The latest report released by the University System of Georgia (USG) shows that Georgia Southern continues to have a strong economic impact on the region it serves and significantly contributed to the USG鈥檚 $19.3 billion total economic impact between July 1, 2020, and June 30, 2021. The report indicates that Georgia Southern鈥檚 annual economic impact has soared to more than $1 billion for FY 2021, a 7.4% increase over FY 2020. 

The report found these economic impacts demonstrate that continued emphasis on colleges and universities as a pillar of the state鈥檚 economy translates into jobs, higher incomes and greater production of goods and services.

鈥淲e faced unprecedented challenges in FY 2021, but we鈥檝e come out stronger than ever,鈥� said Georgia Southern President Kyle Marrero. 鈥淲ith more than $1.03 billion of direct impact on southeast Georgia, Georgia Southern will continue to create more academic programs that meet specific needs for economic development. Informed by our regional academic plan and University strategic plan, we鈥檙e committed to making our region a thriving economic hub in Georgia.鈥� 

There are 3,250 jobs on Georgia Southern鈥檚 campuses in Statesboro, Savannah and Hinesville. Because of institution-related spending, 6,363 jobs exist off-campus.

Georgia Southern鈥檚 鈥渋nitial spending鈥� is $806,753,630. That breaks down in three areas:

• $235,513,929 is spent on personnel services
• $161,882,006 is spent on operations
• $409,357,695 is spent by Georgia Southern鈥檚 students

Included in the initial spending by USG institutions are rounds of funding from the Higher Education Emergency Relief Fund (HEERF), which are federal funds allocated by the Coronavirus Response and Relief Supplemental Appropriations Act that provided emergency grants for postsecondary education.

The study is conducted on behalf of USG by Jeffrey M. Humphreys, Ph.D., director of the Selig Center for Economic Growth in the University of Georgia鈥檚 Terry College of Business.

The full report is available at

The Savannah metro area economy remained on a remarkable path of rebound growth as 2021 ended, according to 橘子视频鈥檚 latest Economic Monitor, which reflects Q4 2021.

鈥淎ll major indicators of regional economic activity increased,鈥� stated Michael Toma, Ph.D., Georgia Southern鈥檚 Fuller E. Callaway Professor of Economics. 鈥淭he story of the fourth quarter is one of general economic strength across broad swaths of the regional economy. Port activity, logistics, tourism, retail sales and electricity sales buoyed the index of current economic activity.鈥�

Economic Growth Continues in 2022

Economic growth in the Savannah metro area is expected to continue at a moderate, but slower pace in 2022 as compared to the 2021 rebound, stated Toma. Regional employment is now 3% higher than prior to the onset of the pandemic, and tourism and hospitality employment returned to pre-pandemic level in December 2021, well ahead of expectations. The forecast is caveated by near-term uncertainty from the emerging geopolitical instability that could disrupt energy markets and exacerbate the effects of worsening inflation.     

 
Employment Trends

Employment growth in metro Savannah was 1.4% (+2,800 jobs) during the closing quarter of 2021. Total employment increased to 195,800, 3% higher than the pre-pandemic peak of 192,100 in the fourth quarter of 2019.    

Service-sector employment added 2,700 jobs. Business and professional services surged again, adding another 1,400 workers. Since the pandemic low of the second quarter of 2020, the sector added 8,400 jobs, rising to a total of 30,600 workers. Logistics added 500 jobs (+2.7%) for the second consecutive quarter, rising to an all-time high of 18,300, which is 19% higher than its pre-pandemic level.    

The tourism and hospitality sector added 1,000 workers reaching 26,800 for the quarter. It is notable that the December figure of 27,400 is 1% (300 workers) above employment in the sector in February 2020 and the highest number since October 2019.  Boardings at the airport increased about 1% while inflation-adjusted hotel sales moderated slightly during the quarter after gains of 20% and 60% in the preceding two quarters.  

