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41 Savannah Area Chamber of Commerce 2023 Economic Trends 9 Employment & Wages In 2021, the average weekly wage in the Savannah MSA was $1,001, an increase of 5.4% from 2020. Private sector wage growth was particularly strong in Accommodation and Food Services (17.9%), Real Estate and Rental and Leasing (11.5%), Retail Trade (11.4%), Construction (8.2%), and Wholesale Trade (7.8%). In five sectors of the regional economy (manufacturing, education services, accommodation, state government, and local government) average weekly wages exceeded the state-wide average. While weekly wages in Savannah remain $196 below the state average, the purchasing power of those wages is enhanced due to the relatively low cost of living and housing in the region. This, combined with Savannah's high quality of life, implies that workers and employers continue to receive a high return on value for area wages. Reflecting the rebound from the pandemic recession, total employment in the Savannah MSA increased 4.8% from 171,883 in 2020 to 180,155 in 2021. The sectors that experienced notable employment growth include Transportation and Warehousing sector (+14.5%), Arts, Entertainment and Recreation (+11.7%), Real Estate (+7.3%), and Other Services (+6.3%). The sectors that experienced the largest declines in employment include Accommodations and Food Services (-8.9%) and Federal Government (-4.9%). The region added 537 establishments (net) across all industries, a gain of 5.0% raising the total number of establishments to 11,309. Notable increases in the number of establishments occurred in Accommodations and Food Services (+137, +12%), Retail Trade (+43, +2.8%), and Real Estate (+51, +9.8%), and Transportation and Warehousing (+27, +4.7%). Employment & Earnings Yearly Average, 2021 Average Weekly Wages Savannah MSA Industry Savannah MSA Georgia Average Employment Number of Establishments Construction $1,167 $1,327 7,591 875 Manufacturing $1,679 $1,216 17,798 291 Wholesale Trade $1,395 $1,697 5,935 461 Retail Trade $714 $722 22,080 1,560 Transportation and Warehousing $952 $1,101 17,160 602 Utilities $1,788 $1,813 593 18 Information $795 $2,290 2,134 118 Finance and Insurance $1,891 $2,123 3,263 509 Real Estate and Rental and Leasing $1,021 $1,359 2,582 574 Professional, Scientific/Tech Services $1,247 $1,915 6,022 1,061 Education Services $1,187 $1,200 3,345 87 Health Care and Social Assistance $1,109 $1,161 20,700 1,091 Arts, Entertainment and Recreation $551 $807 2,302 188 Accommodation and Food Services $447 $431 22,278 1,285 Other Services (except Public Admin.) $784 $842 5,143 730 Government – Federal $1,506 $1,619 2,864 65 Government – State $1,373 $1,053 4,491 74 Government – Local $1,000 $952 15,700 55 ALL INDUSTRIES $1,001 $1,197 180,155 11,309 Source: Georgia Department of Labor, Workforce Statistics & Economic Research, Quarterly Census of Employment and Wages, 2021 Averages. Retrieved at www.dol.state.ga.us on 12/28/2022.