SAVANNAH, Ga. (WTOC) – The economy in 2022 across the nation can be described as a recovery year, according to Dr. Michael Toma, a economics professor at Georgia Southern University. But what happens as we flip the calandar to 2023?
Dr. Toma says the best way to describe the economy is like a hike. We went up a steep grade this year with economic gains but we will start off the new year on a plateau and resting spot before we begin climbing uphill again at the end of 2023.
Locally, Dr. Toma says in 2022, the retail trade and tourism sectors were strong and we also saw growth in logistics and manufacturing. Overall this past year was good for the region’s economy, adding about 10,000 workers to the workforce, equaling about 6%. But those numbers were so high it just isn’t sustainable.
So as we head into 2023, the labor market will be tight, causing more pressure for increased pay. “I think there will be robust demand for labor…
