Chattanooga gas prices drop again last week
Chattanooga gas prices fell another 2.9 cents per gallon last week, averaging $2.76 per gallon for regular fuel on Monday, according to GasBuddy's daily survey of 170 stations in Chattanooga. Gas prices in Chattanooga are 4.4 cents per gallon higher than a month ago and stand 90.7 cents per gallon higher than a year ago.
But local fuel prices average 38 cents per gallon less than the U.S. averageof $3.14 per gallon for regular gas.
"With oil prices struggling under the weight of a rise in new Covid cases thanks to the Delta variant and OPEC's increase in oil production, average gas prices in most states finally drifted lower," said Patrick De Haan, head of petroleum analysis for GasBuddy. "However, we aren't yet in the clear. U.S. gasoline demand last week surged to a new 2021 high, besting the week prior to the July 4 holiday."
Buc-ee's to open Calhoun location
Buc-ee's will open its newest travel center in Calhoun, Georgia, on August 23 at 601 Union Grove Road just off Interstate 75.
The new 53,200-square-foot convenience store and gas station in Calhoun will be only the second Buc-ee's in Georgia and will be nearly 160 miles west of the company's first Georgia site in Warner Robbins, Georgia. The two Georgia stores continue Buc-ee's multi-state expansion across the South, joining locations in Florida and Alabama
Buc-ee's first travel centers in South Carolina and Tennessee are currently under construction, while Buc-ee's continues to operate 38 locations across Texas, where it was founded.
Buc-ee's Calhoun will employ occupy more than 53,200 square feet and offer 120 fueling positions just outside its store with thousands of snack, meal and drink options for travelers on the go.
"Calhoun is an ideal stop for folks making their way from central Georgia up through the gorgeous foothills of the northern part of the state, then on to Chattanooga in Tennessee and beyond," said Stan Beard of Buc-ee's. "It's a vibrant region, full of history and beauty, and Buc-ee's is thrilled to join such a special community."
Savannah Port grows 20% in '21
The Port of Savannah is now moving record-breaking volumes of cargo.
The Georgia Ports Authority said its cargo volumes grew 20% in fiscal year 2021.
Georgia Ports Authority Executive Director Griff Lynch said the project to deepen Savannah Harbor, the Mason Mega Rail terminal and other capacity upgrades are preparing Georgia for future cargo demand.
The Savannah Harbor Expansion Project is now nearly 90 percent complete, Georgia Ports said. The project is expected to finish up in December 2021. With a high-tide depth of 54 feet (16 meters), the deeper harbor will allow vessels to take on heavier loads with fewer tidal restrictions.
"A major strength for the Port of Savannah is its ability to respond to the needs of customers as they expand their positions in Georgia," Lynch said.
The Georgia Port Authority's trade in the auto and heavy machinery industries also saw significant growth, the authority said Monday.
New home sales decline in June
Sales of new homes fell for a third straight month in June, dropping by 6.6% to the lowest level in more than a year.
The June sales decline left sales at a seasonally adjusted annual rate of 676,000, the Commerce Department reported Monday. That followed a 7.7% sales decline in May and a 10.1% fall in April.
The pace last month was down 19.4% from a year ago and the slowest since April 2020. Housing has been a stand-out performer since the economy began emerging from the steep-but-short pandemic recession in April last year.
The median price of a new home sold in June was $361,800, up 6.1% from a year ago. but down 5% from May, suggesting the surge in prices may be slowing a bit as builders increase inventories. The number of new homes for sale at the end of June increased to 353,000, up 7% from May.
A shortage of homes on the market and rising costs for materials such as lumber and also higher labor costs had fueled a sharp jump in prices. But analysts said the trend for sales and price gains has clearly slowed from the red-hot pace seen over the past year as the economy emerged from the pandemic.
— Compiled by Dave Flessner