Why Savannah?
In recent times, both my existing and prospective clients have been setting their sights on Savannah, GA as their target market. Simultaneously, Market Stadium data has identified #savannah as one of the top small markets (defined by MSAs with populations of 1 million or under) with immense potential for future growth. Intrigued by this trend, I decided to delve deeper into the Savannah market and uncover why it's capturing the attention of so many real estate investors.
A few weeks ago, I embarked on a journey to Savannah to witness the city's developments firsthand. Over the course of three days, I explored the historic downtown area and ventured into the suburban residential neighborhoods in the south of the city. I also had the opportunity to engage with local residents and developers, gaining valuable insights into the market.
Here's a summary of my analysis and observations from my trip:
Savannah boasts impressive growth metrics and demonstrates significant potential for future expansion.
Residents with High-Tech Jobs Growth percentage has surged by an astounding 463.94% annually over the past 3 years, ranking Savannah at the top among all US cities.
GDP growth has averaged 10.76% annually over the past 3 years.
Total Population growth has been steady at 1.36% annually over the past 3 years.
The current unemployment rate of the city stands at a stable 2.5%.
Most importantly, Savannah is witnessing the creation of new jobs and opportunities:
🚀 Growth in the number of company establishments across all industries has seen an impressive 8.14% year-over-year growth, placing Savannah among the top 11 US cities and top 6 small markets (under 1 million population).
🚢 The Port of Savannah has experienced a surge in container volume, driving exponential growth in warehouse construction.
🛳 Recent announcements of Hyundai electric vehicle and battery plants in Savannah, expected to employ over 8,100 people, further indicate the city's growth trajectory.
Additionally, during my visit, I made several interesting observations:
🏰 The historic downtown area was bustling with tourists, underscoring Savannah's appeal as a vibrant destination.
🏘 Numerous single-family housing developments are underway, with ample land available for further development.
Please feel free to share your insights and opinions in the comments below on Savannah's real estate market. Your feedback and comments are invaluable as we continue to explore this dynamic market together.
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