Small BusinessSmall Business NewsRecord-Breaking Fiscal Year for Jobs, Economic Investment in Georgia

Record-Breaking Fiscal Year for Jobs, Economic Investment in Georgia

Just a few months prior to the election, Gov. Brian Kemp declared that Georgia’s economy had another record year. In his annual State Address, Kemp discussed the record-breaking number of jobs created over this past year, which he said was buoyed by the state’s electric vehicle (EV) factories.

He highlighted the state’s recent successes in attracting new EV factories – Rivian and Hyundai, which he said will create thousands of new jobs outside the metro Atlanta area. He also touted the state’s low unemployment rate and said Georgia is a leader in attracting new businesses. Georgia’s unemployment rate is below 3% for the first time in the state’s history. Kemp noted that Georgia’s EV factories have created more than 9,000 jobs and that the state is on track to have more than 60,000 EV-related jobs by 2025. He also said that the state’s EV industry is attracting investment worldwide and that Georgia is poised to become a global leader in the EV market. It is clear that businesses are confident in Georgia’s economy and future. 

The state reported 51,132 private sector jobs recruited, totaling $21.2 billion in promised investment. In fact, the record year was 94% higher for investments and job creation than 2021. Overall, the economic performance increased by 53%. The Republican governor, who spoke of the achievements as he seeks a second term against Democrat Stacey Abrams, said that was a new record.

He announced that investment nearly doubled from the previous record, and jobs rose by more than 50%. Kemp has implemented several new initiatives, including a $2,000 raise for teachers and a $5,000 tax credit for state employees. Since taking office, Kemp has broadcasted 120,000 new jobs and $43 billion in investments. “If anyone wants to suggest that we aren’t delivering on jobs and opportunities for everyone in the state, they should get their facts straight before commenting on things that they simply do not understand,” Kemp said. “Numbers are not like politicians, they do not lie.” 

Stacey Abrams, Kemp’s Democratic opponent in the upcoming election, commented that raising taxes is unnecessary due to the coming successes and rising expectations of Georgia’s leaders. However, she credited Democrats with sealing the EV factory deal – not Kemp and his office. 

Related: Stacey Abrams reveals economic plan for Georgia with emphasis on equality

This record-breaking year is a testament to the hard work of Georgia’s citizens and the commitment of its leaders to create an environment conducive to job creation and investment. Of course, this contrasts Kemp’s disapproval of the Inflation Reduction Act that passed the Senate this past week. The governor believes the bill will have negative consequences, including increased taxes and subsequent inflation rates. 

Kemp’s remarks come as the state is preparing to welcome Rivian’s EV plant an hour east of Atlanta and Hyundai’s EV plant near Savannah, expected to open in late 2024 and 2025. 15,000 jobs and over $10 billion in promised investments are connected to new electric vehicle plants planned by Rivian Automotive and Hyundai Motor Group. Georgia has offered more than $3 billion in incentives for Hyundai and Rivian alone.

Kemp said the state’s success is due to its pro-business policies and commitment to workforce development. He said that the state would continue investing in these areas to keep the economy strong. 

Georgia Lt. Gov. Geoff Duncan (R)

Positive remarks also come from Lt. Gov. Goff Duncan, as he noted, “I am grateful to Governor Kemp for continuing to prioritize the creation of high-quality jobs and strengthening Georgia’s workforce to further cement our reputation as the best state in the nation to do business.” 

Under Gov. Kemp’s leadership, Georgia became the number one state in the nation for business in 2021, according to Area Development. This success translates into more opportunities for our families and communities. 

“Our success means that hardworking Georgians have every opportunity imaginable to also succeed, and it is what drives our efforts day-in and day-out,” Kemp said in a statement. 

Georgia’s success in FY22 is a model for other states to follow, and it is clear that the state is on the right track for continued economic growth and prosperity.

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