On the goods-producing side of the economy, manufacturing added 100 jobs rising to 18,200 workers. This sector has returned to 98% of its pre-pandemic peak. Construction employment held steady at 8,600 workers.    

Housing Market

In the housing market, the seasonally adjusted number of single-family homes permitted for construction fell 16% after a 20% surge in the third quarter, falling to 590 units from 698 in the previous quarter. For comparison, the number of permits issued per month has averaged 584 since early 2019. The average valuation per single-family unit, however, increased 10% to $263,000 from $239,000, reflecting increased input prices and increased demand amid the seller鈥檚 market in regional real estate. Note that permit value does not include cost of land.     

Region Poised for Normalized Growth

The Savannah area business forecasting index massively surged 8.1% during the fourth quarter. The leading index increased to 172.3 from 159.3 in the previous quarter. The gain primarily reflects improvement and normalization in the labor market.聽聽

A final cautionary note from Toma: the recent run-up in inflation (7.5% as of January 2022) will serve as a braking effect on consumer spending and the demand side of the economy that, coupled with the potential disruption of global energy markets on the supply side from the increased likelihood of global geopolitical instability, could rapidly change the economic landscape. This warrants close monitoring in the coming months.   

A Note from the Analyst

The Economic Monitor is available by email and at the Center鈥檚 . If you would like to receive the Monitor by email, please send a 鈥榮ubscribe鈥� message to CBAER@georgiasouthern.edu.

About the Indicators

The Economic Monitor provides a continuously updated quarterly snapshot of the Savannah Metropolitan Statistical Area economy, including Bryan, Chatham and Effingham counties in Georgia. The coincident index measures the current economic heartbeat of the region. The leading index is designed to provide a short-term forecast of the region鈥檚 economic activity in the upcoming six to nine months.
橘子视频, a public Carnegie Doctoral/R2 institution founded in 1906, offers approximately 140 different degree programs serving almost 27,000 students through 10 colleges on three campuses in Statesboro, Savannah, Hinesville and online instruction. A leader in higher education in southeast Georgia, the University provides a diverse student population with expert faculty, world-class scholarship and hands-on learning opportunities. Georgia Southern creates lifelong learners who serve as responsible scholars, leaders and stewards in their communities. Visit GeorgiaSouthern.edu.

A new report shows 橘子视频 has increased its annual economic impact of more than $1 billion on the region it serves. The report, released by the University System of Georgia (USG), says Georgia Southern is a significant part of the system鈥檚 $17.7 billion economic impact on the state of Georgia in FY 2018.

The report found these economic impacts demonstrate that continued emphasis on colleges and universities as a pillar of the state鈥檚 economy translates into jobs, higher incomes and greater production of goods and services.

For Georgia Southern, the report said 11,639 jobs can be tied to the University, contributing to an annual economic impact measured at $1.04 billion, an increase from $1.02 billion in FY 2017.

鈥淲ith an impact of more than $1 billion, we are proud to contribute to our region鈥檚 economic growth,鈥� said Georgia Southern President Kyle Marrero. “I expect that number to only increase as we develop more academic and university programs, informed by our regional academic plan and university strategic plan, that are directly aligned with regional needs.”

The report indicates an overall increase in full- and part-time jobs throughout the state, either at USG institutions or because of them. Of the 168,284 full- and part-time jobs noted in the report across Georgia, 50,597, or 30%, are on the campuses while 117,687, or 70%, are off-campus. For every person employed at the USG or a member institution, 2.3 people have jobs that support the presence of the institution in the local community.

This is the first report on Georgia Southern鈥檚 economic impact after its consolidation. The report found that in southeast Georgia:

There are 3,523 jobs on Georgia Southern鈥檚 campuses in Statesboro, Savannah and Hinesville. Because of institution-related spending 8,116 jobs exist off-campus.

