Economic Summit addresses financial crisis‚ attracts small business owners
There is some good news about the economy‚ Economic Summit panelists conclude
Georgia (Oct 23, 2008) — Economic Summit addresses financial crisis‚ attracts small business owners
Aixa M. Pascual
Abstract
iDirector of University Relations
Frances Weyand Harrison
770−423−6203
fharris4@kennesaw.edu
Contact: Aixa M. Pascual‚ 678−797−2549 or
apascual@kennesaw.edu
Economic Summit addresses financial crisis‚ attracts small business owners
KENNESAW‚ Ga.‚ (Oct. 2‚ 2008)Amidst the doom and gloom of the financial and economic crisis‚ there’s actually some
good news: Georgia is better positioned than other states to ride the turmoil‚ according
to panelists at a Coles College of Business forum on Oct. 14.
“There’s good news‚” said Joe Brannen‚ president of the Georgia Bankers Association‚
which represents 380 banks. “Georgia’s growing twice as much as the national average.
Georgia’s going to come out (of the crisis) faster.”
The Economic Summit & Town Hall Meeting‚ sponsored by the Econometric Center and the
Small Business Development Center at the Coles College‚ gave about 50 small business
owners the chance to ask Brannen and others about the economy. The other panelists
were: Tony Britton‚ senior vice president of Wachovia; Gene Henssler‚ president of
G.W. Henssler & Associates; and Don Sabbarese‚ director of the Econometric Center.
Sabbarese said that Georgia’s manufacturing and construction jobs are disappearing
at an increasing rate‚ with a decrease of 37‚000 jobs in August‚ compared to August
2007. A series of factors created the perfect storm for the current crisis: people
losing jobs‚ income and housing values falling‚ and banks hurting and tightening credit
standards as their asset values dropped and their capital dried up. Exports‚ the only
bright spot in the economy‚ will slow down as economic growth in Europe decelerates.
“This is a real challenge‚” Sabbarese said. “You’re seeing historic actions by the
federal government.”
But there’s reason for optimism‚ at least in Georgia. Two−thirds of Georgia banks
are profitable‚ Brannen said‚ and they are well capitalized. And 500 people continue
to move to the state each day.
Henssler said that home prices in Atlanta haven’t fallen nearly as much as home prices
in other cities‚ like Miami‚ Phoenix and Las Vegas.
“It’s a good news situation as it relates to Atlanta‚” Wachovia’s Britton said. “There
are lots of opportunities here in Atlanta. It’s a trying time. We know it’s a tough
time.”
A leader in innovative teaching and learning, Kennesaw State University offers undergraduate, graduate and doctoral degrees to its nearly 43,000 students. With 11 colleges on two metro Atlanta campuses, Kennesaw State is a member of the University System of Georgia. The university’s vibrant campus culture, diverse population, strong global ties and entrepreneurial spirit draw students from throughout the country and the world. Kennesaw State is a Carnegie-designated doctoral research institution (R2), placing it among an elite group of only 6 percent of U.S. colleges and universities with an R1 or R2 status. For more information, visit kennesaw.edu.
