Georgia Announces Double-Digit Increases in Jobs, Investment for Fiscal Year 2008

ATLANTA, August 1, 2008 — Governor Sonny Perdue announced today that 321 economic development projects located or expanded in the state during Fiscal Year 2008, resulting in double-digit growth percentages in the number of the projects, amount invested and jobs created. These companies, who were assisted by the Georgia Department of Economic Development (GDEcD), will bring 19,668 jobs and $3.26 billion in investment to the state. 'As Governor I have made increasing jobs and investment a priority for my administration,' said Governor Perdue. 'I am very pleased our hard work is paying off as we continue to see companies show interest in Georgia's business-friendly environment and talented workforce.' These results represent a strong upward trend for Georgia, with investment increasing 17 percent over fiscal 2007 and jobs increasing 13.1 percent over the same period. The number of announcements increased 14.2 percent as well. All areas of the state have benefited from the economic growth, with rural projects (outside the Atlanta, Columbus, Macon and Savannah metro areas) accounting for 60 percent of all the new jobs announced and 56 percent of the investment. On Thursday, Forbes.com released its annual ranking of the best states for business, and Georgia moved up to 5th, the biggest jump of any state. Earlier in the week, Georgia was ranked as having the third best business climate among the 50 states, according to a survey of U.S. corporate executives conducted every three years by Development Counsellors International (DCI). Georgia was identified by 20.4 percent of the 281 respondents to the 2008 survey as having the most favorable business climate. Georgia has above average economic growth when compared with the rest of the country. Its gross domestic product increased by 2.8 percent in calendar year 2007, according to a Bureau of Economic Analysis report. Georgia now has the fastest-growing economy in the Southeast and ranks 11th in the country in terms of growth. 'We are continuing to promote Georgia's key assets, including a strong workforce, excellent transportation network and competitive cost of doing business, to garner more economic successes for the state,' said Ken Stewart, commissioner of the Georgia Department of Economic Development. 'Our team is out every day aggressively marketing Georgia across the globe, and I'm proud to see positive results.' International projects continued to have a strong showing in Georgia, representing 16.5 percent of projects, 35.6 percent of jobs and 33 percent of investment. Small businesses also accounted for a significant portion, with 31 percent of projects. Thirty-three percent of the economic development projects were new, while the other 67 percent were expansion of existing Georgia businesses. The expansions will create 7,539 jobs, representing 38 percent of the total, and $1.5 billion in investment, which is 46 percent of the total. Georgia's strengths in logistics continue to prevail. The Port of Savannah is the nation's fastest-growing and recently announced projects that will increase its capacity. Hartsfield-Jackson International Airport has just been named the world's most efficient airport for the third year running. Four of the state's largest projects in fiscal 2008 were Korean automotive suppliers, three of which are Kia suppliers. Here is a listing of some of the largest projects: Kumho Tire, 450 jobs and $225 million investment Sewon Precision, 700 jobs and $170 million investment (Kia supplier) Glovis, 600 jobs and $60 million investment (Kia supplier) Mobis, 600 jobs and $60 million investment (Kia supplier) EFACEC Group, 600 jobs and $106 million investment Dick's Sporting Goods, 484 jobs and $23 million investment Heatcraft Refrigeration, 325 jobs and $22 million investment In all, Kia suppliers who have chosen to locate in Georgia will provide 3,600 jobs and more than $350 million in investment, far exceeding the anticipated 2,800 supplier jobs. And that is in addition to the 2,500 jobs that Kia plans to create at the West Point factory. GDEcD's award-winning international trade division closed 168 deals valued at $17.4 million in fiscal 2008. Sixty-one percent were outside of metro Atlanta, and 70 percent were completed with the assistance of the state's 10 international offices. Small businesses benefited most, since 89 percent of trade deals involved companies with 100 or fewer employees. Overall, trade deals and initiatives touched 51 countries in fiscal 2008. The Global Outreach staff has made international promotion and business development a priority for Georgia. During fiscal 2008, the agency handled 73 incoming delegations representing 50 countries and 58 outbound missions to 23 countries, including four Governor-led missions. The efforts are already starting to bear fruit, with international leads increasing 34 percent from 891 in fiscal 2007 to 1,193 in fiscal 2008. Georgia continues to emphasize its international trade ties by establishing new partnerships, such as the Southeastern United States-Canadian Provinces Alliance, which encourages cooperation among six southeastern states and seven Canadian provinces. SEUS-CP met for its first conference in Savannah in June 2008. The state also opened its first economic development center in Beijing, China in April 2008. The Regional Small Business & Innovation team saw significant increases in announcements, jobs and investment. For fiscal 2008, 101 projects were announced, creating 938 jobs and $82 million in investment. In contrast, the team announced 58 company locations or expansions in fiscal 2007, creating 335 jobs and $27 million in investment. With successful programs like the "Entrepreneur Friendly" Initiative, the Governor's Mentor-Protégé program and a robust team of regional project managers, Georgia's role in developing an entrepreneurial environment is clear. Tourism in Georgia continues to be the state's second largest industry. According to figures from the Travel Industry Association of America, for calendar year 2007, direct travel expenditures in Georgia increased 5.8 percent from $19.1 billion to $20.2 billion. Domestic expenditures increased 5.3 percent from $17.7 billion to $18.6 billion, while international travel expenditures increased 12.2 percent from $1.3 billion to $1.5 billion. Employment in the hospitality industry increased 2.6 percent up to 242,700 from 236,500, while tax revenue increased 5.7 percent from $1.4 billion to $1.5 billion. Georgia's entertainment industry saw 279 total entertainment productions in the state during fiscal 2008, including: · 10 feature films · 46 TV programs and episodic series · 171 Commercials · 44 music videos · 8 video game projects As the new incentives in the just-signed Georgia Entertainment Industry Investment Act take effect, Georgia now has the most competitive video game incentives in the country. The state ranks in the top three in the Southeast for competitiveness as well as in the top six in the nation for its incentives for film and television production.