More than $20B was invested in Georgia businesses last year. Most is in rural areas.

Georgia’s economic development efforts are continuing to feature a rural focus.

The state Department of Economic Development’s Global Commerce team Thursday reported more than $20.3 billion in investment Georgia during the last fiscal year, with 429 facility expansions and new locations creating 26,900 new private-sector jobs.

More than 18,300 of those jobs representing $12.5 billion in investment came outside the 10-county Atlanta region, accounting for 83% of expansions and new locations.

Growing the economy in rural Georgia reflects a priority of Gov. Brian Kemp since he first ran for governor back in 2018, Kemp told Capitol Beat in an exclusive interview.

“That’s making sure we have regional opportunities rural Georgians could take advantage of without having too long a commute,” Kemp said. “It’s really paid off.”

The governor cited the huge “Metaplant” Hyundai Motor Group is building in Bryan County west of Savannah as a prime example of the job opportunities in the pipeline for areas outside metro Atlanta. The electric-vehicle manufacturing plant now under construction will be within easy reach not only for residents of Savannah but for job seekers living in rural counties west of Bryan County along Interstate 16.

“We’ve got engineering graduates from Georgia Southern University that instead of having to move to Atlanta can stay home if they want to ... and have a great-paying job with great benefits,” Kemp said.

Manufacturing accounted for more than 50% of the expansions or new locations that took place across Georgia during fiscal 2024. Notable expansions included Kia Georgia’s addition of the EV9 to its lineup in Troup County, Toyota Industries Corp.’s campus in Jackson County, StandardAero’s operations in Augusta, and international life sciences company Gerresheimer’s most recent expansion in Fayette County.

Hyundai Metaplant suppliers announced new locations in Bryan, Candler, Chatham, Coweta, Effingham, Harris, and Laurens counties.

With Georgia all-in on electric vehicles manufacturing, Kemp said he’s confident the industry eventually will become a major success despite sluggish sales.

“The Biden administration with the IRA (Inflation Reduction Act) tried to push the market before it was ready,” he said. “Once the charging stations are built out, there’s going to be a big market for these.”

The governor and Georgia First Lady Marty Kemp led economic development missions to Korea and Switzerland during the last fiscal year that focused on strengthening existing relationships with key investors including Hyundai and its supplier network.

Those trips and similar overseas missions the previous year helped land more than 8,100 new jobs and $5.9 billion in investments from international companies expanding or locating in the U.S.

“A lot of the ground we’ve plowed internationally is starting to pay off,” Kemp said. “We’re starting to see the fruits of that labor.”