Georgia’s economy is better positioned to weather a recession than the U.S. economy because:

The Georgia forecast calls for inflation adjusted GDP to decrease by 0.2 percent, compared to 0.7 percent for the U.S.

Georgia has a large amount of economic development projects in the pipeline.

The nation’s auto manufacturing has become increasingly concentrated in the Southeast and U.S. auto sales are expected to increase by 15 percent in 2023.

ECONOMIC OUTLOOK

SELIG CENTER FOR ECONOMIC GROWTH, TERRY COLLEGE OF BUSINESS, UNIVERSITY OF GEORGIA

Georgia’s unemployment rate is expected to rise an average of 3.8 percent in 2023, compared to 3.2 percent in 2022. This is well below the U.S. unemployment rate of 4.4 percent.

GEORGIA BASELINE FORECAST 2022-20231

UNITED STATES BASELINE FORECAST 2022-20231

Source:

1. The Selig Center for Economic Growth, Terry College of Business, University of Georgia, 2023.