Competitive advantages for companies doing business in Georgia are as diverse as Georgia’s industries. Two primary benefits for companies include reducing costs and driving business innovation.
The savings that Georgia generates for businesses are significant:
- The state’s single-factor tax rate means that Georgia’s already low corporate tax rate (6 percent) applies only to the portion of income earned inside the state. If your company delivers a large portion of products and services outside the state, that tax liability is lowered further.
- Georgia is a right-to-work state with the second-lowest union membership rate in the U.S. (4 percent of employed) and an hourly manufacturing wage well below the national average.
- The cost of living in Georgia is lower: all eight major cities, including Atlanta, are below the national average. A 2010 KPMG study ranked Atlanta as the nation’s second least expensive large city.
- Georgia’s incentives also apply to equipment expenses, inventory and infrastructure. One example: qualified new investments of $50,000 or more in manufacturing or telecomm earn a tax credit of between 1 and 5 percent of the investment.
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Reducing business costs is just one part of Georgia’s competitive advantage equation. The state also provides companies with what’s needed most to develop and expand:
- A deep talent pool. Nearly 90 accredited universities, colleges and technical colleges produce 50,000-plus graduates a year. Population growth has been steady for 30 years, and projections show Georgia’s population will grow 46 percent between 2010 and 2030. Beyond providing numbers of skilled workers, Georgia offers several training and development programs – free of charge – including Georgia Quick Start, the nation’s top-ranked workforce training program.
- Exceptional access to markets. Atlanta has non-stop flights to 75 countries and 150 U.S. cities every day, and overseas flights will expand in 2012 when a new international terminal opens. Georgia’s two deep-water ports are a major reason the state ranks no. 2 nationally in exports. With 4,700 miles of rail, Georgia has one of the nation’s most extensive rail systems for freight, and companies can access 80 percent of the U.S. by truck within two days.
- Business development support. Asia, Europe, the Middle East and the Americas can be opened to your company through Georgia’s 10 international offices. Our economic development team connects businesses to corporate and government leaders around the world, as well as here at home. They also provide a wealth of data on wages, tax breaks, locations, incentives and more.
- Community leadership. The Georgia Department of Economic Development (GDEcD), Georgia Chamber of Commerce and dozens of other development agencies statewide assist businesses in communicating with communities, educating a diverse workforce, and promoting the growth of their industries. Read more ▶
- Competitive advantages are not limited to reducing costs and driving expansion. Georgia’s versatile way of life has been a major benefit to companies and their employees:
- Beaches, mountains, forests, rivers - the Georgia outdoors offers something for everyone. Georgia is home to more than 60 state parks and a dozen national parks, including the Okefenokee Swamp.
- From the Masters Golf Tournament to NASCAR auto racing to professional teams in football, baseball and basketball, Georgia is a focal point for sporting events.
- Georgia is colored by four well-defined seasons - including a brief winter (average temperature 41) and a warm summer (average temperature 82).
- The world’s largest aquarium, the South’s leading arts center and a vast array of cultural experiences across the state