Dr. Albert Niemi Jr., dean of the Edwin L. Cox School of Business at Southern Methodist University in Dallas, was guest speaker at the recent annual economic forecast breakfast presented by the Bank of North Georgia at the Cobb Energy Performing Arts Centre.
He told the crowd that while the recovery from the Great Recession that began in 2007 has been slow and tedious, Georgia is outpacing the nation. And he predicted that the top three state economies in the country over the next two decades would be those of Texas, North Carolina and Georgia. Our state’s domestic product in 2014 will grow by 3 percent, considerably better than the 2.4 percent expected for the country as a whole, he said.
“The word is out, (Georgia) is a great place to do business,” Niemi said, citing the presence of Hartsfield-Jackson International Airport and the area’s “great quality of life.”
The state’s population is again growing at a healthy rate, which in turn is strengthening the local housing market. More than 45,000 new homes are expected to be built in Georgia next year, he said.
The number for the country as a whole is expected to hit 1 million. That’s nearly twice the 580,000 built in 2010 — but still way short of the 1.8 million homes built on average each year from 2000 to 2007.
Niemi noted that the overall recovery has been a slow one, lagging our performance after past depressions and recessions.
“It used to be in the first 36 to 48 months of a recovery, you are growing at around 4 to 4.5 percent,” Niemi said. “So this recovery is a recovery at half speed.”
He added the country is not likely to create enough jobs to reach full employment until 2029.
“We are going to have several decades, nationally, of a depressed economy,” Niemi said. “It is mind boggling what is happening to the United States of America.”
But sluggish economy and threadbare recovery are what is to be expected when the country is led by a president and party who believe in high taxes are wrenching apart the country’s health system and who are eager to open the borders to millions of illegals to compete for jobs with U.S. citizens — and thereby keep wages low for all.
The wonder is not that the economy is finally recovering.
Rather, it is that it is recovering at all.