With an annual growth rate of just 1.4% and a GDP totaling $362 billion, Georgia certainly isn’t one of the fastest growing states in the country. That’s too bad, because a lot of people seem to like moving to Georgia.
Georgia was hit really hard during the recession, primarily because real estate is its largest industry. Though it is the state’s largest sector, it is also one of the worst performing in recent years. Between 2009 and 2010, Georgia’s real estate industry lost more than $10 billion.
Near the end of 2010, Georgia’s other major moneymaking sectors did experience a growth spurt, but not enough to move Georgia off the slowest-growing states list. The sectors that did improve only helped inch the state’s economy up by just over a percent.
Though the state’s unemployment rate was down in April 2011, it was still 9.9%, or .7% above the national average. However, compare that to the end of 2010 when the unemployment rate was at about 10.4%, so there is reason for a positive outlook for Georgia.
Georgia is still one of the most beautiful states in the country, so if you can swing it, you may want to consider relocating. Some sectors still have strong job opportunities, so it may just be best for you to be prepared (and employed) before you make the whole family move.
Jon Huser
