Economic indicators show a strong, sustained upswing in the local economy near Savannah, Georgia, according to the fourth-quarter 2014 edition of the Economic Monitor, published by the Armstrong State University Department of Economics.
"The Savannah metro economy continued on its current path of strength through the end of 2014," the report said. "Nearly all coincident economic indicators advanced, led in particular by electricity sales, tourism, port activity, and overall employment growth. These indicators reflect broadly based measures of economic strength, further supported by key fundamental components of the regional economy."
High performance in the construction sector was a pleasant surprise, the report said: "In the housing market, building permit issuance for single-family homes closed out 2014 with over-the-year gains of 17.8%. The number of new residential homes permitted for construction was 409, the second highest quarterly gain in seven years. The average value of a building permit issued for a singlefamily home bounced back, rising 8.2% to $208,700 from $192,800."
Job data reflected the surge in permits, the report said: "Construction employment was revised upward by about 9%, and was just over 6,000 workers by year's end, a gain of 500 jobs during the year."