Augusta Real GDP Growth Trails National Pace at 1.5 Percent Yearly

Augusta’s nominal gross domestic product stands near 37 billion dollars, yet real growth adjusted for inflation has averaged only 1.5 percent annually since 2001.

The December 2 event at Augusta University’s James M. Hull College of Business marked the 18th edition of the Economic Forecast Breakfast, an annual gathering funded by a Wells Fargo endowment. Local business owners, city officials and university staff attended to hear how recent inflation has masked slower underlying expansion in goods and services produced here.

County shares and long-term trends

Richmond County accounts for 44 percent of the region’s economic output. Columbia and Burke counties have each doubled their real GDP over the past 25 years, while the broader Augusta area continues to expand more slowly than the national 2.2 percent average. Professor Simon Medcalfe presented these county breakdowns to show where output gains have concentrated and where they have lagged.

Two Hull College seniors, Kacey Axon and Brandon Day, contributed research for the presentation. Axon examined county-level income and output data across Georgia and found that places with greater income inequality expand more slowly because limited opportunities reduce overall participation in the economy.

Decisions ahead for Augusta leaders

With real GDP figures now clarified, local policymakers and business groups face choices on widening education access and supporting industries that draw a broader range of workers. The breakfast data showed that counties investing in these areas have recorded steadier gains, suggesting similar steps could lift Augusta’s annual growth rate closer to the national benchmark.

Medcalfe noted that subtracting inflation reveals whether the area is truly producing more, a distinction that will guide budget and workforce planning in the coming year. Residents and employers can track county output updates through the same Hull College series to judge whether targeted steps on education and job access begin to close the gap with faster-growing parts of the state.