Augusta Economy

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Monitor continues to list Augusta's recovery near the bottom

Wednesday, June 27, 2012 5:34 PM
Last updated 7:41 PM
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The most recently released Brookings Metro Monitor lists Augusta among the slowest-recovering metropolitan areas.

Augusta was 87th out of 100 metro areas for economic recovery from the recession, behind New Orleans in first place and ahead of Little Rock, Ark., in last place. Augusta ranked 91st in unemployment and 99th in job creation, tying for last place with Lakeland, Fla. Augusta ranked 72nd overall last quarter. The area’s house prices were ranked a more positive 28th.

Bad job-creation numbers are most likely related to the 7.7 percent drop in construction jobs and 6.6 percent drop in real estate jobs in the Augusta area over the past year, according to Alec Friedhoff, a Brookings research analyst and author of the report. There were minor increases in the health services (2.2 percent) and information (1.0 percent) sectors.

Friedhoff said it’s important to keep in mind what the report measures: recovery from the recession.

“These rankings don’t necessarily correlate with the state of your economy,” he said.

Augusta weathered the recession with little impact as many other areas were hard hit and is just now experiencing the worst of the effects, Friedhoff said. Cities such as Detroit have experienced significant recovery, but only because the recession affected them so deeply. Those cities also experienced more growth in the boom immediately before the recession, when Augusta’s economy stayed relatively steady.

“Augusta had less distance to fall,” he said.

Augusta ranked 22nd in gross metropolitan product, an area Friedhoff said can be an early indicator of where the economy is headed. Positive ranking in that area is still not necessarily a reason to get excited, he said.

“The numbers don’t really give us enough information to predict,” he said. “Forecasting is a difficult business.”

Comments (18) Add comment
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CobaltGeorge
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CobaltGeorge 06/27/12 - 06:25 pm
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Countyman

Don't read this one......

Jake
32761
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Jake 06/27/12 - 06:32 pm
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4
Augusta

I think Augusta is slow in a lot of things, maybe it's the heat.

countyman
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countyman 06/27/12 - 06:38 pm
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This ranking is for

This ranking is based on the 'recovery' from the national recession.. During the recession metro Augusta didn't get hit hard compared to the rest of the US.. The real estate market held steady over the last few years, and didn't crash similar to many cities....

I noticed the article said we ranked '22th' in terms of GMP...

Gage Creed
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Gage Creed 06/27/12 - 09:26 pm
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Is that John Conlee I hear in

Is that John Conlee I hear in the background?

Riverman1
84889
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Riverman1 06/27/12 - 10:14 pm
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Gage Creed, Rose Colored

Gage Creed, Rose Colored Glasses?

Riverman1
84889
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Riverman1 06/27/12 - 10:16 pm
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If we got the DDA to stop

If we got the DDA to stop concentrating on car washes maybe we could help the downtown area and forge ahead.

itsanotherday1
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itsanotherday1 06/28/12 - 12:06 am
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No surprise here considering

No surprise here considering the incompetence in the Marble Palace.

itsanotherday1
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itsanotherday1 06/28/12 - 12:09 am
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Positive ranking in that area is still not necessarily a reason

"Positive ranking in that area is still not necessarily a reason to get excited, he said."

That was for CM's : I noticed the article said we ranked '22th' in terms of GMP...

specsta
6505
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specsta 06/28/12 - 03:22 am
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A State of Sorry

Augustans need to wake up and face the reality that the city is an abject failure in terms of progress and growth. Tradition has practically destroyed any embracement of new enterprises and forward-thinking ideas. When folks pat themselves on the back after thwarting new development, as happened recently in the Commission chambers, something is seriously amiss.

There is a spirit of mediocrity hanging over Augusta, and folks are so used to being part of a sorry lot, they don't know the difference. It's like someone who eats dog food all of their lives and that's all they know; when they finally eat a steak, they think the steak that provides richer flavor and more nourishment tastes funny and is wrong for them - because they are used to the mediocre.

Such is the way of Augusta. Mediocrity in - mediocrity out. The last time the city had any real leadership with vision was...wait. Hmmm... I guess I have to go back to the days of Ed McIntyre, the visionary behind Riverwalk.

Gage Creed
17375
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Gage Creed 06/28/12 - 06:12 am
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RM1...you get the Cupie Doll.

