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Georgia’s Economy Projected to Grow in 2025, but at a Slower Pace

Georgia’s Economy Set for Gradual Growth in 2025, According to UGA Selig Center Forecast

Atlanta, GA – The University of Georgia’s Selig Center for Economic Growth has unveiled its 2025 Georgia Economic Outlook, projecting a steady economic expansion supported by a growing population and job market. The state’s economy is anticipated to grow by 2.4% in 2025, a slight deceleration from the 3.1% growth experienced in 2024. Notably, this growth will outpace the national average, expected to be 1.6%.

During the forecast event held at the Georgia Aquarium, Terry College of Business Dean Ben Ayers emphasized that the slowdown is a result of intentional Federal Reserve policies aimed at controlling inflation rather than external factors. "The slowdown will be gradual and short-lived," Ayers stated, forecasting an inflation rate of 3% for both 2024 and 2025.

The current economic landscape reflects the impacts of the Federal Reserve’s 2022 measures to tighten lending, which successfully curtailed inflation from a peak of 8% in 2022. In response to easing monetary constraints, Georgia’s economy is positioned for continued expansion, despite projected job growth slowing from 1.5% in 2024 to 1% in 2025.

Georgia’s unemployment rate is forecasted to rise from 3.7% to 4%, still remaining below the national average of 4.3%, contributing to steady inflation management. Health care and housing sectors are expected to drive growth, propelled by an increasing senior population and a resurgence in single-family home construction by 9% amidst favorable mortgage rates.

Despite anticipated job losses in retail and information sectors due to technological advancements, Georgia is set to create thousands of new jobs from ongoing economic developments. With a robust economic foundation, Georgia is expected to continue outperforming national growth rates well into the future. For detailed insights, the public is invited to upcoming events across the state throughout January.

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Photo credit news.uga.edu

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