Issue link: http://savannah.uberflip.com/i/1514376
4 2 Savannah Area Chamber of Commerce 2024 Economic Trends Welcome The secret is out on Savannah -- our diverse mix of industry and services, sustainable population growth, and a competitive tax structure enables our regional economy to maintain a healthy balance and quality of life that continues to rate among the nation's best. Having only lived here for a year, I can already appreciate the area's breathtaking natural beauty, distinctive coastal cuisines, diverse restaurants, meticulously curated boutiques, and historic architecture. I continually hear from our visitors that Savannah is a bucket list destination. The city's allure is further enhanced by its vibrant culture and welcoming atmosphere, captivating both residents and visitors alike. Our historical heritage with a laid-back lifestyle is welcoming to newcomers and treasured by longtime local residents. Savannah consistently secures top positions in national and international city rankings year after year. Travel + Leisure recognizes it as one of the "Top U.S. Cities," and Condé Nast Traveler applauds it as one of the "Best Small U.S. Cities." For ten consecutive years, Area Development magazine has named Georgia as "The Best State to do Business," and we would argue that Savannah is the "Best of the Best." Our thriving economy, driven by manufacturing, healthcare, logistics/distribution, tourism, military, film, and retail sectors, ensures sustained growth and economic diversity. Predictions indicate that Savannah and the Georgia coast will outpace national economic growth in the future, and weather any national headwinds stronger than other regions. Hyundai Motor Group Metaplant America is under construction on its $5.5 billion electric vehicle and battery plant in the Savannah area – the largest in the United States. This strategic move aligns with our commitment to a sustainable future and complements the contributions of established manufacturers like Gulfstream and JCB, fostering job creation and business attraction. Coastal Georgia is poised for significant growth, and steps continue to be taken to emphasize regionalism, joining with surrounding counties so that we can harness this growth potential. Workforce development will take center stage in 2024 as the region experiences new employment openings. There is a heightened demand for skilled labor across virtually all industries, and this anticipated growth means we must improve our infrastructure, housing supply, and educational opportunities. Efforts are underway to bridge this gap through targeted workforce development initiatives, collaboration with educational institutions, and strategic planning to ensure the region's economic expansion is sustainable and inclusive. Addressing these challenges is crucial for ensuring a resilient workforce is ready to meet the evolving needs of innovative employers. We encourage our members to thoroughly explore the data presented by Georgia Southern University and the University of Georgia. This valuable resource offers essential economic indicators that will propel businesses forward in our city, region, and state. Your confidence in us as advocates for businesses in the Savannah region is deeply appreciated. Thank you for being a part of the Savannah Area Chamber of Commerce. Here's to a healthy and prosperous 2024! Bert Brantley President & CEO Savannah Chamber of Commerce 2 Savannah Area Chamber of Commerce 2024 Economic Trends Welcome The secret is out on Savannah -- our diverse mix of industry and services, sustainable population growth, and a competitive tax structure enables our regional economy to maintain a healthy balance and quality of life that continues to rate among the nation's best. Having only lived here for a year, I can already appreciate the area's breathtaking natural beauty, distinctive coastal cuisines, diverse restaurants, meticulously curated boutiques, and historic architecture. I continually hear from our visitors that Savannah is a bucket list destination. The city's allure is further enhanced by its vibrant culture and welcoming atmosphere, captivating both residents and visitors alike. Our historical heritage with a laid-back lifestyle is welcoming to newcomers and treasured by longtime local residents. Savannah consistently secures top positions in national and international city rankings year after year. Travel + Leisure recognizes it as one of the "Top U.S. Cities," and Condé Nast Traveler applauds it as one of the "Best Small U.S. Cities." For ten consecutive years, Area Development magazine has named Georgia as "The Best State to do Business," and we would argue that Savannah is the "Best of the Best." Our thriving economy, driven by manufacturing, healthcare, logistics/distribution, tourism, military, film, and retail sectors, ensures sustained growth and economic diversity. Predictions indicate that Savannah and the Georgia coast will outpace national economic growth in the future, and weather any national headwinds stronger than other regions. Hyundai Motor Group Metaplant America is under construction on its $5.5 billion electric vehicle and battery plant in the Savannah area – the largest in the United States. This strategic move aligns with our commitment to a sustainable future and complements the contributions of established manufacturers like Gulfstream and JCB, fostering job creation and business attraction. Coastal Georgia is poised for significant growth, and steps continue to be taken to emphasize regionalism, joining with surrounding counties so that we can harness this growth potential. Workforce development will take center stage in 2024 as the region experiences new employment openings. There is a heightened demand for skilled labor across virtually all industries, and this anticipated growth means we must improve our infrastructure, housing supply, and educational opportunities. Efforts are underway to bridge this gap through targeted workforce development initiatives, collaboration with educational institutions, and strategic planning to ensure the region's economic expansion is sustainable and inclusive. Addressing these challenges is crucial for ensuring a resilient workforce is ready to meet the evolving needs of innovative employers. We encourage our members to thoroughly explore the data presented by Georgia Southern University and the University of Georgia. This valuable resource offers essential economic indicators that will propel businesses forward in our city, region, and state. Your confidence in us as advocates for businesses in the Savannah region is deeply appreciated. Thank you for being a part of the Savannah Area Chamber of Commerce. Here's to a healthy and prosperous 2024! Bert Brantley President & CEO Savannah Chamber of Commerce