Time for that year-end classic, the look back. There’s a lot of uncertainty as we look ahead to 2019. A new governor, lots of new faces in the legislature, but one thing that’s not uncertain is business is going good in Georgia. There are parts of the state that are certainly still struggling – the Rural Development Council will undoubtedly have lots of recommendations in the next session – but overall, the economy of Georgia is going well. With that in mind, back to that look back – the top economic development news from 2018.
A few industry-wide stories to start out: The annual Film Day at the Capitol during the legislative session in the spring celebrated continued expansion of the silver (and small) screen in the Peach State. Numbers for 2018 haven’t been compiled yet but the Film Day celebrated the more than $9.5 billion during fiscal year 2017. The film and television industry is responsible for more than 92,000 jobs and $4.5 billion in wages. Some of the biggest movies of the year had that little Georgia logo at the end. Of course most of the Marvel movies, Venom, Avengers, Black Panther, but also Clint Eastwood’s The Mule, The Walking Dead, First Man, and The House with a Clock in Its Walls were all Georgia-based. 2019 looks to be even bigger.
Global trade continued to be a big success for Georgia. The Global Commerce Division of the Georgia Department of Economic Development created 27,000 jobs and generated $5.5 billion in investments in FY 2018 – many in the aforementioned rural parts of the state. “These numbers reflect Georgia’s appeal to global job creators and translate to real economic growth in our communities and new job opportunities for families across the state,” said Governor Deal. “Nearly 80 percent of these projects brought investments to communities outside of the metro Atlanta area, demonstrating the depth of talent, investment and connectivity available in every corner of the state.”
Tourism was also one of the solid foundations for Georgia business. The tourism industry generates more than $60 billion in economic impact and more than $3 billion in state and local tax revenue. More than 450,000 Georgians are employed in some capacity by tourism, accounting for some 10% of the state’s non-farm workforce. Atlanta and Savannah are the dominant tourism locales but many of these are also in rural areas, thanks to the natural wonders, wildlife and game of Georgia – and those things aren’t going anywhere.
There were of course many companies that located new openings and expansions in Georgia. A few of the biggest:
· OFS Fitel, a manufacturer of optical fiber products, announced the creation of 200 jobs and an investment of $138.9 million in the expansion of their Norcross and Carrollton facilities;
· A company called Facebook that readers may have heard of announced $750 million worth of investment in a new data center in Stanton Springs. Many of the accompanying 100 jobs are high-paying engineering and management positions;
· Fiber cement company Nichiha Corporation created 74 permanent jobs and investment of $120 million in its expansion of a manufacturing facility in Macon-Bibb County;
· Inspire Brands, the parent company of Arby’s, Buffalo Wild Wings and R Taco, announced its headquarters would be moving to Sandy Springs, creating more than 1,100 jobs and a $32 million investment;
· Atlanta did lose out on the Amazon HQ – perhaps a mixed blessing – but it did land the relocation of the Norfolk Southern headquarters, something that required much less of a commitment of public money but is still a huge boon to the city. Norfolk Southern will invest $575 million and create 850 high-paying jobs.
Here’s to many more in 2019!
