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30 9 Savannah Area Chamber of Commerce 2024 Economic Trends Employment (By Place of Work) By Sector The Savannah MSA workforce increased 1.6% to 202,600 workers from 2022 to 2023. Notable increases occurred in Leisure & Hospitality (+1,800 jobs, +6.6%), Education and Health Services (+1,600 jobs, +5.8%), Construction (+300 jobs, +3.3%), and Manufacturing (+500 jobs, +2.6%). Three sectors shed jobs: Business and Professional Services (-1,300 jobs, -4.7%), Transportation and Utilities (-400 jobs, -2.2%), and Retail Trade (-200 jobs, -1.3%). Public sector employment added 500 jobs, with 300 new state and local government employees and 200 new federal government employees. Employment – Annual Averages Savannah MSA* Industry 2017 2018 2019 2020 2021 2022 2023 Change 2017-23 Change 2022-23 Total Nonfarm 180,800 185,800 189,900 180,400 190,900 199,400 202,600 10.5% 1.6% Construction, Mining, & Logging 7,500 8,400 8,200 8,200 8,200 9,100 9,400 23.2% 3.3% Manufacturing 17,300 18,200 18,700 17,500 18,000 19,300 19,800 11.7% 2.6% Wholesale Trade 6,300 6,500 6,500 6,400 6,700 7,100 7,100 12.9% 0.0% Retail Trade 21,900 22,200 22,100 21,400 22,400 23,100 22,800 5.6% -1.3% Transportation & Utilities 12,600 14,000 14,800 15,700 18,400 18,600 18,200 48.8% -2.2% Information 2,200 1,900 2,800 1,800 2,400 1,700 1,700 -27.8% 0.0% Financial Activities 6,200 6,200 6,400 6,100 6,500 6,800 6,900 9.4% 1.5% Professional & Business Services 22,400 23,400 24,200 23,800 26,500 27,400 26,100 23.3% -4.7% Education & Health Services 26,700 26,500 26,600 25,600 25,800 27,500 29,100 3.0% 5.8% Leisure & Hospitality 26,100 26,600 27,100 22,500 24,800 27,100 28,900 3.8% 6.6% Other Services 7,300 7,300 7,600 7,000 7,400 8,000 8,200 9.6% 2.5% Government-Federal 2,900 2,900 2,900 3,000 2,900 2,800 3,000 -3.4% 7.1% Government-State & Local 21,500 21,700 21,800 21,300 20,900 20,800 21,100 -2.3% 1.4% Source: U.S. Department of Labor, Bureau of Labor Statistics, State and Area Employment, Hours and Earnings (2023 data are annualized seasonally adjusted through October.) Retrieved at www.bls.gov on 12/13/2023. * BLS data are benchmarked and revised annually; data for 20120-22 have been updated to reflect these changes. Recent Job Growth The lion's share of job growth following the Great Recession of 2007-2009 and the pandemic recession occurred in the private sector of the Savannah MSA. Sectors experiencing extraordinary growth since 2017 include the logistics industry (+49%), professional and business services (+23%), and construction (+23%). This reflects substantial capital investment in port facilities and consequent growth in cargo handling at the Georgia Ports Authority terminals, growth in business-to-business opportunities, and continued real estate development to accommodate population and commercial growth, respectively. Five sectors hold similar proportions of total employment in the Savannah MSA, further attesting to the area's healthy, diverse industry mix: education and health services (14.4%), leisure and hospitality (14.3%), professional and business services (12.9%), retail trade (11.3%), and government (10.4%). Manufacturing growing share of regional employment currently is 9.8%, with a substantial increase in share expected as the Hyundai Metaplant and its associated supplier manufacturers commence operations in 2025.