University of Georgia economist predicts very slow growth in Georgia in 2012

Wednesday, Nov. 30, 2011

By TONY ADAMS - tadams@ledger-enquirer.com

 

Summary: Despite Monday's article "Growth in Commercial Real Estate Markets Expected in 2012" Georgia's commercial real estate markets may lag the nation's growth. Because of only slight to moderate projected increases in the construction, manufacturing and retail sectors of the Georgia economy, this will be reflected in the amount of commercial real estate bought or leased.

Key Quotes
Georgia will finally stem the bleeding of jobs in 2012, although recovering what has been lost could take years. That’s the expectation of the University of Georgia’s Selig Center for Economic Growth, with Terry College of Business Dean Robert Sumichrast delivering a sobering forecast to business and government leaders Tuesday in Atlanta.

“Our forecast is for more of what we have seen the past couple of years,” he said. “We might see continued slow growth or, technically, we might see patches of recession. Either way, unemployment will remain high.”

To buck that trend, Sumichrast said Georgia must move away from its reliance on real estate development spurred by the once-constant migration of people to the Peach State. Instead, he said Georgia must offer even more incentives to companies wishing to relocate here, while fostering the research and development sector. It also must nurture its venture capital markets to create more entrepreneurs, he said.

Find out who Sumichrast is and read the whole article at University of Georgia economist predicts very slow growth in Georgia in 2012.

A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga