Two weeks ago, Professor Tama of Georgia Southern University shared insights on economic growth in Pooler, a fast-growing suburb of Savannah, GA. Though I wasn’t able to attend, I gathered highlights from the Savannah Business Journal. Here are some key points:
- Savannah’s economic performance continues to outpace statewide metrics.
- The Hyundai plant has filled only about 10% of its projected 8,000 on-site positions.
- Job growth is strongest in the manufacturing and logistics sectors, with average weekly wages in Chatham County around $1,277—while manufacturing jobs specifically average $1,800 weekly.
- Population projections for Pooler estimate an increase of 25,000 to 28,000 residents within the next five years.
- Savannah’s port has $4.5 billion in ongoing investments, positioning it to become the dominant East Coast port.
- First-time homebuyers in Pooler are increasingly opting for condos or townhomes over single-family homes.
Each of these topics deserves its own in-depth analysis, but here, I’d like to focus on the impact of population growth. When new residents flood into an area with limited housing supply, real estate and rental prices tend to climb. And because people can relocate much faster than homes can be constructed, demand often exceeds supply. Despite the extensive construction across Pooler, it remains to be seen whether the housing market will be able to keep pace with demand. Building adequate housing is challenging, let alone ensuring it’s the right type, size, and location to meet the area’s needs.
According to Census Bureau data, Pooler’s population has surged from 19,140 in 2010 to 25,711 in 2020, reaching roughly 29,544 in 2023. This annual growth rate of more than 5% is five times the national average—a rate that’s both impressive and frustrating for Pooler’s residents.
Driving around Pooler during regular hours is rarely a pleasant experience; the infrastructure simply isn’t equipped to handle the current volume of traffic. Imagining a doubling of the population is hard when the area already feels congested. The interstate projects on I-95 and I-16 are substantial and much-needed, but improvements to local city streets are essential as well.
As an investor, I get excited when I read about population growth. But when I’m stuck in traffic, I find it less appealing.
