It is hard to imagine that we are now just over two years removed from the state lifting restrictions that were placed on Georgia's businesses to curb the spread of COVID-19. At the time, uncertainty surrounded the virus, and many state governments were paralyzed by indecision over how to regulate businesses. However, Gov. Brian Kemp and other Georgia leaders saw that a pathway existed for our state to open back up for business in a safe and responsible manner.
Many were quick to cast doubt on Gov. Kemp for opening up Georgia so soon. There were calls that it would lead to an economic disaster or that it would set us back even further. As it turns out, the opposite was true. Georgia didn't just maintain a healthy economy after opening — it flourished. It became a national model on how to safely navigate the pandemic while ensuring small businesses could continue to operate.
The first positive indicator would look toward job figures. In April 2022, Gov. Kemp's office, in conjunction with the Georgia Department of Economic Development, announced that through the third quarter of the 2022 fiscal year, job creation and investments resulting from economic development projects surpassed FY2021 totals. Specifically, during that time, 35,400 new jobs were created, resulting in a $12.9 billion economic impact on the state. These numbers represent a 48% increase in jobs when compared to three quarters throughout the previous fiscal year and a 6% increase in jobs compared to last year's overall total. Based on these numbers, though the pandemic may have slowed job creation for a time, it's clear that business is booming in Georgia.
In recognition of Georgia's favorable economic climate, several large, global businesses saw fit to relocate or expand their operations here. Examples include Hyundai, Qcells, and Proctor & Gamble.
While it's true that Georgia has been rated as the No. 1 state in which to do business for eight consecutive years, the title means nothing without the numbers to back it up: Georgia is home to operations of 440 Fortune 500 companies, with 18 of those maintaining their headquarters here. However, large businesses are only part of the picture. The backbone of Georgia's economy is its small businesses, which represent 99% of Georgia establishments and employ nearly
1.7 million people.
Also, since the height of the pandemic, Georgia's unemployment rate has steadily decreased to a record low of 3% in May. Another critical factor of a robust economy is a good credit rating, which is a signal to potential investors that Georgia will honor its debts. In June, the state secured a AAA Bond rating from each of the three major credit rating agencies (Fitch, Moody's, and S&P). Georgia was one of only nine states to receive a AAA rating, which will help the state fund critical sectors, such as education and public safety, through the sale of bonds.
While other states took a different path during the pandemic, Georgia's steady, consistent leadership is the reason our economy has remained resilient and vibrant through uncertain times.