New TD Economics Report Highlights Southeast Strength
A new report this week from one of North America’s Top 10 financial institutions highlights the phenomenal strength of state economies in the Southeast with special emphasis on regional powerhouses Florida, Georgia and South Carolina.
The new TD Economics report from TD Bank puts the whole eastern seaboard under the economic growth microscope and the Deep South is the clear winner in terms of real Gross Domestic Product (GDP) growth, both historical and forecast for 2024 and 2025.
The TD Economics report divides the East Coast into four separate regions with special attention paid to metrics like GDP growth, employment growth, population growth, housing prices and other factors.
As a group, the three states comprising the “Lower South Atlantic” region, Florida, Georgia and South Carolina, together posted 2023 GDP growth of 3.5% compared to the national average of 2.5%.
Compared to the other 3 regions, the Lower South Atlantic states also ranked number one in terms of employment growth (2.9%), unemployment rate (3.0%), population growth (1.9%) and home price appreciation (6.8%).
Georgia's Job Machine & New Manufacturing Investments
In addition to the 18 state comparison, the TD Economics report takes a much deeper dive into the factors that are making each state a leader or a laggard.
When it comes to Georgia, TD points to the strength of the labor market and significant employment gains in the financial and professional, scientific & technical industries. The state has added over 73,000 new jobs over the past 12 months with sectors like hospitality and healthcare leading the way.
Significant new business investments in the high-tech manufacturing arena are also cited by TD as a major contributing factor to Georgia’s positive state narrative.
We covered several of these new Georgia business investment announcements in recent posts including Hyundai, Lee Kum Kee, Club Car and Scientific Games.
And finally, TD highlights increased activity at Georgia’s deepwater ports in Savannah and Brunswick on the heels of the bridge collapse in March which blocked most traffic to and from the Port of Baltimore.
Florida's GDP Growth Rate Doubles The National Rate Since 2019
Another report released this week by Florida Insight gives added fuel to the state’s positive GDP growth and new business formation stories.
According to the report, Florida’s real GDP growth grew by 22% over the five-year period from the first quarter of 2019 to the first quarter of 2024. In comparison, the national GDP growth rate was 11% over the same five-year period.
The report found that Florida’s private sector job growth rate continues to outpace the national rate, with a 2.2% increase (+192,000 jobs) compared to the national private sector job growth rate of 1.6 percent.
In May 2024, Florida’s construction sector gained the most jobs among all major industries, adding 5,500 jobs (+0.8 percent) from the previous month. This was followed by the education and health services sector, adding 2,700 jobs (+0.2 percent) each.
Contact CII Today
If you own an established business in Florida or Georgia and would like to get a better understanding of the current market value of your company and important steps you can take today to maximize that value, get in touch with a CII business advisor today.