Jerry Parrish, Chief Economist for the Metro Atlanta Chamber, gave Gwinnett’s economy rave reviews during the Gwinnett Chamber’s monthly On Topic Luncheon presented by Porter Steel. From a strong focus on economic development and effective use of tax credits and incentives to a strong talent pool, Gwinnett continues to drive job growth and business in Metro Atlanta. In fact, it was the second-highest county in job growth for the metropolitan Statistical area (MSA) from 2018-2022. The only one higher was Fulton County, itself, which of course includes North Fulton. Parrish went on to discuss key factors that business leaders should follow when considering the projected resilience of Georgia, and Gwinnett’s, economy.
Parrish first addressed the performance of the state in its recovery from COVID. He noted that Georgia’s economic makeup more closely resembled the United States than any other state in the country when it comes to industry breakdown. The state excels in construction and warehousing/distribution jobs and saw record-breaking growth in both jobs and capital investment following COVID. But is that growth sustainable? He went on to identify some of those trends that the U.S. economy is now experiencing – record inflation, high-interest rates, bond sales, and one-trillion dollars in collective consumer credit card debt – and shared how these factors affect the “yield curve”, the economist’s typical recession-predicting tool. In the end, Parrish concluded that interest rates are expected to remain higher for longer periods of time which will continue to impact the real estate market. Retail is still strong, surprisingly, but could soften by September due to the end of many of the government-funded programs developed during COVID. And Gwinnett is [and always will be] great!
