Georgia Breaks Economic Records For Third Year In A Row

On Tuesday, Georgia Governor Brian Kemp, along with the Georgia Department of Economic Development (GDEcD), announced that the state had broken record for economic development for the third year in a row during Fiscal Year 2023.

According to a press release from Kemp’s office, “Between July 1, 2022, and June 30, 2023, total investments in facility expansions and new locations totaled more than $24 billion, resulting in 38,400 new jobs through 426 projects supported by GDEcD’s Global Commerce team. When excluding the two largest projects in state history – Rivian and Hyundai Motor Group – from the previous year’s job creation figures, total jobs as a result of FY23 projects exceeded the previous record by more than 2,800 new positions. Annual investment totals have also increased by 131 percent over the last three years.”

“Eighty-two percent of new jobs created and more than $20 billion in investments are on their way to communities outside the 10-county Atlanta region. A magnet for industries like financial technology and life sciences, Metro Atlanta also continues to play a critical role in the state’s overall economy, attracting $3.6 billion in investment last fiscal year. Expansions account for 71 percent of total projects, and new locations for 65 percent of new jobs announced across the state,” the press release added.

Kemp responded to the news in a statement in the press release. 

“The FY23 numbers are just the latest confirmation that what we’re doing on the state and local level in Georgia works,” said Kemp. “Thanks to our partnership approach with community and economic development leaders and our pro-business approach, we’re seeing unprecedented opportunity come to communities all across Georgia. I want to congratulate the hardworking men and women of the Department of Economic Development and all those on the local level who made these record-breaking numbers possible. As the top state for business, we’ll continue to work together and build on the historic growth we’ve seen in the Peach State, especially in our rural areas.”

 

D & B Staff

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