Savannah Chamber

29 14 Athens From peak-to-trough the Athens MSA lost 9.7 percent of its jobs to the COVID-19 recession. The heaviest job losses were in the state government, leisure and hospitality, and goods producing manufacturing. The nation and the state's job markets took harder hits than Athens. In the initial three month rebound, the Athens MSA recovered 54 percent of its job losses, which was roughly on par with the rebound posted by the state as a whole and stronger than the rebound posted by the nation. The economic structure of Athens tilts towards higher education and healthcare. The local economy does not depend heavily on inherently cyclical industries such as manufacturing, construction, or transportation and logistics. The economy also is not very dependent on exports – 3.4 percent of GDP – and therefore is not overly vulnerable to trade shocks. The primary export markets are the Canada, Mexico, and the European Union. The upshot of Athens' economic structure is economic stability, which greatly reduces the risks for businesses and households. Additional strengths include, close proximity to the Atlanta MSA, population growth, a highly educated workforce, the innovation ecosystem, and low business and living costs. Over the last couple of years, Athens landed several large economic development projects, which improves Athens' prospects for growth. For example, in 2020, RWCD Industries, a biotechnology company, announced that it would expand its operations in Athens, creating 200 jobs. RWDC Industries was founded at an innovation lab at the University of Georgia in 2015. In 2019, Boehringer Ingelheim announced that it would expand its existing footprint in Athens, creating over 100 new jobs at its manufacturing and research and development facility. Boehringer Ingleheim is a leading animal health company that focuses on researching, developing, manufacturing, and marketing new medications for human and veterinary health care. The primary focus of its facility in Athens is animal health. Wayfair – an e-commerce retailer of products for the home – announced in 2019 that it will create 500 jobs in a customer support facility – a call center – in Athens. The importance of Athens' proximity to and high economic integration with the Atlanta MSA will work to the Athens MSA's advantage. The two MSA's economies are very highly integrated. Commuter flows between Athens and Atlanta illustrate their interdependence – 7.4 percent of jobs held by people who live in Athens are located in Atlanta and people commuting from Atlanta occupy 9.5 percent of Athens' jobs. Weaknesses include the lack of interstate-quality highways, low economic diversity, a relatively narrow base of job growth, low per capita income, and a shrinking manufacturing industry. The area's largest employers are the University of Georgia, the Athens Regional Medical Center, St. Mary's Hospital, Caterpillar, Pilgrim's Pride Corp, Athens Technical College, Power Partners, Dial America, Baldor Dodge Reliance, and Carrier Transicold. The area's leading high-wage industries include offices of physicians and pharmaceutical and medicine manufacturing. Leading mid-wage industries include local government, general medical and surgical hospitals, and animal slaughtering and processing. The area's leading low-wage industries include state government, restaurants, and grocery stores. The Athens MSA includes Clarke, Madison, Oconee, and Oglethorpe counties. In 2021, employment in Athens will increase by 0.7 percent – about 600 jobs. That projected rate of job growth is well below the 1.5 percent growth expected for the state. Several factors limit UGA's and in turn Athens immediate prospects for job growth. For example, in 2021, state appropriations for higher education are not likely to increase and tuition also may not increase. UGA's enrollment is holding up very well and most students have returned to campus, which provides critical support to the local economy. Nonetheless, it is likely that students will spend less aggressively than usual. Moreover, many UGA-related events and venues that typically bring large numbers of alumni and other types of non-student visitors to Athens are taking place virtually, or by design, are drawing smaller numbers of attendees. The outlook for health services is very good. The acquisition of Athens Regional Medical Center (ARMC) by Piedmont improves its balance sheet thereby enhancing prospects for expansion. Piedmont Athens Regional Medical Center is rated as high performing in four adult procedures and conditions. Recently, St. Mary's hospital was designated Georgia's large hospital of the year. Athens will benefit from its role as the regional medical service center for northeast Georgia. The establishment of the 56-acre UGA Health Science Campus in partnership with Augusta University will help Athens' healthcare industry expand its reach into rural and exurban areas where the population skews older than in the core of the MSA. To address Georgia's growing shortage of physicians, the Augusta University/University of

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