In business for more than half a century, Rome-based Wheeler's Building Materials is one of many forced to downsize because of reductions in new home construction. According to the Rome News Tribune, the company will reduce its 1,000 member workforce to less than 500.
Experts say Georgia has lost nearly 10,000 manufacturing jobs in 2007 and that additional losses in 2008, could mean a rocky road ahead. Jeff Humphreys directs the Selig Economic Forecast center at UGA's Terry School of Business.
"Prepare for subdued growth but recognize that the risk of recession is unusually high about 40 percent. So, we're close to a tipping point. It looks like we'll be safe. But there is a huge downside risk and the risk is greatest during the first half of 2008."
Not all economic news was bad news for the state. Humphreys says look for growth in the health care industry, as well as expansion in the Columbus area, where changes at Ft. Benning are expected to mean thousands of new jobs.
Wednesday, December 5, 2007
Wheeler's falls victim to housing slump
