Georgia broke records for the third year in a row regarding economic development as total investments in facility expansions and new locations totaled more than $24 billion during fiscal year 2023 (FY23).
At the @GAChamber Congressional Luncheon, I was proud to announce for the third year in a row, Georgia has broken economic development records!
82% of the 38,400 new jobs created last fiscal year are going to rural regions of the state. https://t.co/471t95efJl pic.twitter.com/n5wN9auCIk
— Governor Brian P. Kemp (@GovKemp) August 8, 2023
Through FY23, approximately 38,400 new jobs were created in the Peach State through 426 projects, according to the Georgia Department of Economic Development (GDEcD) data. Expansion projects accounted for 71 percent, and new locations accounted for 65 percent of new jobs announced across the state in FY23, GDEcD notes.
For comparison, investments in expansions and new locations totaled more than $21.2 billion, and 51,132 jobs were created in the state through 358 projects in fiscal year 2022 (FY22).
When excluding the two largest economic projects in state history – Rivian and Hyundai Motor Group – from FY22’s job creation figures, total jobs from FY23 projects exceeded the previous record by more than 2,800 new positions, according to GDEcD. In addition, annual investment totals have also increased by 131 percent over the last three years.
Out of the total projects in FY23, 82 percent of new jobs were created, and more than $20 billion in investments were announced in communities outside the 10-county Atlanta region.
In FY23, Governor Kemp and representatives from GDEcD traveled to Switzerland, Germany, Israel, the country of Georgia, and France to promote economic development opportunities in the Peach State. As a result of these and other engagements, according to GDEcD, international investments were responsible for 47 percent of expected jobs and 65 percent of the total investment in FY23.
Additionally, in FY23, the top international sources of job creation in Georgia were South Korea, Finland, Norway, Japan, Switzerland, and the Netherlands.
“The FY23 numbers are just the latest confirmation that what we’re doing on the state and local level in Georgia works,” Governor Kemp said in a statement. “Thanks to our partnership approach with community and economic development leaders and our pro-business approach, we’re seeing unprecedented opportunity come to communities all across Georgia.”
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Kaitlin Housler is a reporter at The Georgia Star News and The Star News Network.
