Georgia achieves economic record for 2022
ATLANTA – Georgia achieved a record fiscal year for 2022 in economic development investments and job creation.
Governor Brian P. Kemp, in conjunction with the Georgia Department of Economic Development (GDEcD), announced that Georgia achieved another record year for economic development investments and job creation in the state during fiscal year 2022. Investments and job creation were 94 percent and 53 percent above prior economic development records, respectively. Watch the ceremony here. During the event, Governor Kemp and GDEcD Commissioner Pat Wilson also unveiled a new video highlighting the state’s success. The full video can be viewed here.
“From day one, my administration has prioritized bringing jobs and investment to every corner of our state,” said Governor Kemp. “We have consistently set records; only to shatter them the following year as we have never been content to rest on our laurels. We are proud companies continue to recognize the advantages of Georgia’s business-friendly environment, superior logistics network, top-ranked workforce training program, and our relentless pursuit of being the best state in the nation for Americans to live, work, and raise a family. Our success means that hardworking Georgians have every opportunity imaginable to also succeed, and it is what drives our efforts day-in and day-out.”
Investments in expansions and new locations totaled more than $21.2 billion, and 51,132 jobs were created in the state through 358 projects supported by GDEcD’s Global Commerce team between July 1, 2021, and June 30, 2022. Excluding the two largest projects in state history – Rivian and Hyundai Motor Group – Georgia jobs and investments for the year totaled 35,532, and $10.7 billion, respectively. These were two of 12 automotive projects, which created a total of nearly 16,000 new jobs across the state.
Eighty-five percent of the investments and more than 30,000 new jobs came from outside the 10-county metro Atlanta region. Companies choosing to expand in Georgia accounted for 74 percent of total projects, and new locations created 33,846 jobs across the state.
Another leading job-growth sector, advanced manufacturing, added more than 10,000 new jobs in the state. Both of these industries include manufacturers and suppliers for the electric vehicle (EV) industry. Hyundai Motor Group Metaplant America’s (HMGMA) development also includes EV battery manufacturing along with affiliate suppliers on-site. These companies have been joined by component recyclers Aurubis and Ascend Elements as part of Georgia’s efforts to build a sustainable, reliable supply chain for its electric mobility ecosystem.
“I am grateful to Governor Kemp for continuing to prioritize the creation of high-quality jobs and strengthening Georgia’s workforce to further cement our reputation as the best state in the nation in which to do business,” said Lt. Governor Geoff Duncan. “Our state has made great strides in recent years to work towards our shared goal to be the technology capital of the East Coast and these recent job numbers suggest that we are continuing to attract critical investments necessary to achieve that goal. Thanks to Governor Kemp, and our stellar economic development team, we remain laser focused on growing jobs state-wide.”
“Georgia’s success in recruiting companies and creating jobs is the result of strong public-private partnerships and our continuing work to enact business-friendly public policies,” said Speaker David Ralston. “From lowering the tax burden on businesses and families to incentivizing workforce development and investment, we have created the nation’s best environment for business. I applaud Governor Brian Kemp for working with our General Assembly to ensure opportunity is available in each and every community across our state. I also want to thank Commissioner Pat Wilson and his team at the Georgia Department of Economic Development, as well as their counterparts in the private sector, who promote our state and its competitive advantages to businesses around the world.”
Additional strong gains in jobs came from bioscience and FinTech. Bioscience saw a 147 percent increase in job creation compared to last year with the support of companies such as Boston Scientific and Boehringer Ingelheim. FinTech projects created $32 million in investment and 1,215 new jobs this fiscal year. Georgia’s diverse workforce and the state’s top-tier universities have continued to attract digital and FinTech leaders like Cisco and Visa to the state.
Supported by Georgia’s agricultural strength and notable logistics and distribution capabilities, the food processing industry continued its momentum as well. Thanks to access to the Hartsfield-Jackson International Airport, the busiest and most efficient airport in the world; the Port of Savannah, the single largest and fastest-growing container terminal in America; and a robust network of highways and rail lines, the logistics and distribution industry itself remains an economic engine for Georgia.
Foreign direct investment (FDI) accounted for over $8 billion in investments created in fiscal year 2022. The top five sources were South Korea, Germany, Japan, France, and the Netherlands. Korea-based projects represented the highest job creation and investment from a single country, with Germany producing the second most jobs and investments after Korea.
As part of the state’s efforts to attract new opportunities to Georgia, GDEcD engages with companies and public partners across the world to establish new connections and build on existing relationships. In FY22, GDEcD Commissioner Pat Wilson led economic development missions to top countries for trade and investment such as the United Kingdom, South Korea, and Germany. Through meetings with economic development drivers like Hyundai Motor Group and SK On or discussing new opportunities for development with the German state of North Rhine-Westphalia or the Liverpool City Region Freeport, the State of Georgia continues to reinforce and expand its global network.
“No matter where your business is headquartered, when you decide to grow in Georgia, you become a Georgia company. Many thanks to the Georgia companies that have put faith in our citizens and recognize the benefits of our strong business climate; unmatched air, sea, rail and road networks; and amazing quality of life,” said GDEcD Commissioner Pat Wilson. “Georgia’s record-breaking numbers are the result of years of dedication to prioritizing the creation of high-quality jobs in every corner of the state. Thanks to Governor Brian Kemp, Speaker David Ralston, Lt. Governor Geoff Duncan, and the Georgia General Assembly for their support and commitment to meaningful economic development. I’m also grateful for the members of my team and our partners, from those down the street to the ones across an ocean, for their hard work.”
To catalyze economic growth and industrial development, GDEcD offers “Georgia Ready for Accelerated Development” (GRAD) certification, which recognizes pre-qualified industrial sites for which due diligence has been completed prior to a prospect visit. Through this program, Georgia has worked with property owners, development authorities, or economic development offices to certify more than 60 industrial sites as ready for fast-track industrial projects.
Georgia’s nationally recognized Quick Start program, which has developed specialized training tailored specifically to business needs for 55 years, provides companies with the trained workforce needed to support new locations or expansions.
The announcement marks a new high-water mark for sustained economic growth in Georgia under Governor Kemp’s leadership. Since he took office and in conjunction with GDEcD, more than 119,963 new jobs and over $42.9 billion in investment have been announced in communities across the state. Seventy-seven percent of state economic development projects, 81 percent of investments, and 57 percent of jobs in that time have gone to communities outside the 10-county metro Atlanta area.
To view details of the state-announced economic development projects, visit www.georgia.org/newsroom.
The Georgia Department of Economic Development (GDEcD) is the state’s sales and marketing arm, the lead agency for attracting new business investment, encouraging the expansion of existing industry and small businesses, locating new markets for Georgia products, attracting tourists to Georgia, and promoting the state as a destination for arts and location for film, music, and digital entertainment projects, as well as planning and mobilizing state resources for economic development. Visit www.georgia.org for more information.