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38 11 Savannah Area Chamber of Commerce 2025 Economic Trends Employment and Wages (Covered Employment) As of the second quarter of 2024, the average weekly wage in the Savannah MSA was $1,140, an increase of 5% from Q2 of 2023. Private sector wage growth was particularly strong in Wholesale Trade (13.8%), Real Estate (7.7%), Information (6.6%), Construction (6.5%), and Transportation and Warehousing (5.8%). In five sectors of the regional economy (Manufacturing, Accommodations and Food Services, Education Services, State Government, and Local Government) average weekly wages exceeded the state-wide average. Wages in Savannah are $157 (or 12%) below the state average and the gap has narrowed from 16% since 2021. However, given the lower cost of living index (88.9) in the region, the purchasing power of earnings is enhanced. This, combined with Savannah's high quality of life, means that workers and employers continue to receive a high return on value for area wages. Total covered employment in the Savannah MSA increased 2.2% to 196,469 in 2024, Q2 from 192.201 in 2023. The sectors that experienced notable employment growth include Arts, Entertainment, and Recreation (+13.1%), Manufacturing (+10.7%), Professional, Scientific/Tech Services (+7.8%), and Real Estate (+7.5%) and Education Services (+6.8%. Local Government employment increased 4.7% while State Government fell 0.3%. The region added 281 establishments (net) across all industries, a gain of 2.2% raising the total number of establishments to 13,133. Notable increases in the number of establishments occurred in Transportation and Warehousing (+151, +21.9%), Professional, Scientific/Tech Services (+170, +14.7%), Real Estate (+80, +12.4%), Education Service (+12, +11.2%) and Manufacturing (+38, +11%). Employment & Wages 2024, Q2 Average Weekly Wages ($) Savannah MSA Industry Savannah MSA Georgia Average Employment Number of Establishments Construction $1,345 $1,453 9,779 1,035 Manufacturing 1,814 1,347 23,607 382 Wholesale Trade 1,733 1,848 6,955 492 Retail Trade 760 770 22,988 1,675 Transportation and Warehousing 1,131 1,271 17,063 842 Utilities 1,865 2,107 936 22 Information 1,362 2,482 1,232 188 Finance and Insurance 1,834 1,978 3,028 564 Real Estate and Rental and Leasing 1,075 1,382 3,457 727 Professional, Scientific/Tech Services 1,459 2,072 6,428 1,328 Education Services 1,380 1,312 4,153 119 Health Care and Social Assistance 1,175 1,246 23,023 1,248 Arts, Entertainment and Recreation 600 903 3,092 223 Accommodation and Food Services 546 513 24,476 1,422 Other Services (except Public Admin.) 888 962 6,013 860 Government – Federal 1,688 1,828 2,896 67 Government – State 1,477 1,235 4,532 76 Government – Local 1,085 1,067 16,529 55 ALL INDUSTRIES $1,140 $1,297 196,469 13,133 Source: Georgia Department of Labor, Workforce Statistics & Economic Research, Quarterly Census of Employment and Wages, 2024, Q2. Retrieved at www.dol.state.ga.us on 12/12/2024.