‘Economy Bouncing Back,’ reports Georgia Southern’s Q4 Economic Monitor
March 15, 2021
Georgia Southern University’s latest Economic Monitor reports that the Savannah metro area economy continued to bounce back during the closing quarter of 2020.
“Total regional employment rebounded strongly, along with continued strength in port activity and logistics, but the tourism industry continues to struggle,” stated Michael Toma, Ph.D., Fuller E. Callaway Professor of Economics. “High-contact service sector firms remain hobbled by the pandemic while manufacturing steadied. Growth was robust in the business and professional services sector and likely reflects migration of workers from the tourism sector.”
Employment growth will slow in the first quarter as compared to the gains reported for the fourth quarter, noted Toma. More substantial recovery will be delayed until the regional hospitality industry, and the service sector in general, return to early 2020 levels. There is little change in the forecast for those sectors until the population begins to approach herd immunity from COVID-19.