Gov. Kemp: Georgia’s Economic Surge Is A Decade of Unmatched Business Growth

Photo byOffices of Georgia Governor Kemp

Record-Setting Job Creation and Investment in Fiscal Year 2024

Georgia’s economic landscape continues to thrive under the leadership of Governor Brian P. Kemp and the Georgia Department of Economic Development (GDEcD). In Fiscal Year 2024, spanning from July 1, 2023, to June 30, 2024, the state reported remarkable business expansion and job creation, reinforcing its position as a premier destination for businesses worldwide. The GDEcD's Global Commerce team facilitated 429 facility expansions and new locations, resulting in more than $20.3 billion in investments and 26,900 new private sector jobs across the state.

Governor Kemp emphasized the state's commitment to growth, particularly in rural areas, where 83% of expansions and new locations are projected to create 18,300 jobs and generate $12.5 billion in investment. "Our approach is bringing sustained opportunity for the people of our state, even in the face of economic headwinds on the national level," Kemp stated.

Rural Communities Reap the Benefits

Governor Kemp's strategic focus on rural Georgia has been instrumental in driving economic growth outside the bustling Atlanta metro area. The majority of job creation and investment occurred in these regions, significantly boosting local economies. By targeting investments in education, workforce development, and infrastructure, Kemp’s administration aims to ensure continued economic resilience and growth in these communities.

Metro Atlanta, the state's economic powerhouse, also played a critical role, contributing nearly $7.8 billion in investments, serving as a vital logistics and business hub.

Education and Workforce Development: A Key Focus

Lt. Governor Burt Jones highlighted the importance of aligning Georgia's workforce with the needs of incoming and expanding businesses. “Our Technical College System of Georgia, University System of Georgia, and other public-private partnerships are essential to building our workforce pipeline,” said Jones. The state’s commitment to workforce development ensures that businesses can find skilled labor locally, which is crucial for maintaining Georgia’s competitive edge.

Speaker of the House Jon Burns echoed this sentiment, underscoring the role of legislative support in creating a business-friendly environment. "We have delivered real results for the people of Georgia—and we will continue to do just that in the months and years ahead,” Burns stated.

Global Connections Fuel Economic Expansion

International business continues to be a cornerstone of Georgia’s economic strategy. In FY2024, missions led by Governor and First Lady Kemp to Korea and Switzerland strengthened ties with key investors like Hyundai Motor Group, resulting in 8,100 new jobs and $5.9 billion in investments from international companies. These efforts underscore Georgia's status as a global business gateway, with 29% of new jobs and investments coming from markets where Georgia maintains a strong presence, including Europe, Japan, and Korea.

“Georgia's diverse industry landscape and strong global partnerships are major advantages for our businesses and people,” said GDEcD Commissioner Pat Wilson. This international focus has not only attracted investment but also positioned Georgia as a leader in sectors like manufacturing, aerospace, automotive, and e-mobility.

Sector Highlights: Manufacturing, Agribusiness, and Technology Lead the Way

Manufacturing, particularly in the automotive and e-mobility sectors, remains a significant driver of Georgia’s economic success, with over 50% of expansions or new locations in FY2024 attributed to this sector. Notable projects include Kia Georgia’s expansion in Troup County, Hyundai Motor Group’s supplier network growth, and the addition of innovative companies like SOLARCYCLE in Polk County.

Agribusiness and food processing also made substantial contributions, with over $1.3 billion in investments from companies like Yakult and CJ Foodville, as well as a new dairy processing facility by Walmart in Lowndes County.

The technology and corporate sectors created over 4,400 new jobs, with companies like Cargill Corporation expanding their presence in Atlanta, further cementing the city’s status as a key hub for business, entertainment, and sports.

Georgia’s Streak of Excellence Recognized Nationally

Georgia’s consistent economic performance has not gone unnoticed. For the 10th consecutive year, the state was named the No. 1 state for business by Area Development magazine and ranked first in Site Selection magazine’s Prosperity Cup for successful investment recruitment. The state also earned recognition for its leadership in EV investments and as a top hub for food processing, cybersecurity, aerospace, and artificial intelligence.

“Looking back at Fiscal Year 2024, the state achieved a decade of excellence,” said GDEcD Commissioner Kristi Brigman. Georgia’s strategic investments and targeted economic development initiatives have laid the groundwork for sustained success, creating a robust environment where businesses can thrive.