Page 2 - State of Small Business in Chatham County 2020

“The State of Small Business in Chatham County 2020”

This document would have been quite different if it reflected the 2020 Savannah/Chatham County
economic and small business forecast back in January. Here are some quotes from the January 17, 2020,
Savannah Area Chamber of Commerce’s Annual “Economic Outlook Luncheon”:

“Our Savannah market is the hottest market in the country for logistics and distribution
development. There is no reason to think that is going to abate in the near future.”

“Locally here in Savannah, we are expecting job growth. We do see a slowing in the economy
and nation as a whole, but the great thing about Savannah's economy is it's well diversified and
we do anticipate growth in 2020.”

But in March, the world as we knew it fundamentally and existentially changed. The COVID-19 virus,
spreading around the globe, affected every aspect of daily life. As of the date of this document, despite
a glimmer of hope for an effective vaccine on the near-term horizon, everywhere, including Chatham
County, the pandemic is still woven into the very fabric of our society, including our local economy.
Every year since 2012, the Savannah chapter of SCORE and generous sponsors, most notably Wells
Fargo, have presented a “State of Small Business in Chatham County” symposium. The purpose of this
event is to provide the Savannah/Chatham County small business community with information and
insights about the economy in the coming year in order to help business owners capitalize on emerging
opportunities and fend off potential threats.

Because of the COVID-19 pandemic, the 2020 symposium could not be presented in its traditional in-
person format during Small Business Week in May. However, after eight months of life and business
during the pandemic, presenting the symposium as a virtual event in December 2020 made it timelier
and more impactful than had it been presented in the Spring.

Nine local experts presented reports on key aspects of our local economy and business climate: Tourism
and the Entertainment Industry; The Port of Savannah; the Technology Sector; Construction and
Commercial Real Estate; Employment; and Financial Resources. The pandemic has had a significant
negative impact on several of these sectors including tourism, employment/staffing, construction
projects, and tax revenues. In fact, Savannah’s core industry, tourism, is not expected to make a full
recovery until 2024.

However, Savannah remains one of the most desirable cities in the country for people to live and do
business. The city was named the Number One most desirable small city in America for moviemakers to
live and work. The Technology sector is vibrant and overall entrepreneurism is growing. The Port of
Savannah is home to the largest single-terminal container facility of its kind in North America and is the
3rd fastest growing port in the nation.

The “State of Small Business in Chatham County 2020” presents a mixed picture of the coming years.
Many challenges lie ahead for every person and every business until the spread of the COVID-19 virus is
brought under control. Unfortunately, until that occurs, more people will be lost, and more small
businesses will close. But as many businesses adapt to this new reality and/or pivot in order to survive
and thrive, we will see our small business community and its home City and County work together to
once again create a bright, vibrant, post-COVID business environment.