Savannah’s Unemployment Rate Remains Stable at 2.7% in February
Savannah, Georgia – The Peach State continues to exemplify economic resilience with Savannah maintaining an unchanged unemployment rate of 2.7% in February, a significant decrease from 3.0% of the same period last year, as revealed by Georgia Labor Commissioner Bruce Thompson.
The state’s regional commissions have also recorded steadying or plunging unemployment rates. Bruce Thompson states, “Georgia continues to thrive, fueled by a powerhouse workforce and savvy economic investments. For the past 48 months and counting, Georgia has continued to outshine the nation with low unemployment and high-quality jobs.” Thompson added that the low regional unemployment numbers are a testament to Georgia’s remarkable economic performance and its capacity to drive economic opportunities across the state.
Record Highs in Savannah’s Labor Force and Employment
In February, Savannah’s labor force rose by 1,432, touching a record high of 203,436. The number of employed residents in the city was also at an all-time high at 197,906, an increase of 1,372 over the month. When compared to February 2023, the labor force and the count of employed residents increased by 3,781 and 4,339 respectively.
Furthermore, the city recorded 205,100 jobs in February, a surge of 600 from the previous month, and a significant rise of 3,100 compared to February 2023.
Decrease in Initial Unemployment Claims
The number of initial unemployment claims in Savannah saw a decrease of 160 (-20%) in February. However, when compared to February 2023, initial unemployment claims rose slightly by 54 (10%).
Continued Economic Success
$With the steady figures and record highs, Savannah continues to exemplify the thriving economic environment of Georgia. The powerhouse workforce, coupled with strategic economic investments, are key contributors to the state’s successes. This healthy employment scenery further illustrates Georgia’s ability to provide economic opportunities in virtually every corner of the state. Indeed, the state’s robust performance over the past four years, marked by low unemployment and high-quality jobs, has set a precedent for others to emulate.
As the state continues to experience this successful trajectory, individuals, businesses, and prospective investors can look forward to more opportunities for growth and success in Savannah and beyond.
