With a diverse economic base spanning manufacturing, tourism, logistics, and technology, the city’s economy continues to reflect the effects of ongoing regional and national shifts in infrastructure investment, labor trends, and technological advancement.

2024 Economic Overview

Savannah’s economy in 2024 is defined by strong growth, largely driven by expansions in the port, manufacturing, and tourism sectors. The city’s Port of Savannah remains one of the fastest-growing and largest container terminals in the United States. With significant investments in infrastructure and modernization, the port is expected to handle record cargo volumes, boosting employment and supporting local businesses. Savannah’s strategic location as a transportation hub makes it a key distribution point for goods coming from overseas, supplying retail and manufacturing markets across the Southeast and beyond.

Port and Logistics Sector

The Port of Savannah, managed by the Georgia Ports Authority (GPA), has played a central role in Savannah’s economic landscape. With recent expansions and infrastructure upgrades, the port has been able to manage larger cargo volumes, including increased trade with European and Asian markets. Additionally, the city’s growing logistics infrastructure has attracted significant investment from third-party logistics companies, which are establishing more warehouses and distribution centers in the area.

Manufacturing Growth

Manufacturing has also seen steady growth in 2024, with Savannah serving as a hub for aerospace, automotive, and chemical production. Companies like Gulfstream Aerospace, a major employer in the region, are expanding operations, responding to increased global demand for private jets. Similarly, Hyundai’s electric vehicle plant, which broke ground near Savannah in 2023, has started ramping up operations. This facility is expected to create thousands of jobs and significantly impact the city’s economy, contributing to the region’s growing prominence in the electric vehicle (EV) sector.

Tourism Rebound

Tourism, a cornerstone of Savannah’s economy, has bounced back strongly in 2024 following the COVID-19 downturn. The city’s historic charm, unique architecture, and vibrant cultural scene attract millions of visitors each year. According to local tourism authorities, visitor numbers are expected to surpass pre-pandemic levels in 2024, driven by both domestic and international travelers. The increase in tourism has positively impacted Savannah’s hospitality, food, and retail industries, further driving economic growth.

Real Estate and Housing Market

The real estate sector in Savannah has remained robust in 2024, with demand for residential and commercial properties continuing to grow. Increased migration to the South, driven by affordable living costs, business-friendly policies, and high quality of life, has boosted Savannah’s housing market. Although residential property prices have risen, the region’s relative affordability compared to other parts of the United States keeps it attractive for both buyers and investors.

Economic Predictions for 2025

Looking ahead to 2025, Savannah is expected to continue on a path of economic expansion, but certain factors could influence the pace and nature of this growth. Below are some key trends and predictions for Savannah’s economy in the coming year.

Further Expansion of the Port and Logistics Sector

In 2025, the Port of Savannah is likely to see continued growth, driven by increased global trade and demand for U.S. imports and exports. Georgia Ports Authority has announced plans for further infrastructure development and automation upgrades that will enhance the port’s capacity and efficiency. This expansion will attract even more logistics companies to the area, creating job opportunities and strengthening Savannah’s role as a key U.S. trade gateway.

Manufacturing and Green Industry Initiatives

Savannah’s manufacturing sector is expected to see robust growth in 2025, particularly as Hyundai’s EV facility begins full-scale production. This expansion positions Savannah as a significant player in the EV industry, bringing thousands of high-paying jobs to the region. Alongside EV production, Savannah is likely to attract more companies in renewable energy and sustainable manufacturing, spurred by state and federal incentives promoting green industries.

Sustained Tourism Growth with Focus on Sustainability

Tourism is projected to grow in 2025, with a shift toward more sustainable travel options and eco-friendly accommodations. Savannah’s historic preservation initiatives, coupled with environmental conservation efforts, are expected to attract tourists interested in responsible travel. The city’s efforts to balance tourism growth with sustainability will be crucial in preserving its cultural assets and mitigating strain on local infrastructure.

Real Estate Development and Housing Market Adjustments

As Savannah’s population grows, the demand for housing will remain strong. Commercial real estate development is also expected to increase, driven by business expansions in logistics and technology.

Technology and Workforce Development

As Savannah’s industries expand, so will the need for a skilled workforce. In 2025, Savannah may see a stronger emphasis on workforce development programs, particularly in fields like advanced manufacturing, logistics technology, and renewable energy. Partnerships between local colleges and industries will be essential for addressing skills gaps and providing high-quality job opportunities for Savannah residents.

For over 40 years, we here at NAI Mopper|Benton have been intricately involved in Savannah’s commercial and industrial real estate market. Contact us today to discuss how we can assist you with all your commercial real estate needs.