ATLANTA — The economic boom continued in Georgia last year, with a second record-topping year of business investment and job growth.
Gov. Brian Kemp and the state Department of Economic Development announced $35.2 billion in project investments for the fiscal year that ended June 30. That is up from $26.3 billion the prior fiscal year, which had also broken records.
The figures are for companies newly locating in Georgia and for expansions by existing companies. Expansions accounted for 79% of projects and for 15,370 of the estimated 25,300 new private-sector jobs, the joint statement Thursday said.
Sometimes familiarity breeds contempt, but that adage does not seem to apply to Georgia and business.
“The greatest vote of confidence is a company choosing to expand their existing operations in our state,” Kemp said.
Three out of four of the new projects and expansions were outside the 10county metro Atlanta region, spreading economic opportunity to rural Georgia.
A chunk of that investment came from overseas. Foreign companies invested $7.8 billion and creating 9,350 jobs, according to the state. The top investors were South Korea, Italy, Belgium, Canada, and France.
Last year, Area Development gave Georgia its top overall ranking for business — for the 12th straight year.
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