Georgia Southern鈥檚 鈥渋nitial spending鈥� is $789,775,232. That breaks down in three areas:

• $240,536,163 is spent on personal services
• $145,588,460 is spent on operations
• $403,650,609 is spent by Georgia Southern鈥檚 students

The annual study is conducted on behalf of the Board of Regents by Jeffrey M. Humphreys, Ph.D., director of the Selig Center for Economic Growth in the University of Georgia鈥檚 Terry College of Business.

The full report is available at .

橘子视频, a public Carnegie Doctoral/R2 institution founded in 1906, offers 141 degree programs serving nearly 26,500 students through nine colleges on three campuses in Statesboro, Savannah, Hinesville and online instruction. A leader in higher education in southeast Georgia, the University provides a diverse student population with expert faculty, world-class scholarship and hands-on learning opportunities. Georgia Southern creates lifelong learners who serve as responsible scholars, leaders and stewards in their communities. Visit .

A new report shows 橘子视频 has an annual economic impact of just more than $1 billion on the region it serves. The report says Georgia Southern is a significant part of the University System of Georgia鈥檚 (USG) $16.8 billion economic impact on the state of Georgia. The report found these economic impacts demonstrate that continued emphasis on colleges and universities as a pillar of the state鈥檚 economy translates into jobs, higher incomes and greater production of goods and services. For Georgia Southern, the report said 11,535 jobs can be tied to the University, contributing to an annual economic impact measured at $1.02 billion dollars. 鈥淚t is very powerful to hear Georgia Southern has an economic impact of more than $1 billion,鈥� said President Shelley Nickel. 鈥淭his study helps tell the story of our influence, but the real impact we have is in the classroom and on the students whose lives we change.鈥� The report indicates an overall increase in full- and part-time jobs throughout the state, either at USG institutions or because of them. Of the 163,754 jobs noted in the report across Georgia, 50,541 or 31 percent are on the campuses while 113,213 or 69 percent, are off campus. For every person employed at the USG or a member institution, 2.2 people have jobs that support the presence of the institution in the local community. This is the first report on Georgia Southern鈥檚 economic impact after its consolidation. The report found that in southeast Georgia:

• There are 3,543 jobs on Georgia Southern鈥檚 campuses in Statesboro, Savannah and Hinesville
• Because of institutional-related spending 7,992 jobs exist off campus
• Georgia Southern鈥檚 鈥渋nitial spending鈥� is $770,234,740. That breaks down in three areas:
  • $237,251,789 is spent on personal services
  • $131,083,060 is spent on operations
  • $401,899,891 is spent by Georgia Southern鈥檚 students

鈥淭he workforce development impacts are arguably as important, if not more important, than the dollar spending impacts,鈥� said Michael Toma, Ph.D., Fuller E. Callaway Professor of Economics and director of the Center for Business Analytics and Economic Research. 鈥淕raduates’ labor market skills and employment opportunities are significantly enhanced by their education. Georgia Southern meets the needs of regional employers today and prepares the workforce and community leaders of tomorrow.鈥� Toma also noted the regional impact extends far beyond the jobs, dollars and spending data. The community-mindedness and civic engagement of Georgia Southern’s students, faculty and staff are demonstrated by participation in numerous off-campus service projects, he said. In addition, the cultural fabric of the region is enhanced by many fine arts performances, lecture series speakers, distinguished guests, collegiate athletics, and special events hosted on the campuses. The annual study is conducted on behalf of the Board of Regents by Jeffrey M. Humphreys, Ph.D., director of the Selig Center for Economic Growth in the University of Georgia鈥檚 Terry College of Business. The full report is available at 橘子视频, a public Carnegie Doctoral/Research institution founded in 1906, offers 141 degree programs serving nearly 26,500 students through nine colleges on three campuses in Statesboro, Savannah, Hinesville and online instruction. A leader in higher education in southeast Georgia, the University provides a diverse student population with expert faculty, world-class scholarship and hands-on learning opportunities. Georgia Southern creates lifelong learners who serve as responsible scholars, leaders and stewards in their communities. Visit .