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Main Page Contact Francisco Duque, 912.961.3173 For Immediate Release
Center for Regional Analysis Releases Economic Monitor(Savannah, GA, July 2, 2007) The 2007 first quarter issue of the Coastal Empire Economic Monitor is now available. The Economic Monitor, published by Armstrong Atlantic State University's Center for Regional Analysis, 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 area's 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. Data for the first quarter of 2007 showed that the slowdown in regional economic growth has carried over from the last quarter of 2006. The Coastal Empire coincident economic index, a multi-faceted measure of regional economic activity, fell by one percent on a seasonally adjusted basis. "The regional economy gave up some ground during the first quarter of the year. Even after adjusting for the normal economic sluggishness following the holidays, a near stoppage in employment growth and declines in retail sales and electrical energy consumption by residential, commercial, and industrial users led to the downturn," said Michael Toma, Ph.D., director of the Center for Regional Analysis. "The forecasting index points toward continued instability during the second and possibly third quarter as well," Toma added. The Economic Monitor's leading and coincident indexes offer readers an informational tool that can be used to adjust to changes in regional demand conditions. The signals provided by the indicators may be used to control inventory, optimize staffing, adjust marketing or pricing strategies, forecast revenue, or capitalize on other opportunities in the regional economy. Buddy Clay, revenue director for the City of Savannah, uses the Economic Monitor as a tool to help him understand the economic trends affecting city revenue. "The data in the Economic Monitor helps us understand some of the fluctuations in tax revenue for the city," said Clay. "Based on the data we see in the report, we will make adjustments to the revenue forecasts for the remaining of the year." The Economic Monitor is available by electronic mail. To subscribe, email: Emonitor@mail.armstrong.edu. Write "subscribe" in the subject line or body of the email. |
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