Governor Brian P. Kemp, in conjunction with the Georgia Department of Economic Development (GDEcD), announced another year of sustained momentum for business recruitment and expansions in Fiscal Year 2024. Between July 1, 2023, and June 30 of this year, GDEcD’s Global Commerce team supported 429 facility expansions and new locations resulting in more than $20.3 billion in investment and the commitment of 26,900 new, private sector jobs statewide.
Further delivering on Governor Kemp’s promise to prioritize growth in rural Georgia, 83% of expansions and new locations are on their way to communities outside the 10-county Atlanta region, representing more than 18,300 new jobs and $12.5 billion in investment.
“For years, we’ve worked closely with local and state partners all across Georgia to bring historic job creation to our communities, especially in rural areas,” said Governor Brian Kemp. “These figures are just the latest confirmation that our approach is bringing sustained opportunity for the people of our state, even in the face of economic headwinds on the national level. We’re committed to continuing that momentum, investing in key areas like education, workforce development and infrastructure. Thank you to the incredible GDEcD team and all our partners across the state for making this another great year.”
Metro Atlanta also continues to support the state’s overall economy as a logistics and business hub, attracting nearly $7.8 billion in investments. Statewide, new locations account for $12.8 billion in investments and expansions are responsible for 9,800 new jobs.
“Today’s announcement highlights the great work we are doing in Georgia to expand business opportunities across the state, from the North Georgia mountains to the coast,” said Lt. Governor Burt Jones. “As we build on this great momentum, we have to ensure that businesses coming to Georgia or expanding their footprint have the necessary workforce. Our Technical College System of Georgia, University System of Georgia, College and Career Academies and private-public partnerships are building Georgia’s workforce pipeline with their workforce training programs. I commend their efforts to develop and grow Georgia’s workforce, and supporting their initiatives will continue to be a priority of mine.”
“The House has been proud to work alongside Governor Kemp and our colleagues in the Senate to continue our sustained economic development success in Georgia, and today’s announcement only solidifies those efforts,” said Speaker of the House Jon Burns. “From cutting taxes and burdensome regulations to making historic investments in our education system, workforce development and infrastructure, we have delivered real results for the people of Georgia—and we will continue to do just that in the months and years ahead.”
During FY2024, Governor and First Lady Kemp led economic development missions to Korea and Switzerland that focused on strengthening existing relationships with key investors like Hyundai Motor Group and its supplier network as well as promoting the state as a premier destination for business. The prior year, Governor and First Lady Kemp led similar missions to Israel, France, and Switzerland. As a result of these and other efforts, Georgia maintained its position as a global gateway for business, landing more than 8,100 new jobs and $5.9 billion in investments from international companies expanding or locating in the U.S. market this past fiscal year.
“Georgia’s strong partnerships and diverse industry landscape are major advantages for our businesses and our people,” said GDEcD Commissioner Pat Wilson. “Additionally, the state’s range of locations – from major cities to small communities, and from the mountains to the coast – provides companies with quality-of-life options to suit their needs. We appreciate the support from Governor and First Lady Kemp, the Georgia General Assembly, and our numerous partners statewide who help our teams bring hope and opportunity every day.”
The State of Georgia also celebrated more than 50 years of continuous representation in Europe and Japan in FY2024, which remain among the top sources of foreign direct investment. The coming fiscal year will also mark 40 years of continuous representation in Korea, a partnership that earned the Department of Economic Development the prestigious James A. Van Fleet Award from the Korea Society. All markets where Georgia maintains representation in business and trade accounted for 29% of total new jobs and investments in FY2024.
“Georgia has an incredible story, from its foundations in agribusiness and manufacturing to the new heights we are exploring in mobility and technology,” said GDEcD Commissioner Kristi Brigman. “Looking back at Fiscal Year 2024, the state achieved a decade of excellence, celebrated project milestones across the state, and worked to help communities and companies meet their long-term goals for success. Thank you to our economic development partners, utility providers, and team members for your dedication to creating jobs and opportunities for Georgia.”
Industry Highlights
Manufacturing, including the aerospace, automotive, and e-mobility sectors, accounted for over 50% of expansions or new locations in FY2024. Notable expansions include Kia Georgia’s addition of the EV9 to its line up in Troup County, Toyota Industries Corporation’s campus in Jackson County, StandardAero’s operations in Richmond County, and international life sciences company Gerresheimer’s most recent expansion in Fayette County. Hyundai Motor Group Metaplant America suppliers announced new locations in Bryan, Candler, Chatham, Coweta, Effingham, Harris, and Laurens County. SOLARCYCLE, an innovator in solar panel recycling, also announced plans for a new location in Polk County, to support solar panel manufacturer Qcells’ operations.
Investments in food processing and agribusiness totaled more than $1.3 billion in FY2024. International food processing companies continue to locate in Georgia to support their East Coast operations, including Japanese probiotic beverage company Yakult and Korean bakery CJ Foodville in Bartow and Hall counties, respectively. Household name Walmart will be sourcing milk from local dairy farmers at a future dairy processing facility in Lowndes County.
Technology and corporate hubs are creating at least 4,400 new jobs as a result of wins in FY2024. Cargill Corporation, which has an existing presence in Georgia and sits at the intersection of multiple key industries for the state, is establishing a new office hub in the City of Atlanta. Atlanta also remains a major center for entertainment, and U.S. Soccer’s future headquarters and national training center in Fayette County reinforces Georgia’s position within entertainment, sports, and tourism.
Accolades Earned in FY24
Georgia has achieved a full decade of business excellence, earning the rank of No. 1 state for business from Area Development magazine for 10 consecutive years. The state earned the No. 1 spot in Site Selection magazine’s annual Prosperity Cup rankings for successful investment recruitment in 2023. Georgia was awarded a Gold Shovel by Area Development for achieving significant success in attracting new business investment and job creation in 2023. Business Facilities magazine also ranked Georgia as the No. 1 state for EV investments as well as a top 10 state for food processing, cybersecurity, aerospace and defense, and AI growth hubs.
About GDEcD
The Georgia Department of Economic Development (GDEcD) is the state’s sales and marketing arm, the lead agency for attracting new business investment, encouraging the expansion of existing industry and small businesses, locating new markets for Georgia products, attracting tourists to Georgia, and promoting the state as a destination for arts and location for film and digital entertainment projects, as well as planning and mobilizing state resources for economic development. Visit georgia.org for more information.
