Several chamber board members accompanied David Tidmore to Berry College’s Business Outlook Luncheon at the Ford Dining Hall on Berry’s Campus. Attendees included in the photo are Lyerly Mayor, Jessica Eller; Summerville Mayor, Harry Harvey; City Manager, Russell Thompson; Commissioner’s Office representative, Sylvia Lee-Keziah; and Joint Development Authority representative, Butch Eleam.
The Rome News Tribune reported:
The index of leading economic indicators has risen more than 6 percent during the last six months, but Tutterow said the overwhelming number of jobs lost will not be recovered quickly.
“It may take 44 months to rebuild the job losses we had,” Tutterow said. “We are adding jobs again, the economy is growing, but when you fall as far as we did it takes several years to dig our way out of that hole.”
Tutterow reported the country lost 8.8 million jobs between December 2007 and January 2010.
Looking specifically at the Northwest Georgia region, the Macon-based economist reminded the audience that as the housing industry goes, so goes the carpet industry, which has been the heart of the regional economy. Dalton, for example, lost nearly one of six jobs during the recession.
“We have stopped the bleeding in Dalton,” Tutterow said.
He said oil prices also could pose a threat to recovery.
“Particularly if they were to get past $120 to $125 a barrel, at that point, I would start to be concerned that it would have a dampening effect on economic activity,” he said.
On the New York Mercantile Exchange on Wednesday, crude oil added 86 cents to settle at $107.11 per barrel.
The weakened position of the U.S. dollar has helped Georgia companies in terms of exports, and the economist pointed to the fact that Savannah is one of the fastest growing ports in the nation.
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