Albany to host economic forum

ALBANY — The University of Georgia (UGA) will host its annual economic forum in Albany in February as part of the university’s yearly economic outlook series, which is presented in cities throughout the state.

The 2015 Albany event will take place at the Hilton Garden Inn in downtown Albany on Thursday, Feb. 5, from 11 a.m. to 2 p.m. and will feature speakers Mark Masters, director of projects for the Georgia Water Planning and Policy Center; Beata D. Kochut, research professional with the Selig Center for Economic Growth, and Benjamin C. Ayers, dean of UGA’s Terry College of Business. They will share their thoughts on the state’s economy during the coming year.

The economic outlook series began its annual tour this month in Atlanta where Ayers shared an overview of what the state can expect during 2015.

During the Atlanta presentation, Ayers said the state’s economy is expected to grow faster than average for the first time in many years. He cited job growth, rising home prices and a solid economic development strategy as the key factors for that growth.

“This will be a positive change from what Georgia has experienced in recent years,” said Ayers. “Specifically, we expect to see Georgia’s GDP (Gross Domestic Product) to grow by 3.2 percent in 2014. That’s higher than Georgia’s long-run rate of GDP growth of 2.9 percent, and exceeds the 2.8 percent growth we expect from the nation as a whole.”

The forecast, which was prepared by by the Selig Center for Economic Growth, also stated that jobs in Georgia will also rise 2.3 percent throughout the next year, which would completely replace all the jobs that lost by what is being called the “Great Recession” that began in 2007.

The biggest job gains are expected to come in the construction industry, professional and business services, and mining and logging, Ayers said. There will also be modest growth in the education and health care fields. The only sector expected to lose jobs will be the government.

Ayers also pointed to an increase in home prices in the coming year, combined with more favorable demographic trends, which should help the state’s financial institutions. He also cited other economic drivers such as the Savannah Harbor Expansion Project, renewed in-migration to Georgia and plummeting domestic natural gas prices, that could add a competitive advantage for the state.

While most of what Ayers shared in Atlanta, and will share throughout the series, is positive, he did warn that the state does have a 25 percent risk of recession and is also vulnerable to federal spending cuts and Federal Reserve Policy.

“Federal spending accounts for only 11.3 percent of Georgia’s GDP, which is below the U.S. average of 16.2 percent,” Ayers said. “Nonetheless, Georgia’s military base communities are extremely dependant on federal dollars. In fact, Georgia’s dependence on military spending is nearly twice the U.S. average.”

With the Marine Corps Logistics Base in Albany being an important part of Albany’s economy that information will be of concern for many who will likely attend the Albany forum in February.

Those interested in attending the Albany forum can register at www.terry.uga.edu/events/details/3930. Individual tickets to the presentation are $65 and tables for 10 can be reserved for $599.

To learn more about the outlook series and to find dates for the series to visit other Georgia cities visit www.terry.ug.edu/events/economic outlook.