Georgia Economic Outlook: July 2010

Georgia’s economy finally saw some good news during the first half of 2010, as hiring now appears to be picking up and the unemployment rate has dropped a few notches. Trade through Georgia’s ports is recovering solidly, and the state continues to attract scores of new businesses and new residents. The military is also expanding in the state, with huge investments under way at Fort Benning in Columbus … Georgia’s economy finally saw some good news during the first half of 2010, as hiring now appears to be picking up and the unemployment rate has dropped a few notches. Trade through Georgia’s ports is recovering solidly, and the state continues to attract scores of new businesses and new residents. The military is also expanding in the state, with huge investments under way at Fort Benning in Columbus and Fort Gordon outside Augusta. In addition, Kia opened its new vehicle assembly plant in LaGrange earlier this year, and vehicle demand has been exceptionally strong, leading to a faster-than-expected ramp-up of that operation. However, Georgia is still dealing with the effects of its worst recession since the early 1970s. Residential construction and building-related industries were particularly impacted, and many firms in these sectors continue to struggle. Atlanta’s commercial real estate market has also taken a huge hit, with vacancy rates spiking higher and rents falling. Thank you for your interest in Wells Fargo’s Economic Commentary by email. You are receiving this message because you have requested Economic Commentary information and updates sent via email. If you no longer wish to receive these emails, please click on the following link to access the Economic Commentary by email registration page: http://www.wellsfargo.com/economicsemail.

Wells Fargo Securities Economics Group publications are produced by Wells Fargo Securities, LLC, a U.S broker-dealer registered with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, and the Securities Investor Protection Corp. Wells Fargo Securities, LLC, distributes these publications directly and through subsidiaries including, but not limited to, Wells Fargo & Company, Wachovia Bank N.A., Wells Fargo... More