Georgia records $21 billion in state-subsidized economic projects
ATLANTA (AP) — Gov. Brian Kemp said Georgia saw $21.2 billion in state-tracked business investment, with new and expanding businesses pledging to create 51,000 jobs over the past year. year that ended June 30.
The Republican governor, who is touting his accomplishments as he seeks a second term against Democrat Stacey Abrams, said it was a new record. Announced investments almost doubled from the previous record, while announced jobs increased by more than 50%.
“Our success means that hard-working Georgians have every conceivable chance to succeed as well, and that’s what drives our efforts day in and day out,” Kemp said in a statement.
In reality, much business investment and many new jobs never receive state incentives and are not tracked by the state, which has an annual saving of $683 billion. All announced investments and jobs may not materialize.
Those totals included 15,000 jobs and more than $10 billion in pledged investment tied to new electric vehicle factories planned by Rivian Automotive near Rutledge east of Atlanta and Hyundai Motor Group in Ellabell west of Atlanta. Savannah.
The Georgian Ministry of Economic Development has identified 358 projects benefiting from state incentives. Beyond Hyundai and Rivian, the other projects promised $10.6 billion in investment and nearly 36,000 jobs.
Georgia has offered billions in incentives for the projects, more than $3 billion for Hyundai and Rivian alone.
The state says $18 billion in investment and more than 30,000 new jobs have been pledged outside of the 10 counties that make up the heart of metro Atlanta. Kemp and other Republicans have focused on creating jobs in rural Georgia, saying they want to stimulate the economy. Georgia’s rural areas are among the most Republican in the state.
Officials say Georgia’s economic strengths include Atlanta Airport, the Port of Savannah and existing strength in logistics and distribution.
International companies have announced investments of more than $8 million. South Korea, led by Hyundai, was the top foreign investor, followed by Germany, Japan, France and the Netherlands.
Kemp has announced 120,000 new jobs and $43 billion in investments since taking office.