Economic Dynamism is a term that refers to an economy’s adaptability, resiliency, competitiveness, and ability to respond to disruption. Georgia is no stranger to adaptability and resiliency, proven through our emergence from the COVID-19 pandemic with one of the nation’s leading economies. In the last four years, thanks to the leadership of Governor Brian Kemp, Georgia has attracted over 1,700 projects, more than $65 billion of investment, and 165,000 jobs for the citizens of the Peach State.
As we look forward and continue to seek expansion and development in every corner of the state, there are several areas where Georgia’s economy is not reaching its full potential. To maintain our competitiveness in both the short and long term, we must focus on specific areas of growth that will allow us to see continued record-breaking investment.
In Q1 of this year, 32,000 employers were competing for talent to fill over 357,000 jobs. In fact, overall state employment is expected to grow 46% by 2050. Currently, there is only 1 person seeking employment for every 3 job postings, leaving Georgia ranked 33rd in Labor Force Participation. The success of Georgia businesses and ongoing economic development efforts hinges on our state’s ability to provide companies with a skilled labor force.
Georgia’s tax structure is fiscally responsible and straightforward, both of which keep our state competitive. The economic development tools and incentives implemented have earned our state the title of “Best Place to Do Business,” for an unprecedented nine consecutive years. Unfortunately, our legal climate has earned us another title that I’m not proud to hold: “Number One Judicial Hellhole.” For perspective, we overtook California to win that designation.
The skyrocketing number of nuclear verdicts in our state is costing Georgia households an extra $4,157 dollars in price hikes and inflation annually. The impact of these costs on small businesses is…
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