Augusta University Reveals 2024 Regional Economic Growth Data to Residents

Augusta University’s James M. Hull College of Business held its yearly economic forecast breakfast on December 2, giving more than 100 local attendees a direct look at recent performance data for the area.

The event matters now because many Augusta households and businesses continue to feel the effects of uneven expansion across Georgia counties. Residents who attended heard how recent price changes have shaped the numbers they see in daily spending and wages.

Local Output Breakdown

Richmond County accounts for 44 percent of the region’s total economic activity, according to the summary published by Augusta University’s Jagwire news site. Columbia and Burke counties each doubled their real output over the past 25 years. The overall Augusta nominal figure stands at roughly $37 billion, though that total includes the impact of higher prices recorded since 2020.

Medcalfe, the economist who organized the session, explained that real growth after removing inflation has averaged about 1.5 percent annually since 2001. That pace sits below the national mark of 2.2 percent over the same span. Attendees from campus and the surrounding neighborhoods asked how those county-level differences affect job availability and housing costs in Augusta itself.

Student Research Shared

Two seniors in the business administration program, Kacey Axon and Brandon Day, helped prepare and present portions of the material. Axon’s portion examined county data on income and output and found that places with wider income gaps tend to expand more slowly. She traced part of the variation to differences in schooling access and the mix of local industries. Community members in the room noted that these patterns line up with what they observe in hiring and pay across Augusta employers.

The breakfast receives backing from an endowment established by Wells Fargo. Faculty, staff, students and Augusta residents have attended each year since the series began. The latest session ended with discussion of how individuals can track local indicators such as job postings and retail sales to stay informed between annual updates.

Next year’s event is already listed on the Hull College calendar, giving residents another scheduled chance to review fresh numbers and ask questions directly.