Officials from the Federal Reserve Bank and several universitiesrecently gave their take on 2014's national, state and localeconomic forecasts during a session hosted by Southeastern FederalCredit Union.

The $189 million cooperative in Valdosta, Ga., spearheaded theValdosta-Lowndes Chamber's Business Outlook forum Feb. 6.

Mike Gudely, president/CEO of Southeastern FCU, explained the importance of providingeconomic projections to leaders, stating “the more successful yourbusiness is, the more successful the Valdosta-Lowndescommunity.”

Tom Cunningham, vice president and associate director ofresearch for the Federal Reserve Bank of Atlanta, predicted little to nomovement in monetary accommodation and fewer negative economicalissues.

Cunningham said he also expects a 1% drop in unemployment whilealso contributing credit to retirees and disabled citizens leavingthe labor market. Others leave the labor force to return to schoolin order to then re-enter the labor force upon economicimprovement, he noted.

The largest concerns include government spending, policyuncertainty, government shutdowns, the current healthcare issues, and an increase in regulations, Cunninghamsaid, adding, improvement is still expected in 2014 but by a smallmargin.

The Federal Reserve plans to make great efforts to see change ina real time perspective, and tracks the forecast in comparison tothe changes seen on the ground, according to Cunningham.

Jeffrey Humphreys, director of the Selig Center for EconomicGrowth at the University of Georgia's Terry College of Business,provided Georgia's economic outlook.

He predicted a 3.3% growth of GDP and faster growth than in2013. With 2.2% job growth in Georgia, compared to 1.7% in thenation, Humphreys said he expects the state to outperform thecountry, leading to a major shift in economic developmentstrategy.

Also on the incline to stability is the recovery of the housingmarket with industries such as construction, mining, logging, andmanufacturing leading the way for Georgia, Humphreys said.

Expected losses for 2014 include federal government jobs, thoughstate and local government positions are expected to remain stable,Humphreys said. Since the recession, Georgia has recovered 69% ofjobs lost, whereas the nation has recovered 90%.

Meanwhile, the agricultural industry is slated to be a bright spot in SouthGeorgia, said Cynthia Tori, professor of economics at the HarleyLangdale Jr. College of Business at Valdosta State University, whoprovided the local forecast.

Moody Air Force Base, South Georgia Medical Center, and ValdostaState University were listed among the top 10 employers in thearea, she pointed out.

Tori acknowledged that the business community will need to pay close attention to thedefense budget due to a high probability of cuts that could triggera base realignment and closure. In contrast, state funding foreducation is on the rise, but still doesn't meet the growingdemand, she said.

The city's housing market has trended toward stable for the pastfew years, providing hope for the real estate market, Torisaid.

Emphasizing the reality of growing issues, Tori pointed out thatValdosta is currently ranked as the third lowest MetropolitanStatistical Area in the United States. She called leaders toaction, addressing the need for critical thinking and problemsolving skills to be brought to the decision making table.

“We can sit here and wait to see how things are going to happen,or we can take a proactive approach,” Tori offered, focusing on theneed to create a strategic plan to grow existing businesses andbring new businesses to the area.