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Armstrong Economic Monitor Reports Steady Economic Growth in 2nd Quarter 2017

(October 2, 2017) - Armstrong State University’s latest Coastal Empire Economic Monitor, which analyzes data and identifies trends affecting the regional economy, reports that the Savannah metro economy continued healthy growth in the second quarter of 2017 while forecasting moderately slower year-end movement.

“Growth in the regional economy continued during the second quarter, yet some underlying softness in key variables and the effects of Hurricane Irma point toward a weaker-than-expected third quarter,” noted Dr. Michael Toma, Fuller E. Callaway Professor of Economics and the Director of Armstrong’s Center for Regional Analysis. “However, the regional economy was quick to shake off the effects of Hurricane Mathew in 2016 and a similar response to Irma is expected. Sustained economic growth is projected through early 2018.”

The local housing market registered its third consecutive quarter of growth, despite declining national residential construction figures. Building-permit issuance for single-family homes in the Savannah Metro area increased by 8.5 percent in the first quarter, reflecting a 17 percent jump from the year prior. The average valuation of building permits for single-family homes fell by about 3 percent for the second consecutive quarter, dropping from $226,000 to $218,000.   

Additional highlights from the latest Economic Monitor include:

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.

The report presents a short-term forecast of the region’s economic activity in the next six to nine months and is available for free by email. To subscribe, email

Armstrong’s Center for Regional Analysis, housed in the university’s economics department, meets the applied research needs of Savannah's business and community organizations. Areas of concentrated research include regional economic forecasting, economic impact analysis, economic development and business expansion, tourism development, survey-based research and specialty reports on topics of state, regional and local interest.


Dr. Michael Toma, director of Armstrong’s Center for Regional Analysis, is available for telephone interviews at 912.344.2538. Media may also contact Melanie Simón at 912.344.2904 or for interview and image requests.

Les Sears

"I’m grateful to Armstrong for helping me start strong on a path to success.”

Les Sears
Class of 2010
Master of Science in Computer and Information Science