RM1...you get the Cupie Doll.

Visionary = Criminal?

Carleton Duvall
6305
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Carleton Duvall 06/28/12 - 07:07 am
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No recession here

You cannot recover from a recession if you have not had one. Read this paragraph out of the story.

Augusta weathered the recession with little impact as many other areas were hard hit and is just now experiencing the worst of the effects, Friedhoff said. Cities such as Detroit have experienced significant recovery, but only because the recession affected them so deeply. Those cities also experienced more growth in the boom immediately before the recession, when Augusta’s economy stayed relatively steady.

DuhJudge
206
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DuhJudge 06/28/12 - 07:46 am
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Oh I promise you...there is a

Oh I promise you...there is a recession and we have been participating. Your home values are 70% at best of where they were four years ago. The banks won't lend you money unless you already have it. What do you think the average credit score has done? Yes people with jobs still go to work. But if it is a retail job, that company is struggling. Small businesses have to compete for the crumbs left over after Sam's, Walmart, Costco, and Krogers have sucked wallets clean. No, the recession is real and expansion is not. The only way to keep spending is if new money is being created. Industrial jobs do that. All I can say is that we may bellyache outloud about government spending and budget deficits, but Augusta better be thankful for them. The edge is out there for a lot of people.

Carleton Duvall
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Carleton Duvall 06/28/12 - 08:20 am
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The Monitor's report

does not support your opinion, Duh Judge. The fact that small businesses are losing business to the big box stores is not a recession issue. That has been going on for fifty years. It is sad to see but a fact of life. To say that property values are only 70% of what they were also cannot be supported by the facts. Check it out if you don't believe me.Zillow is a good source. Augusta have been very fortunate.

Iwannakno
1533
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Iwannakno 06/28/12 - 10:11 am
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Sorry Carleton but he is
Unpublished

Sorry Carleton but he is right about my property values in South Richmond County. They went from 60k to 40k. Yet my property taxes doubled. Partly due to the trash tax but still doubled just the same, (tripled in 10 years time)

itsanotherday1
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itsanotherday1 06/28/12 - 10:19 am
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Two thumbs down

on Specsta's post? People rant daily here claiming exactly what Specsta said. I would have give two thumbs up had I two clicks. After being in this area for 41 years, I can say with certainty he has it right about a culture of mediocrity.

David Parker
7923
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David Parker 06/28/12 - 11:38 am
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It's all true about the

It's all true about the status quo proponents being so rampant. But their days are numbered. The younger generation is more than willing and able to step in and take that piece of the pie. You are on notice. You know who you are.

countyman
20229
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countyman 06/28/12 - 11:44 am
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I have two simple questions

I have two simple questions for some of the people who recently commented on this article??

How many metros in the US under 600k have a $115 million plant(Rockwood recently purchased 33 additional acres), $172 million plant(Starbucks brought 100 acres to expand in the future), and another plant over $1 billion(Bridgestone) under construction at the same time???

How many metros have an 115 acre(Costco), multi acre property(near Carmax), and 25 acre(Jimmie Dyess near Zaxbys) retail projects waiting in the background??

The metro monitor is based on metro areas, but the development outside of RC I included was Bridgestone...

Carleton Duvall
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Carleton Duvall 06/28/12 - 12:25 pm
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David Parker

Go get em young fellow. If your generation is ready as you say, My hat is off to you. Countyman, you make some good points. I am tired of the death knell that some have placed on my home town.

Iwannakno
1533
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Iwannakno 06/28/12 - 02:33 pm
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SO?
Unpublished

All those businesses don't make my property taxes go down one iota. In fact the Costco tax deal probably caused an increase to make up the diffference. The trash tax is unfairly foisted only on some residents. I cannot believe a lawyer has not taken the city to court over passing a tax on only a select amount of residents. WAKE UP!!!

Gage Creed
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Gage Creed 06/28/12 - 08:51 pm
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Countyman...riddle me this?

Countyman.....what Georgia

Countyman.....what Georgia metro of less than 600K has Gulfstream ($500 Million Expansion), Mitsubishi Machinery Works ($325 Million Project on an advanced schedule) and I will even “project” just like you do… with $652 million Savannah Harbor Expansion Project

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