Sun, May 26, 2024

Simon Says: Mixed bag of GDP news for CSRA

Last week, I reported that the Gross Domestic Product (GDP) in the metro area increased by 0.5% in 2022, however, that growth is not spread evenly across the seven counties. The economy of four counties grew, while three counties shrank. The fastest growth was seen in Edgefield County at 4.6 percent. Lincoln, Richmond, and Aiken counties also grew. The economies of Burke, Columbia, and McDuffie counties shrank.

Edgefield’s growth was most pronounced in manufacturing, which increased by 25 percent from 2021. In durable goods, manufacturing output increased by 51.6 percent. Aiken County saw strong growth in agriculture and professional scientific and technical services.

In Georgia, Lincoln County saw double-digit growth in construction, manufacturing, professional and business services, and accommodation and food services. In Richmond County, double-digit growth was seen in educational services.

Columbia County’s output shrank in agriculture, construction, wholesale and retail trade, finance and insurance, and management of companies. Growth was seen in manufacturing, educational, and healthcare services. Burke County lost output in agriculture, construction, manufacturing, and wholesale and retail trade. McDuffie County’s output declined in agriculture, mining, construction, and retail trade.

One consistent growth area was arts, entertainment, recreation, accommodation, and food services. All counties that had data, reported growth in this sector. Given this was 2022, it reflects the strong consumer expenditures of the post-pandemic era and the resultant inflation.

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