. For example, durable goods manufacturing was up 20 percent, and educational services by 11.1 percent. Not surprisingly, arts, entertainment, recreation, accommodation, and food services increased by 19.2 percent over 2020.
Columbia County had the largest increase in real GDP at 7.1 percent, followed by Richmond County at 4.4 percent. Lincoln, McDuffie, and Aiken counties all grew at 3.2 to 3.4 percent. Unfortunately, both Burke County in Georgia and Edgefield County in South Carolina saw their economy shrink by 5 percent and 1.4 percent, respectively.
By comparison, the U.S. average growth in real GDP was 5.9 percent. In Georgia, it was 7.0 percent, and 6.2 percent in South Carolina.
Columbia County saw double-digit increases in the production of final goods and services across a number of sectors including construction, manufacturing, wholesale trade, information, finance, and leisure and hospitality. Richmond County’s growth was seen in manufacturing, information, professional and business services, educational services, and leisure and hospitality.
Burke County’s decline in economic activity was driven by declines in the private sector (-4.9 percent) including wholesale trade, real estate rental and leasing, and educational and health services. Edgefield County, on the other hand, saw declines in primary products and production.
Agriculture, forestry, fishing, and hunting declined by 41.8 percent, and mining, quarrying, and oil and gas extraction fell by 18.1 percent. Utilities were also down by 13.6 percent.
