Georgia Shatters Economic Development Records in FY2006

Georgia Shatters Economic Development Records in FY2006

More than 24,000 New Jobs Created and More Than $5.7 Billion in New Investment

ATLANTA, Ga. – Governor Sonny Perdue announced today that 254 economic development projects located or expanded in Georgia during Fiscal Year 2006. These projects will create more than 24,000 new jobs and more than $5.7 billion in new investment. The numbers of projects, quantity of jobs and the amount of new investment are the most ever for the state.

“We have worked hard to create a business climate in Georgia where companies can grow and create new jobs for our citizens,” said Governor Sonny Perdue. “I’m especially pleased to see the job growth in rural Georgia, and I look forward to these numbers continuing to grow. Ensuring balanced growth across the state is crucial in guaranteeing that all Georgians have access to economic opportunities in their communities.”

The 24,660 jobs announced during the past year is a 140 percent increase over FY2005 (10,270 jobs), and the total investment of $5.76 billion is 303 percent more than the $1.43 billion last year.

These increases mirror Georgia’s business climate rankings, which have steadily risen in recent history. Georgia is third in the nation according to annual business climate rankings by Site Selection, an influential economic development trade publication. In addition, renowned economist Arthur Laffer has rated Georgia’s economic outlook as the best in the country.

Two-thirds of the 254 projects assisted by the Georgia Department of Economic Development in FY2006 were located outside of the core eight counties of Metro Atlanta, accounting for more than 18,000 jobs and $3.6 billion of new investment. Further dissection of the annual statistics shows that 138 projects will create 13,736 jobs and $2.9 billion of new investment in rural areas of the state (areas outside of Atlanta, Macon, Savannah, Augusta and Columbus).

The state’s aggressive international marketing strategy led to 38 foreign companies announcing projects in Georgia during FY2006. These 38 projects will create 4,992 jobs and $2.1 billion in new investment. The state made 42 international trips during the year, including four led by Governor Perdue. The 42 trips are four times as many as FY2005, and the state received 32 trips by foreign dignitaries to Georgia, three times as many incoming missions to the state over the previous year.

“Our international efforts are not only paying off in increased awareness of Georgia around the world, but we are also seeing significant projects resulting from meetings that we have held with leaders of foreign businesses and governments,” said Georgia Department of Economic Development Commissioner Craig Lesser. “Georgia has tremendous business assets that allow a company to function effectively and efficiently. That is a story that needs to be told often and in as many different places as possible.”

There was roughly a split in the number of projects between expansions of existing industries and companies new to Georgia. Slightly more than half (131 of 253) of the FY2006 projects were expansions, which accounted for 12,556 new jobs (56.2 percent of the total).

“It is very important that we continue to serve the needs of our existing industries while also courting new businesses,” said Commissioner Lesser. “Governor Perdue and the General Assembly passed an existing industry tax credit bonus program in 2005 that reaffirms our commitment to growing jobs for Georgians through the companies that are already here and contributing to the state’s economy.”

Major projects announced in FY2006 include:

• Kia Motors, new automotive assembly plant in West Point, 2,893 jobs, $1.2 investment.
• AirTran Airways, 80 new planes and 2,500 new jobs in Atlanta, Carrollton, College Park, Savannah and Forest Park.
• Aflac, 2,000 new jobs and expansion of Paul S. Amos Corporate Ridge campus in Columbus, $100 million investment.
• Gulfstream, new manufacturing and service centers in Savannah, 1,500 new jobs, $322 million investment.
• Perdue Farms, expansion of processing plant in Houston County and feed mill and hatchery in Monroe County, 1,000 jobs, $155 million investment.
• HP, two new data centers in Suwanee and Alpharetta, 280 jobs, $600 million investment.

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