Georgia Governor Brian P. Kemp and the Georgia Department of Economic Development (GDEcD) have announced record-breaking economic development results for Fiscal Year 2023 (FY23). The state achieved more than $24 billion in investments for facility expansions and new locations, creating 38,400 new jobs through 426 projects supported by GDEcD's Global Commerce team. Notably, excluding the two most significant projects from the previous year, Georgia still exceeded the last creation job record by over 2,800 new positions. The state's annual investment totals have risen 131 percent over the past three years.
The state's position as a global gateway and its strategic approach to economic development has led to significant growth in various industries, record-breaking investments, and job creation.
Around 82 percent of the new jobs and over $20 billion in investments are heading to communities outside the 10-county Atlanta region. Georgia continues to be an attractive destination for industries like financial technology and life sciences. Metro Atlanta remains a crucial part of the state's economy, attracting $3.6 billion in investment during the previous fiscal year. Expansion projects accounted for 71 percent of the total projects, while new locations contributed to 65 percent of new job announcements.
Governor Kemp's administration has focused on the future of mobility, with over 40 e-mobility projects announced between 2018 and 2023, resulting in over 30,000 jobs and more than $25 billion in investments. The automotive industry saw a 324 percent increase in job creation compared to FY21, driven by e-mobility and cleantech projects.
Aerospace is another growing industry in Georgia, with investments in related projects increasing by over 1,000 percent since FY21. The state's partnerships with communities and state partners, coupled with initiatives like the "Georgia Ready for Accelerated Development" (GRAD) certification and Georgia Quick Start programs, have contributed to a 112 percent growth in advanced manufacturing investments since FY21.
Georgia's strengths, including its robust logistics infrastructure and global partnerships, have attracted foreign investments from countries like South Korea, Finland, Norway, Japan, Switzerland, and the Netherlands. Governor Kemp and GDEcD officials have conducted international economic development missions to strengthen these relationships and foster economic opportunities.
To view further details of state-announced economic development projects, visit www.georgia.org/newsroom.
