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AASU report: Regional economy is recovering
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SAVANNAH — Armstrong Atlantic State University’s latest Coastal Empire Economic Monitor reports the Savannah-area economy expanded significantly during the third quarter of 2013 and should continue to experience growth in the first half of 2014.
The third quarter Economic Monitor, which analyzes data and identifies trends affecting the regional economy, reports the Coastal Empire leading economic index increased for the seventh consecutive quarter, with regional housing and labor markets experiencing considerable improvement.
A major uptick in consumer confidence — along with key gains in retail sales, tourism and port activity — also supported the regional economy. The acceleration of growth in the leading index indicates continued economic expansion through mid-2014.
“The underlying fundamentals of the economy have improved during the third quarter of 2013,” said Michael Toma, economics professor and the director of Armstrong’s Center for Regional Analysis. “There have been broadly based gains in tourism, port activity, retail sales and the housing market. Looking ahead, we expect to see accelerated growth for the first six months of 2014.”
Highlights from the latest Economic Monitor include:
• The Coastal Empire coincident economic index increased by half of a percent, rising to 158.9 and representing 2 percent annual growth.
• Tourism surged in the third quarter, with hotel room sales increasing by 7.4 percent from the previous quarter and by 11 percent from one year ago.
• The Coastal Empire leading economic index surged 1.5 percent, rising to 129.5 from 127.6 (revised) in the previous quarter.         • In the labor market, seasonally adjusted initial claims for unemployment insurance plummeted 23 percent to 964 claims per month.
• The seasonally adjusted number of new residential homes permitted for construction was 334, marking a 22 percent increase from the second quarter of the year.
The Coastal Empire Economic Monitor presents quarterly economic trends and short-term economic forecasts for Savannah’s Metropolitan Statistical Area (MSA).
The quarterly report measures the heartbeat of the local economy, based on the analysis of economic data from the U.S. Census Bureau, the U.S. Department of Labor’s Bureau of Labor Statistics, the city of Savannah, Georgia Power and the three counties in the MSA — Chatham, Bryan and Effingham.

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GPA grows trade, market share
Intermodal volume up 20 percent
port photo
Rubber tired gantry cranes handle cargo at the Chatham Intermodal Container Transfer Facility at the Port of Savannah. The Georgia Ports Authority's Mason Mega Rail project will double rail lift capacity to 1 million containers per year by 2020 - photo by Provided

The Georgia Ports Authority achieved 14 percent growth in March container volumes, moving 355,208 20-foot equivalent unit (TEU) containers.

From July 2017 to March, TEU container trade grew by 9 percent, or 255,786 additional units for a total of 3.08 million, a new record for Savannah.

"Savannah's continued strength is a reflection of our customers' commitment, Georgia's leadership, and the many dedicated service providers, GPA employees and ILA members who come together every day to achieve great things," said GPA Executive Director Griff Lynch. "March marked our 17th consecutive month of business expansion thanks, in part, to a strong economy and growing market share."

Intermodal rail volumes jumped by 20 percent in March and 15.4 percent for the fiscal year to date, for a total of 318,454 containers handled over nine months – another record for the GPA.

"As the numbers show, our rail cargo is growing at a faster pace than our overall trade," GPA Chairman Jimmy Allgood said. "This is important because rail is playing a key role in our responsible growth strategy. We anticipate our rail infrastructure investments to take 250,000 trucks off the road each year by 2020."

The GPA recently broke ground on its Mason Mega Rail Terminal, on which the Port of Savannah will build 10,000-foot unit trains within its own footprint. From the expanded rail infrastructure at Garden City Terminal, Class I rail providers CSX and Norfolk Southern will provide direct rail service to major Southeast and Midwestern markets from Memphis to St. Louis, Chicago to Cincinnati.

An added benefit is that the Mason Mega Rail project will move all rail switching on terminal – improving vehicle traffic flow around the port.

In August, the GPA will open its Appalachian Regional Port in Murray County. Located in an industrial belt, including the production and export of carpet and flooring, automobiles and tires, the ARP will provide an alternative to all-truck transit to Northwest Georgia.

Each round-trip container moved via the Appalachian Regional Port will offset 710 truck miles on Georgia highways.

March was also a strong month for roll-on/roll-off auto and machinery units at the Port of Brunswick and Ocean Terminal in Savannah. Colonel's Island Terminal in Brunswick handled 66,144 cars, trucks and tractors, while Ocean Terminal added 4,050, for a total 70,194, a 17.2 percent increase.

"The global economy is thriving and our volumes are following suit," Lynch said. "As existing accounts grow their footprint in the expanding auto facility in Brunswick, Georgia's competitive logistical advantages are drawing additional business across all of our docks."

Lynch noted that for the fiscal year to date, Mayor's Point breakbulk terminal in Brunswick grew by 44 percent (34,515 tons) to reach 112,728 tons of forest products. At East River Terminal, bulk cargo expanded by 34 percent July-March (189,918 tons) for a total of 750,384 tons.

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