The Marriott Marquis was buzzing on Thursday, December 14th. The University of Georgia and the Terry College of Business presented their annual economic outlook for the state of Georgia. 2018 is going to be a great year for our great state.
Due to the recession from 2007-2009 and slow recovery over the last 9 years, Georgia has lagged in new home construction. This hole in the hose has created tremendous shortages in inventory, which we are feeling today. 2018 will be a glorious year for the homebuilders as single family home starts are expected to increase by 16%. Multi-unit construction such as condos, townhomes, and apartments will rise 4%.
Our experience tells us that the metro Atlanta market loves them some new construction! It’s this affinity for all things new that has created an ever expanding “metro Atlanta” as we continue to push the envelope on what we consider “metro,” and surrounding communities are taking full advantage, as they should by the way.
The outlook report created by The Selig Center for Economic Growth at the Terry College of Business (UGA) suggests the state stands to benefit from a continued housing rally in 5 ways from this upcoming year:
1. Realtors and homebuilders benefit directly. Well, thank you very much.
2. Georgia’s expansive floor coverings, building materials and forestry industries will increase revenues.
3. Our transportation and logistics industry will piggyback on the increase in goods flowing to support the demand.
4. Continued increases in home prices will make it easier for employees and companies to relocate to a growing economic environment.
5. The home equity generated by the rising values will fuel small business formation and expansion as well as consumer spending.
The state of Georgia is expected to outperform the nation’s economy for the 3rd straight year in 2018, and we will be close to what we would consider full employment by the end of 2018, hovering around 4% unemployment. Our population in Georgia will grow by 1.5% in 2018 with the areas of Atlanta, Gainesville, Athens, and Savannah benefitting the most.
The economy is not the only thing that’s expanding in Georgia. In 2017, The Peters Company made a commitment to growing our business throughout the state including coverage throughout northeast Georgia from Gainesville and lake country to Athens and Dawg country. Our team will continue our growth in 2018 following a town, country, mountain and sea approach to our state. When you think about real estate in Georgia, think about The Peters Company. It’s an honor to serve your real estate needs. www.thepeterscompany.com
Written by Andy Peters