From Inside the Vault...

Georgia Economic Outlook-Strategic Planning

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You may be doing some strategic planning as you begin the year.  Here's some business banking advice on what to expect and what you banker may have on their mind concerning the economy.  Excerpts from a recent publication.

• Georgia's unemployment rate has stubbornly remained near 10 percent through much of 2011.  Housing and financial services sectors continue to weigh on the state's economic performance
• Corporate relocations and busines startups are rebounding but the hiring associated with new projects is lagging behind previous recoveries.
• Georgia needs a new game plan, low cost of living and temperate climate used to attract businesses and residents to the state is inadequate given the globalization of the economy and the IT revolution
• Georgia still ranks as the third best business climate in the country according to recent Site selection surveys of corporate real estate executives
• We will continue to benefit from Hartsfield's global access and long standing ties to Germany, Japan and Korea.
• Also, Savannah has the been the nation's fastest growing port in the country over the past 10 years
• According to the Georgia Department of Economic Development, they assisted 360 companies in expanding their operations or locating a new facility in Georgia in the last fiscal year
• This is assistance is expected to contribute over 22,000 jobs in the state in the coming years.  Noted expansions included Gulfstream Aerospace, Toyo Tire and FedEx Ground