Economic Development Report: Georgia Fiscal Year 2024-2025

This report analyzes the economic development performance of the State of Georgia for the fiscal year ending June 30, highlighting a strategic alignment with the United Nations Sustainable Development Goals (SDGs). The state achieved a record level of corporate investment, signaling a commitment to long-term, sustainable economic growth.

Key Performance Indicators and SDG Alignment

While job creation figures have normalized from previous record highs, corporate investment reached an unprecedented $26.3 billion. This shift indicates a focus on capital-intensive, high-value projects that support sustainable industrialization and long-term economic resilience, directly contributing to several SDGs.

• Total Corporate Investment: $26.3 billion (new record)
• Total Projects Supported: 423
• Projected Job Creation: 23,200

Analysis of Contributions to Sustainable Development Goals (SDGs)

Georgia’s economic development strategy demonstrates a significant commitment to fostering inclusive and sustainable growth, with clear contributions to the following SDGs:

1. SDG 8: Decent Work and Economic Growth

   The creation of 23,200 jobs and the emphasis on long-term investment from existing company expansions promote sustained, inclusive, and sustainable economic growth. The state’s focus on a stable business climate encourages companies to plan for the long term, fostering full and productive employment.

2. SDG 9: Industry, Innovation, and Infrastructure

   The 423 new and expanded facilities represent a significant upgrade to the state’s industrial infrastructure. Strategic initiatives like the “Georgia Ready for Accelerated Development” (GRAD) program, which invests in shovel-ready sites, build resilient infrastructure and promote inclusive and sustainable industrialization across the state.

3. SDG 10: Reduced Inequalities & SDG 11: Sustainable Cities and Communities

   A key achievement is the geographic distribution of investment, which directly addresses the goal of reducing inequality within and among communities.

   • Approximately 77% of the 423 projects were located outside the 10-county Atlanta metropolitan area.
   • A recent investment of over $18 million into the GRAD program specifically targets the development of sites in rural communities.

   This strategy promotes inclusive economic development, ensures that opportunities are accessible to all regions, and helps make communities more resilient and sustainable.

4. SDG 17: Partnerships for the Goals

   The state’s success is built on a multi-stakeholder, partnership-based approach. Strong international relationships are a cornerstone of this strategy, with over 6,500 projected jobs tied to foreign investment. Top partner countries include:

   • South Korea
   • Japan
   • Canada

   These global partnerships are vital for achieving sustainable development by mobilizing financial resources, technology, and expertise.

Strategic Outlook

State leadership expresses confidence in continued growth, citing a stable and reliable business climate as a key attractor for both domestic and international companies. The proactive investment in site development through the GRAD program is a forward-looking strategy designed to prepare Georgia for future opportunities, ensuring that the state remains a competitive and sustainable location for business investment and job creation.

Analysis of Sustainable Development Goals in the Article

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 8: Decent Work and Economic Growth

  The article is centered on economic development, job creation, and corporate investment in Georgia. It explicitly discusses the state’s goal to achieve “more jobs, larger salaries and bigger numbers all around,” which directly aligns with the objective of promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.

• SDG 9: Industry, Innovation and Infrastructure

  The article highlights the state’s support for “423 facility expansions and new projects” and mentions the “Georgia Ready for Accelerated Development” (GRAD) program, which focuses on creating “shovel-ready sites in rural communities.” This relates to building resilient infrastructure, promoting inclusive and sustainable industrialization, and fostering innovation.

• SDG 10: Reduced Inequalities

  The article points to efforts to reduce regional economic disparities within Georgia. It states that “roughly 77% of which [projects] were outside of the 10-county Atlanta region” and mentions a specific investment to develop sites in “rural communities.” This addresses the goal of reducing inequality within a country by promoting economic growth in less-developed areas.

• SDG 17: Partnerships for the Goals

  The article mentions Governor Kemp’s emphasis on a “partnership approach” for economic development. It also details the role of international investment, noting that “South Korea, Japan and Canada were the top three sources of foreign investment.” This connects to the goal of strengthening the means of implementation and revitalizing global and local partnerships for sustainable development.

2. What specific targets under those SDGs can be identified based on the article’s content?

1. SDG 8: Decent Work and Economic Growth

   • Target 8.1: Sustain per capita economic growth in accordance with national circumstances. The article’s focus on breaking records for corporate investment (“a record $26.3 billion”) is a direct effort to sustain and accelerate economic growth.
   • Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men. The article’s emphasis on job creation figures (“projected to employ roughly 23,200 workers”) directly relates to this target of achieving employment for the population.

2. SDG 9: Industry, Innovation and Infrastructure

   • Target 9.1: Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development. The state’s investment of “more than $18 million to get more shovel-ready sites in rural communities” through the GRAD program is a clear example of developing infrastructure to support economic activity.
   • Target 9.2: Promote inclusive and sustainable industrialization. The support for “423 facility expansions and new projects” across the state, particularly outside the main metropolitan area, contributes to broadening the industrial base in an inclusive manner.

3. SDG 10: Reduced Inequalities

   • Target 10.2: By 2030, empower and promote the social, economic and political inclusion of all. The strategic focus on developing rural areas, evidenced by “77% of [projects]… outside of the 10-county Atlanta region,” aims to promote economic inclusion for communities that might otherwise be left behind.

4. SDG 17: Partnerships for the Goals

   • Target 17.3: Mobilize additional financial resources for developing countries from multiple sources. While Georgia is not a developing country, the principle applies to mobilizing external investment. The article highlights successful mobilization of foreign investment from “South Korea, Japan and Canada.”
   • Target 17.17: Encourage and promote effective public, public-private and civil society partnerships. The governor’s statement praising the state’s “partnership approach” and the work of the “economic development team” in securing $26.3 billion in investment exemplifies the use of public-private partnerships to achieve development goals.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

1. SDG 8: Decent Work and Economic Growth

   • Indicator for Target 8.1: The total value of corporate investment is a direct measure of economic activity. The article provides the figure of “$26.3 billion of corporate investment” for the fiscal year.
   • Indicator for Target 8.5: The number of new jobs created serves as a primary indicator for employment. The article states that the new projects are “projected to employ roughly 23,200 workers.”

2. SDG 9: Industry, Innovation and Infrastructure

   • Indicator for Target 9.1: Investment in infrastructure development is a key metric. The article mentions a specific investment of “more than $18 million to get more shovel-ready sites in rural communities.”
   • Indicator for Target 9.2: The number of new industrial and commercial projects can measure progress in industrialization. The article provides the figure of “423 facility expansions and new projects.”

3. SDG 10: Reduced Inequalities

   • Indicator for Target 10.2: The geographic distribution of economic development projects is a clear indicator of inclusive growth. The article specifies that “roughly 77% of which [projects] were outside of the 10-county Atlanta region.”

4. SDG 17: Partnerships for the Goals

   • Indicator for Target 17.3: The volume of foreign direct investment (FDI) is a standard indicator. The article implies this by stating that “More than 6,500 of those projected jobs are tied to projects from international companies,” with top sources being South Korea, Japan, and Canada.
   • Indicator for Target 17.17: The value of public-private partnerships can be measured by the total investment leveraged through government efforts. The “$26.3 billion of corporate investment” recruited through the state’s “partnership approach” serves as an indicator for this target.

4. SDGs, Targets, and Indicators Table

Source: ajc.com