Georgia Continues Record Economic Development in Fiscal Year 2023

The Georgia Department of Economic Development (GDEcD) recently announced that for the third year in a row the state broke records for economic development during Fiscal Year 2023 (FY23). In FY 23, total investments in facility expansions and new locations totaled more than $24 billion, resulting in 38,400 new jobs through 426 projects supported by GDEcD’s GlobalCommerce team.

When excluding the two largest projects in state history – Rivian and Hyundai Motor Group – from the previous year’s job creation figures, total jobs as a result of FY23 projects exceeded the previous record by more than 2,800 new positions. Annual investment totals have also increased by 131 percent over the last three years.

Eighty-two percent of new jobs created and more than $20 billion in investments are on their way to communities outside the 10-county Atlanta region. A magnet for industries like financial technology and life sciences, Metro Atlanta also continues to play a critical role in the state’s overall economy, attracting $3.6 billion in investment last fiscal year. Expansions account for 71 percent of total projects, and new locations for 65 percent of new jobs announced across the state.

Georgia has remained on the cutting-edge of the future of mobility. Between July of 2018 and July of 2023, at least 40 e-mobility projects have been announced, committing more than 30,000 jobs and over $25 billion in investment to the state. This past fiscal year, job creation in the automotive industry increased by 324 percent when compared to FY21, and suppliers attracted by Georgia’s mobility original equipment manufacturers (OEMs) resulted in over $2 billion in investment across the state in FY23. Mobility and cleantech projects alone delivered three investments of $1 billion or more and six of the largest projects by job creation– a result of fostering innovation in the state with the support of organizations like the Georgia Center of Innovation, which connects public and private partners in strategic ecosystems.

Furthermore, partnerships with community and state partners on speed-to-market and work force solutions like the “Georgia Ready for Accelerated Development” (GRAD) certification and Georgia Quick Start programs spurred a 112 percent growth in advanced manufacturing investments since FY21.

Georgia also benefits from a reliable logistics industry that extends throughout the state along a robust network of top-ranked highways and accessible railways. With ample cold storage space, key sectors like agriculture – the state’s number one industry – and food processing are able to safely transport products to local groceries and markets across the U.S. and abroad. Agribusiness-related job creation grew by 29 percent compared to FY21.