Ayers forecasts brighter days for state’s economy
ATLANTA – Ben Ayers, dean of the Terry College of Business at the University of Georgia, predicts brighter days for the state’s economy in 2015.
Ayers delivered the college’s annual economic outlook recently, saying that lower energy prices, a renewal of in-migration and an increase in construction and manufacturing activity will drive an increase of 3.2 percent for the state’s gross domestic product (GDP). The compares favorably to Georgia’s long-range GDP of 2.9 percent and the nation’s GDP of 2.8 percent.
Ayers also reported that employment in Georgia is expected to rise by 2.3 percent during 2015. He said that the increase will mean that all of the jobs lost during the recession will be replaced by mid-year.
The greatest employment increases will come from the construction industry. Professional and business services, mining and logging will fare well. Education and healthcare will see slight increases. Government will be the only sector likely to lose jobs.
Ayers also said that the factors that may hold back growth in Georgia will be the ongoing struggle to attract investment capital, federal spending cuts and potential shifts in Federal Reserve policies. He pointed out that many of Georgia’s communities where military bases are located are extremely dependent on federal dollars.
Source: Atlanta Business Chronicle