Gov. Brian P. Kemp and the Georgia Department of Economic Development (GDEcD) recently touted another year of robust business recruitment and expansion in the Peach State for Fiscal Year 2024. The GDEcD's Global Commerce team claimed a hand in 429 facility expansions and new locations, a move that translates into an investment north of $20 billion and the creation of some 26,900 new private sector jobs across Georgia, according to their official announcement.
Going against the urban pull, a substantial 83% of these expansions and new ventures settle beyond the 10-county Atlanta area, generating over 18,300 jobs, creating more than $12.5 billion in investment; this reflects Governor Kemp’s long-standing commitment to foster growth in rural parts of the state, “For years, we've worked closely with local and state partners all across Georgia to bring historic job creation to our communities, especially in rural areas,” Kemp said, underscoring a strategy resilient even amid national economic challenges, as per the official announcement.
While rural regions saw a significant spotlight, Metro Atlanta also stood out, cementing its status as a logistic and business heavyweight with nearly $7.8 billion in investments. Overall, new state locations were tied to investments reaching $12.8 billion and expansions brought forth 9,800 new jobs—details that Lt. Governor Burt Jones praised while emphasizing the importance of a skilled workforce to support business growth. Jones articulated appreciation for the efforts of educational institutions and public-private partnerships in preparing a workforce ready to drive these advancements forward.
Speaker of the House Jon Burns echoed these sentiments and reflected on the legislature's collaboration with Gov. Kemp to sustain Georgia’s economic stride, "From cutting taxes and burdensome regulations to making historic investments in our education system, workforce development and infrastructure, we have delivered real results for the people of Georgia—and we will continue to do just that in the months and years ahead." Throughout FY2024, a slew of industry sectors received boosts, with manufacturing taking the lead, noteworthy expansions included Kia Georgia’s launch of the EV9 and investments from household names like Toyota, StandardAero, and Gerresheimer, according to their official announcement.
The year also saw investments topping $1.3 billion in the food processing and agribusiness sector, among them, international companies like Yakult and CJ Foodville opted for Georgia to prop up their East Coast operations. The technology and corporate hub sphere also experienced growth, getting at least 4,400 new jobs into the fold. Gov. Kemp and the state's strategic global partnerships were a fulcrum in this progress, with economic development missions to Korea and Switzerland tightening the bond with key investors and solidifying Georgia's international business allure. As FY2024 wrapped, the Georgia Department of Economic Development also collected accolades including a Gold Shovel from Area Development and a top ranking for EV investments in Business Facilities magazine.
